The BOD Australia Ltd (ASX: BDA) share price was shooting higher as the company launched its CBD (cannabidiol) product in the Netherlands. By the market's close, the BOD share price was trading 7.69% higher at 56 cents.
The Australian micro-cap has been on an impressive run as of late, gaining 75% so far this year.
Image source: Getty Images
What BOD does
BOD is a vertically integrated (loosely meaning it does everything itself) distributor of plant-based natural health supplements and beauty solutions. BOD partnered with Australian vitamin giant Swisse in July last year.
The company has a cannabis business and is developing a range of over the counter and therapeutic products based on certified cannabis extracts.
Product launch
The BOD share price was flying today as the company announced it has launched its four new CBD products in the Netherlands. The products were released under recognised Australian vitamin and skincare brand Swisse Wellness.
The CBD products are in soft, gel-cap form and are designed to target specific need states including immune function and joint mobility.
The entry into the Netherlands marks the third major market entry for BOD consumer CBD products. The cannabis producer currently has sales channels established in Australia, the United Kingdom and the Netherlands. Furthermore, BOD is planning more expansion into the European market which is estimated to be worth upwards of 450 million euros.
CEO of the company, Jo Patterson, was pleased as she said:
Together with H&H, we have now collaboratively launched Swisse-products into three major markets in a very short space of time and the Company is confident that our highquality CBD products will be well received by consumers to address a range of mainstream need states.
What now for the BOD share price?
The BOD share price rose almost 8% today on the back of the impressive announcement. However, according to the release, there could be more news in store for holders of the cannabis company's shares.
This is because BOD also disclosed it is now focused on progressing its United States market entry, with the first binding purchase orders for products expected later this quarter.
