Could Sales of CBD Infused Products Actually Surpass Legal Cannabis Sales
PALM BEACH, Florida, September 13, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Consumers today interested in Cannabis Based and CBD infused products are being greeted by an explosion of new product innovations that can be purchased through many different individual products ranging from healthcare & medical products, pet products, beverage and edibles products and good ole fashion marijuana. According to a new report released today by the Brightfield Group, the hemp-derived CBD market alone will reach sales of $22 billion by 2022, outpacing cannabis sales, and surging from $591 million in 2018 -- that's a five-year CAGR of 132 percent. In some areas of the U.S. and Canada, natural organic food stores are expecting to not be able to keep cannabis based and CBD on the shelves and CBD can now even be found at massage spas, gyms, and through an growing number of direct sellers. But where the large-scale growth is expected over the next five years could actually be through mass market retailers. Active cannabis companies in the markets this week include Integrated Cannabis Company, Inc. (CSE:ICAN) (OTC:ICNAF), Namaste Technologies Inc. (OTC:NXTTF) (TSX-V:N), Friday Night Inc. (CSE:TGIF) (OTC:TGIFF), Ascent Industries Corp. (CSE:ASNT) (OTC:PGTMF), International Cannabrands Inc. (CSE:JUJU-A) (OTC:GEATF).
Integrated Cannabis Company, Inc. (CSE:ICAN) (OTCQB:ICNAF) BREAKING NEWS: Integrated Cannabis Company is pleased to announce the completion of a market ready Tetrahydrocannabinol (THC)-infused spray product and the required licensure for manufacturing of the product in Colorado.
Over the past ten months the Company has engaged and worked with contractors, consultants and various state and municipal regulators in order to successfully gain licensing and approvals for facilities that manufacture CBD- and THC-infused products in the State of Colorado.
The THC product employs the same nanotechnology used to enhance the CBD-infused X-SPRAYS™, resulting in higher bioavailability and faster uptake versus capsules or powder. The Company continues to enhance the flavor profiles in order to find an optimal formula.
"We are pleased to be adding THC products to our proprietary line of sprays and plan to launch via distribution in Colorado beginning in Q4 and shall pursue other legal markets thereafter," said Mr. John Knapp, CEO of Integrated Cannabis.
To best demonstrate the Company's activities in the Manufacturer of Infused Products (MIP) area, a chronological outline follows:
• Completed the build out of a commercial kitchen adjacent to a licensed Medical and Recreational extraction lab
• Completed Process Validation with the Colorado Marijuana Enforcement Division (MED)
• Secured a high-quality CBD source from a supplier with Colorado Department of Public Health and Environment (CDPHE) Registration Certificate and Colorado Hemp License
• Received Shelf Stability approval to sell X-SPRAYS™ CBD formulation in Denver
• Received approval to sell CBD formulated products throughout all of Colorado
• Secured a high-quality THC source from a duly licensed Colorado Medical and Recreational extraction lab
• Received approval to sell THC formulated products throughout most of Colorado - only awaiting approval for City of Denver
• Submitted Shelf Stability application to sell X-SPRAYS™ THC formulation in Denver
Read this and more news for ICAN at http://www.marketnewsupdates.com/news/ican.html
Other recent developments in the cannabis industry include:
Friday Night Inc. (CSE:TGIF.CN) (OTCQB:TGIFF) recently announced record sales for the month of July from its subsidiaries in Nevada. Alternative Medicine Association ("AMA") and Infused MFG ("Infused") reported combined sales in July of $1.6M CAD, a 362 percent increase over July 2017. This record month of sales comes at the same time the company celebrates its first year anniversary. AMA's cannabis flower sales contributed 35 percent, while sales of concentrates generated 65 percent of AMA's revenues. Infused's line of CBD products contributed 85 percent of sales, while 15 percent relates to its expanding hemp-based line. Sold in State-licensed dispensaries and retailers, AMA and Infused products continue to see increased sales and market share.
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