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CVS Mask Sales Mean Booming Revenue for Young Boomer

Stock MarketsOct 31, 2020 09:34AM ET
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© Reuters.

By Christiana Sciaudone

Investing.com -- Boomer Naturals started out in 2019 making healthy living products that provided the same treatment as CBD products, without the marijuana. What happened next, no one could have predicted.

In April, as the Covid-19 pandemic upended business as usual, Las Vegas-based Boomer Naturals dropped everything and started churning out face masks. And thanks to earlier talks with the drug store giant CVS Health Corp (NYSE:CVS), it now sells those masks in some 8,000 stores, of more than 9,900 locations. The first shipment went out in July.

"The reception's been very good, with a lot of repeat orders and planning for additional orders," said Chief Executive Officer Mike Quaid in a phone interview with Investing.com. He declined to provide exact sales figures. "We sell quite a bit of masks daily in all of these stores so the volume is very good"”

Boomer Naturals is talking to national chains in Canada and Mexico to enter those markets.  

"We're able to supply over a million masks a week right now," Quaid said. "We're in a great position to help out anybody and everybody."

The rewards are looking to be handsome. Sales for the quarter that ended Oct. 31 are expected to come at between $30 million and $35 million, more than three times the previous quarter's sales, which totaled $9.5 million. That's in large part thanks to CVS. 

"We're very excited about having been able to get involved in this new industry; unfortunately, it came at the cost of a lot of folks getting sick and people dying," Quaid told Investing.com. "We are hopeful we are making a nice impact and saving lives."

The masks it sells are produced in Vietnam, where Quaid sees a world of opportunity amid the U.S.-China trade war to make goods of all kinds currently produced in China.

"We've been introduced to the manufacturing world in Vietnam," Quaid said. "Given the geo-political environment and consumer opinion and where they want their products to come from, China is in disfavor to a certain degree."

Boomer Naturals, which started trading over the counter earlier this year, turned to Vietnam on the suggestion of a Vietnamese executive within the company familiar with nano-silver masks popular in the country. The company secured exclusive rights at three manufacturers to produce masks for the U.S. The Centers for Disease Control-approved masks are reusable and well-priced, according to Quaid.

"We haven't seen anything less than $25; ours are $9.99 and $7.99," Quaid said. That said, Boomer masks are among the premium CVS offerings. 

"We feel like we kinda have the premium tech sector in the masks world locked up to a certain degree," Quaid said, in part because of exclusivity with its Vietnamese partners.

Talks with CVS had originated over the company's original CB5 products, which target the body’s endocannabinoid system (ECS), but don't contain any CBD. Anything with the marijuana-derived ingredient is restricted by the Food and Drug Administration and the Federal Trade Commission, and Boomer saw an opportunity to sell a similar product but one able to be advertised and sold freely. 

The products had begun to make headway in the world of golf, chiropractors and through a deal with Tommy Bahama. Then came Covid-19. CVS didn't pick up Boomer's CB5 line, but the contact proved fruitful anyway.

Boomer Naturals has been approached by several companies looking to move sourcing away from China, Quaid said, including hospitals needing gowns and bedding. Even clothing sold at CVS could be an opportunity, he said. 

"The sky's the limit," said Quaid. "We've got our people out looking at various types of products.'’

 

      

 

CVS Mask Sales Mean Booming Revenue for Young Boomer
 

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Comments (6)
Ave Joe
Ave Joe Oct 31, 2020 2:36PM ET
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Wow I think 30 or so CVS stores were looted and damaged in Philadelphia...
New Jazenevd
New Jazenevd Oct 31, 2020 12:03PM ET
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Free human beings do not like wearing masks. On the other hand, big brother shills dream about animal society where humans held in stables, wear masks and receive food rations from enlightened elite.
Tim Sykes
Tim Sykes Oct 31, 2020 12:03PM ET
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I wear a mask to protect myself from self centered d/bags that have no respect for the heros on the front line that have to wear masks every day taking care of critical patients. wearing a mask shows patriotism to our troops and war vets with respiratory ailments. sheep follow their leader and won't help stop this pandemic by not wearing masks. total losers!
New Jazenevd
New Jazenevd Oct 31, 2020 12:03PM ET
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Tim Sykes  so hide in a closet and do not forget to cover other body holes with masks too. It is safer.
Plopseven Schwartz
Plopseven Schwartz Oct 31, 2020 12:03PM ET
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“Your Liberty To Swing Your Fist Ends Just Where My Nose Begins.” - Oliver Wendell Holmes Jr. (People wear masks to protect others. Anyone who doesn’t wear a mask during a pandmic proves they only care about themselves. This is temporary unless we make it permanant by failing to contain the virus.)
New Jazenevd
New Jazenevd Oct 31, 2020 12:03PM ET
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Plopseven Schwartz  folks like you will wear masks “temporarily”, i.e.  until getting orders from big brother allowing to stop wearing masks. Typical glorification of slavery.
Lake Lot
Lake Lot Oct 31, 2020 12:03PM ET
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Plopseven Schwartz you are correct
Magno Fernandes
Magno Fernandes Oct 31, 2020 11:44AM ET
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Only Trump realized that China is the biggest enemy to face.
New Jazenevd
New Jazenevd Oct 31, 2020 11:44AM ET
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The biggest enemy is always internal. Human history 101.
Magno Fernandes
Magno Fernandes Oct 31, 2020 11:39AM ET
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Chinese conspiration to put the world economy at its foot.
Kaveh Sun
Kaveh Sun Oct 31, 2020 10:49AM ET
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They r just a distributor who buy from vietnam. What is the big deal. If u have money, u can buy wholesale.
Joseph Allen
Joseph Allen Oct 31, 2020 10:40AM ET
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why don't you try making them right here in the good ole USA
Kaveh Sun
Kaveh Sun Oct 31, 2020 10:40AM ET
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They dont make them. They r the salemen in the middle ie ‘distributor’.
Kerry Morse
Kerry Morse Oct 31, 2020 10:40AM ET
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I’m guessing because third eorld countries literally work for .12/hr... No comparison for the profit margin of foreign-made products... Can’t compare Apples to 2X4s...
Jason Bourne
Jason Bourne Oct 31, 2020 10:40AM ET
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why? because what would you have to pay here a month in wages you pay the whole year in vietnam
 
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