Level Brands shares climb higher after public offering, launch of CBD product line

Level Brands Inc (NYSE:LEVB) shares are on the rise following the license brand marketing company announced the pricing of its public offering.

Its 1.7 million shares were priced at $3.50 on Friday and continued climbing after the weekend, rising nearly 35% to $4.90 in Monday afternoon trading.

The $6 million net proceeds will go toward brand development and expansion, acquisitions and working capital.

READ: CryptoCann™ Report: Winklevoss Twins’ Gemini exchange may move into UK market; Kathy Ireland to launch CBD products line

Level Brands recently announced the launch of five new cannabidiol products under the kathy ireland Health and Wellness brand.

Model-turned-entrepreneur Kathy Ireland partnered with CBD manufacturer Isodiol International Inc (OTCQB:ISOLF) to create a line of CBD products. Ireland also serves as the company’s chief brand strategist.

The CBD market is expected to grow 700% by 2020, reaching $2.1 billion, according to the Hemp Business Journal.

The North Carolina-based company’s brand portfolio includes the kathy ireland Health and Wellness brand, men’s lifestyle brand Ireland Men One, hair care brand Beauty & Pin-Ups and media producer Encore Endeavor One.

Story by ProactiveInvestors