Kaival Brands is a small IP licensing company operating in the vaping and e-cigarette space. Kaival's business has gone through two phases: it originally served as the exclusive U.S. distributor of the BIDI Stick disposable e-cigarette, made by its affiliate Bidi Vapor, buying inventory from Bidi and reselling it to wholesalers and retailers. That business effectively ceased in 2024 following an ITC patent infringement complaint filed by RJ Reynolds, after which Kaival stopped importing and selling Bidi Sticks. Kaival's only active revenue today is a royalty stream from a licensing agreement with Philip Morris International's subsidiary PMPSA. Through its subsidiary KBI, Kaival sublicenses vaping-related IP — originally owned by Bidi Vapor — to PMPSA, which uses it to manufacture and sell disposable e-cigarettes in certain international markets under its own VEEV NOW brand. Kaival earns a per-unit royalty from PMPSA, but passes 50% of that royalty back to Bidi, retaining only half. There is no guaranteed minimum royalty, and PMPSA has full discretion over sales, marketing, and market selection. Kaival also holds a portfolio of vaporization and inhalation patents acquired from GoFire, which it hopes to license across cannabis, nicotine, and pharmaceutical markets, though no revenue from this portfolio has materialized. Kaival has just four full-time employees and limited financial resources.