Company to Host Call Today at 5:30 P.M. (ET)
MORRISVILLE, N.C., Jan. 21, 2021 /PRNewswire/ Pyxus International, Inc. ( Pyxus or the Company ) (OTC Pink: PYYX), a global value-added agricultural company, announced today, after a strategic review by the Boards of Directors of Pyxus and certain subsidiaries, that it intends to divest its cannabis business in order to focus on its more profitable tobacco and e-liquid businesses. In addition, the Company has taken action to restructure its industrial hemp and CBD operations to minimize financial investment in that business. Our strategic decision to exit cash flow negative cannabinoid operations will allow us to reduce corporate SG&A and sharpen our focus on growing our more profitable tobacco and e-liquid businesses such that these complementary businesses can fully leverage Pyxus 145-year heritage and existing relationships, said Pieter Sikkel, President and CEO of Pyxus International. We maintain our belief that there is v
Tobacco Market Size Forecast to Reach $769.13 Billion by 2025 Availability of Superior Quality Products of Tobacco, Rising Average Disposable Income of the Masses and Critical Marketing Tactics of Key Market Players Are Driving the Market Growth in Recent Years.
BriefingWire.com, 1/17/2021 - Tobacco Market size is forecast to reach $769.13 billion by 2025, growing at a CAGR of 3.8% during the forecast period 2020-2025. Tobacco, common name of the plant Nicotiana tabacum, contains nicotine, a psychoactive (mind altering) drug that speeds up activity in our central nervous system but has relaxing effects too. Nicotiana tabacum belongs to Solanaceae family. Tobacco is available in many forms, including cigarettes, pipe tobacco, chewing tobacco, and snuff (a powder that is sniffed or put between the lower lip or cheek and gums). Nicotine also is available in non-tobacco products, including gum, patches and other smoking cessation aids.