Cannabidiol (CBD) Growth Momentum Continues to Climb as Latest Products Infiltrate Mainstream Markets
PALM BEACH, Florida, September 6, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Recent data extracted by Technavio estimates the global CBD market will grow at a CAGR of 31% through 2022, continuing the industry's trend as one of the more consistent sectors in the area of growth. As of 2017, the market was valued north of $200 billion with a significant portion of the growth due in large part to increasing adoption among mainstream consumers. Other significant factors influencing the growth include product diversification by industry leaders, as well as a turn of the tide in the realm of regulation and legalization. An extract of Cannabis, CBD has proven its versatility for a wide variety of uses and there is no denying its enormous popularity that has emerged in a short period of time. Active cannabis companies in the markets this week include Integrated Cannabis Company, Inc. (CSE:ICAN) (OTC:ICNAF), Valens GroWorks Corp. (CSE:VGW), Namaste Technologies Inc. (OTC:NXTTF) (TSX-V:N), Golden Leaf Holdings Ltd. (CSE:GLH) (OTC:GLDFF), Centric Health Corporation (TSX:CHH) (OTC:CHHHF).
Integrated Cannabis Company, Inc. (CSE:ICAN) (OTCQB:ICNAF) BREAKING NEWS:Integrated Cannabis Company is pleased to provide a corporate update. Commercial Stage Products: X-SPRAYS™ - The Company's X-SPRAYS™ product line consists of eight market ready orally ingested spray products that are highly effective for overall health and well-being as well as general lifestyle. Four products are available infused with hemp-based cannabidiol (CBD) and four products are formulated without a cannabidiol (CBD) infusion. The state of the art formulations are free from artificial flavours, artificial colours, sugar, starch, wheat, soy, gluten, eggs, salt and dairy. The sprays contain natural fruit and/or herbal flavours and are suitable for vegetarians and vegans. The products are highly bioavailable such that the active ingredients in the sprays are already fully dissolved, so the vitamins and minerals do not need to be further broken down once swallowed, but are immediately available for use by the body.
The X-SPRAYS™ product line is packaged in precise, metered dose and convenient spray tubes including a child-resistant version, both of which easily fit into a purse or pocket and are ideal for travel. The container protects the liquid from light and air, ensuring the quality and shelf life of the ingredients. The full product offering is listed below in Table 1.0.
Product Name Product Description / Use CBD Stress relief, pain management Sleep with CBD Sleep aid, non habit forming Focus Mental clarity Relief General relief Sleep Sleep aid, non-habit forming Recover Anti-hangover Energy Energy boost Libido Aphrodisiac, enhance sexual vitality
X-SPRAYS™ Test Marketing - Online sales of the X-SPRAYS™ were initiated in late 2017 and have continued up to the present. These sales have been encouraging, considering the previously limited marketing budget, and the Company has seen numerous repeat customer orders which demonstrates product uptake and consumer affinity for the X-SPRAYS™.
In addition to Internet sales, the Company has test marketed selected products in two Medical Marijuana dispensaries in Colorado. These sales began in February 2018 and continue. Proceeds from these sales have been reinvested in Colorado marketing initiatives. The Company has learned, however, that marketing combined with in-store promotions can generate minimum sales in excess of 1 product per day in the retail environment. While this number is insignificant from a revenue perspective on a small scale retail distribution, it becomes significant when considering retail distribution outlets in the hundreds of locations. A single product selling only one unit per day in 100 stores could generate wholesale revenue in excess of tens of thousands of dollars per day. The Company has four products that are CBD infused, four non-CBD infused and a soon to be launched line of THC products that will have multiple SKU's. With market testing complete, X-SPRAYS™ plans to roll out additional brick and mortar distribution throughout dispensaries, vape stores, gas stations, and convenience stores across the country. Read this and more news for ICAN at http://www.marketnewsupdates.com/news/ican.html
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