MORTON GROVE, Ill., June 20, 2019 (GLOBE NEWSWIRE) -- Lifeway Foods, Inc. (Nasdaq:LWAY), the leading U.S. supplier of fermented dairy and vegan probiotic products, announced today it plans to enter the growing 10+ billion dollar cannabis market through Plantiful + CBD, a cannabidiol (commonly known as CBD) infused version of Lifeway's probiotic plant-based beverage, once it is legalized at the federal level by the FDA.
"Mental health is as important as physical well-being, and CBD shows promise as way to promote lowered anxiety and stress relief. Science has shown that probiotics are natural inflammation reducers, and we believe that the addition of CBD will create an unmatched combination in the beverage space," said Lifeway Foods CEO, Julie Smolyansky. "We listen to our consumers and continue to create innovative products to support healthy guts and minds. We're excited about the opportunity to create a plant-based probiotic beverage with CBD that helps consumers support their physical and mental wellbeing in a convenient and delicious drink."
Each ready to drink bottle will feature 10 vegan probiotics and the benefits of full spectrum CBD. Lifeway anticipates releasing Plantiful + CBD in a biodegradable 3.5oz bottle. A portion of proceeds from sales of Lifeway's Plantiful + CBD will go toward restorative justice initiatives for those negatively impacted by U.S. drug policy.
Lifeway is also planning to file a comment in support of the FDA crafting a science-based structure to support the sale of products containing CBD. The company urges interested parties to do the same in an effort to bring products to market that consumers are demanding.
Plantiful + CBD would follow the success of the initial Plantiful launch earlier this year. Since the product line's release, retailers across channels have been enthusiastically placing Plantiful single and multi-serve drinks in their stores. Upon industry debut, Plantiful won the "Best of Expo West 2019" award from EatingWell at Natural Products Expo West, where thousands of attendees had the opportunity to sample the delicious probiotic beverage.
Consumer interest in the cannabidiol market continues to grow as the cannabis industry in the United States surpasses the $10B mark with a forecast of over $39.4B by 2023.* The potential launch of Plantiful + CBD would come at a time when interest is at an all-time high and the industry is looking for a leader to chart the path for CBD-infused packaged products. Lifeway Foods intends to show leadership and product viability in the CBD-infused drinkable space.
For more information about Lifeway products, please visit http://lifewaykefir.com.
*Source: Cannabis Market by Product Type
About Lifeway Foods, Inc.Lifeway Foods, Inc., which has been recognized as one of Forbes' Best Small Companies, is America's leading supplier of the probiotic, fermented beverage known as kefir. In addition to its line of drinkable kefir, the company also produces non-dairy Plantiful, cupped kefir and cheese, frozen kefir, specialty cheeses, probiotic supplements and a ProBugs line for kids. Lifeway's tart and tangy fermented dairy and non-dairy products are now sold across the United States, Mexico, Ireland and the United Kingdom. Learn how Lifeway is good for more than just you at www.lifewaykefir.com.
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All statements in this release (and oral statements made regarding the subjects of this release) contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives. These statements use words, and variations of words, such as "expect," "vision," "will," "predict," "grow," and "trend." Other examples of forward looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including the introduction of new products, or estimates or predictions of actions by customers or suppliers, (ii) statements of future economic performance, and (III) statements of assumptions underlying other statements and statements about Lifeway or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from Lifeway's expectations and projections. These risks, uncertainties, and other factors include: price competition; the decisions of customers or consumers; the actions of competitors; changes in the pricing of commodities; the effects of government regulation; possible delays in the introduction of new products; and customer acceptance of products and services. A further list and description of these risks, uncertainties, and other factors can be found in Lifeway's Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and the Company's subsequent filings with the SEC. Copies of these filings are available online at https://www.sec.gov, http://lifewaykefir.com/investor-relations/, or on request from Lifeway. Information in this release is as of the dates and time periods indicated herein, and Lifeway does not undertake to update any of the information contained in these materials, except as required by law. Accordingly, YOU SHOULD NOT RELY ON THE ACCURACY OF ANY OF THE STATEMENTS OR OTHER INFORMATION CONTAINED IN ANY ARCHIVED PRESS RELEASE.
Company Contact: Derek Miller
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e55a8d06-3a0e-4439-b3d3-a96d7402e9cf
Source: Lifeway Foods, Inc.