Following Bidi Vapor's victory in a court case against the FDA, shares of its distribution company Kaival Brands Innovations Group (NASDAQ: KAVL) rose by 14% to $1.51 in Thursday morning's trading.
In a statement, KAVL announced that the United States Court of Appeals for the Eleventh Circuit ruled in favor of Bidi Vapor with a 2-1 decision and overturned the FDA's order denying the company's non-tobacco flavored BIDI Sticks product's tobacco product application before its launch.
The court stated that the US Food and Drug Administration (FDA) did not take into account the marketing and sales restrictions plan included in Bidi Vapor's comprehensive application. KAVL reported that the court regarded the marketing injunction issued by the FDA against Bidi's device as "arbitrary and capricious".
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