Charlie’s Holdings has sold its entire initial stock of Pachamama Disposables e-cigarettes in fewer than 21 days, making Pachamama the fastest-selling new product in the company’s history, according to a press release.
“It is estimated that more than 20 percent of the world’s population consumes nicotine in some format,” said Brandon Stump, CEO of Charlie’s Holdings. “We believe that our new technologies and products can provide adult consumers with a better, more responsible and therefore more enjoyable means of experiencing nicotine.
“Now that we have launched Pachamama Disposables in the United States, later this year, our distribution will expand into more than 75 international markets, where we expect to introduce millions of adult consumers to the extraordinary Pachamama sensory experience. We are very excited about what this launch—and the new $600 million market opportunity—will mean for our customers and our company.”
Earlier this month, Charlie’s Holdings raised $3 million through the private sale of common stock to the company’s founders, Brandon Stump and Chief Operating Officer Ryan Stump. The company intends to use the proceeds from the offering to drive substantial future growth, facilitate new product launches, increase working capital, retire outstanding debt and for other general corporate purposes.
The proceeds from the private placement will strengthen the company’s balance sheet, accelerate European growth, allow for expansion into the Middle East and facilitate the company reaching several important near-term milestones, including FDA approval of Charlie Holdings’ premarket tobacco product application.