1606 Corp Eyes Profit in Snatching Up Brands in Fragmented CBD Market

1606 Corp (OTC: CBDW), a CBD and hemp product distribution company headquartered in Phoenix, AZ  announced in February a financing agreement that will give the company up to $20 million to acquire a bigger stash of products on the CBD  market. The company is eyeing turning a profit from what it sees as a fragment CBD industry.

The acquisition-based company, focused on consolidating the industry, says the funds are earmarked to acquire and develop additional CBD brands, distribution networks and businesses — building its portfolio of players in the still-buoyant $5.2 billon global CBD market

“We’re moving fast. Now that we have our feet underneath us since receiving the ticker symbol CBDW and now we’re taking definitive steps toward adding shareholder value. This $20 Million-dollar financing is going to allow us to buy profitable CBD companies,” says CEO and Chairman Greg Lambrecht.

The company’s skew product is CBD Singlez, a  hemp-derived cigarette alternative. The CBD rolls come in mango, original and menthol flavors. CDB is said to assist with nicotine withdrawal and the company says its smokeable CBD Singlez are popular with those trying to quit.

With a primary focus on hemp and CBD products, brand development and establishing distribution channels. 1606 Corp. was awarded the ticker symbol CBDW and began trading on the OTC Market on January 17th, 2023.