CBD Market Seeing First Signs of Significant Market Expansion
Financialnewsmedia.com News Commentary
PALM BEACH, Florida, Oct. 31, 2019 /PRNewswire/ -- Since passage of the U.S. Farm Bill in 2018, the CBD market is moving towards mainstream retailers with sales projected to be well over $20 billion by 2024, according to a report from BDS Analytics and Arcview Market Research, as noted by Forbes. "Because of the tremendous range of products in which CBD is a fit, we expect to see it on shelves, literally, everywhere. Wholesale order numbers are climbing dramatically, which is one of the first signs of significant market expansion," said Andy Rodosevich, CEO and cofounder of Hemp Depot, as also quoted by Forbes. That's opening a wide range of opportunity for companies including The Yield Growth Corp. (CSE:BOSS) (OTCQB:BOSQF), HEXO Corporation (NYSE:HEXO)(TSX:HEXO), Curaleaf Holdings Inc. (CSE:CURA) (OTCQX:CURLF), Cresco Labs Inc. (CSE:CL)(OTCQX:CRLBF), and Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE).
The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS: The Yield Growth Corp. just announced the development of 6 innovative, new products to add to its growing catalogue of Ayurveda-inspired, hemp-powered products across a variety of categories. The new products include 2 bath body soak sachets, 1 foot bath sachet, 1 eye relief sachet, and 2 exotic body oils. Each of these products has been developed so they can easily be infused with CBD, THC and other cannabinoids. Yield Growth is developing and testing these hemp-powered products in a laboratory in Vancouver, British Columbia to expand on its catalogue of over 200 products, and may commercially launch them through some of its brands. Yield Growth's cannabis brands include Jack n Jane, a THC and CBD product line launching in Canada, Wright & Well THC products, launching in Oregon and Wright & Well CBD products launching in California, as well as Urban Juve hemp-based skincare products, which are sold worldwide.
On October 17, 2019 cannabis topical products were legalized in Canada, with products expected to hit the shelves as early as December. A report by Jefferies states that within the cannabis sector, product forms are evolving in the U.S. While in 2014, 69% of cannabis sold in legalized states was bulk flower, today that figure is just 40% with the emergence of other cannabis derivatives, such as edibles, topicals, and beverages, which represent the most lucrative opportunities in part due to the high product margin structures. Yield Growth has sought to stay on trend with the evolving market for cannabis products by continuing to expand its catalogue of wellness formulas that address the needs of discerning consumers seeking natural, non-toxic solutions for health and wellness.