Market For CBD Infused Products Could Surpass $20 Billion By 2024
Palm Beach, FL – September 10, 2020 – Cannabidiol, more commonly known as CBD, has become a household name over the past few years and it is gaining popularity at a substantive pace. The purported therapeutic and health benefits of CBD, one of many compounds found in cannabis and hemp plants, has created a growing demand for infused products. CBD oil has entered the marketplace in the form of tinctures, infused edibles, topicals and more. The growth of CBD oil products has been so immense, in fact, that industry analyst BDS Analytics predicts the U.S. CBD market will reach $20 billion in sales by 2024 according to multiple reports. One such report by leading cannabis researchers BDS Analytics and Arcview Market Research, projects that the collective market for CBD sales in the U.S. will surpass $20 billion by 2024. Another report by DBMR analyzed the CBD infused edible market and projected it will grow at a CAGR of 25% in the forecast period of 2020 to 2027. Active companies in the Cannabis market this week include Tauriga Sciences, Inc. (OTCQB: TAUG), MariMed Inc. (OTCQX: MRMD), CV Sciences, Inc. (OTCQB: CVSI), Puration, Inc. (OTCPK: PURA), Kona Gold Solutions, Inc. (OTCQB: KGKG).
Needless to say, society is growing more open-minded and accepting of CBD. Many individuals are turning to it for pain relief, stress management, better sleep, and more; and many gas stations, restaurants, and local CVS stores now sell it. Some trends the CBD market might experience in 2020 are increased potency of products, more brick-and-mortar CBD shops, more pharmaceutical CBD products, and more access to products online through CBD websites and e-commerce shops. In fact, Loud Cloud Health said that CBD online sales currently account for 60% of the sales channels. The BDS report also stated: “We’re witnessing CBD maturing from a cannabis sub-category into a full-blown industry of its own,” said Roy Bingham, Co-Founder and CEO of BDS Analytics. “Our growth forecast for the CBD market, across all distribution channels, predicts a compound annual growth rate of 49 percent by 2024.”
Tauriga Sciences, Inc. (OTCQB: TAUG) BREAKING NEWS: Tauriga Sciences Inc. Now Registered Supplier for Kohl’s Department Stores – Tauriga Sciences, Inc. (“Tauriga” or the “Company”), a revenue generating, diversified life sciences company, with a proprietary line of functional “supplement” chewing gums (Flavors: Pomegranate, Blood Orange, Peach-Lemon, Pear Bellini, Mint, Black Currant) as well as two ongoing Biotechnology initiatives, today announced that it is now a registered supplier for Kohl’s Department Stores (“Kohl’s”), a national department store retail chain.
The Company’s information is now part of the Kohl’s Supplier Database and accessible to Buyers.
Management is pleased about this opportunity and views Kohl’s as a market-leading retailer with a strong national footprint. This achievement follows previously disclosed supplier certification(s) and registrations approval(s) from a number of other major national retailers for Tauriga, including Walmart, Inc. (WMT), Whole Foods Market, Inc, CVS Health Corp. (CVS), and AHOLD USA (which includes: Food Lion, Stop & Shop, Giant, Hannaford, and Martin’s and Peapod). Get more information about TAUG by visiting: http://www.tauriga.com/
Other recent developments and major influences in the cannabis industry include:
Puration, Inc. (OTCPK: PURA) and UC Asset (UCASU), a real estate investment and redevelopment company, recently announced entering into a non-binding Letter of Intent (LOI). UC Asset, through its wholly-owned subsidiary Atlanta Landsight LLC, agrees to sell its 72 acre farmland located in Farmersville, TX to PURA for total consideration of $1.3 million.
UC Asset, through its wholly owned subsidiary, acquired that farmland at the price of $805,216, in September, 2016. As of June 30, 2020, the total historical cost occurring to UC Asset in holding this property (including commissions, taxes, consulting fees etc.) is approximately $55,000. Gross rate of return is approximately 55% for the period.
“This property had been a great investment for us in sense that we are now selling it at a reasonable price and can still earn a good return,” explains Greg Bankston, managing partner of UC Asset’s GP. “The price we paid in 2016 was 4.2% lower than the price this property had been purchased nine years ago.” The land was sold last time at approximately $838,000 in 2007.
CV Sciences, Inc. (OTCQB:CVSI) recently announced the launch of its new corporate website reflecting the Company’s refreshed brand positioning, core values and mission. As highlighted on the new website: “CV Sciences has initiated research, conducted clinical trials, published studies, and is the first company to achieve GRAS safety status for hemp-derived CBD. CV, or Curriculum Vitae, is Latin for “course of life”, and science is the pursuit of truth. CV Sciences: our name is our mission – improving quality of life through nature and science.”
“Since 2012, CV Sciences has been a pioneer in the CBD industry, taking extraordinary efforts to make high-quality, safe, and effective hemp-derived CBD products. We have been a leader in shaping the regulatory pathway for hemp-derived CBD products and continue to build awareness and acceptance around this remarkable plant and what it has to offer,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “The launch of our new website marks an important inflection point for CV Sciences, reflecting our mission and core values as we build our portfolio of CBD products under the PlusCBD™ and Happy Lane™ brands and expand our portfolio into new categories with CV™ Acute, the first of several products to be launched under our new Immunity product line – as well as future product lines under the CV™ brand. The new corporate website also offers a fully integrated customer friendly shopping experience for all of CV Sciences brands, including PlusCBD™, CV™ Acute and Happy Lane™.”
Kona Gold Solutions, Inc. (OTCQB: KGKG), a holding company focused on product development in the hemp and CBD functional beverage sector, recently announced it has entered into a distribution agreement with Carolina Cannatech. Carolina Cannatech, based in Charlotte, North Carolina, is a seed-to-sale industrial hemp company that also manufactures and sells its own line of premium CBD products under their Nature’s Highway brand.
Nature’s Highway is dedicated to introducing consumers to the life changing potential of CBD and its family of other relevant cannabinoids. They pride themselves on providing the purest, highest quality hemp products at the most competitive prices. A promise made possible by keeping every step of production in-house and operating with full transparency. Each CBD wellness product is pharmacist formulated, ensuring the highest quality product from their farm to you and your family. Their hemp is organically grown in Neeses, SC on their 3rd generation family farm, Carolina Fresh Farms, founded in the late 1940’s. Nature’s Highway founders come from humble beginnings uniquely similar to the founders of Carolina Fresh Farms, the Fogle family.
MariMed, Inc. (OTCQX: MRMD) a leading multi-state cannabis and hemp operator focused on health and wellness, recently announced that Betty’s Eddies™, one of its proprietary, in-house award-winning cannabis brands has seen its monthly unit sales increase 20X in Massachusetts alone since April 2020. Based upon the success of this brand in Illinois, Rhode Island, Maryland, and Nevada, MariMed is anticipating Betty’s Eddies to be the top selling edible in Massachusetts. MariMed’s strategic plan includes increasing the licensing and distribution of its top brands across strategic and high-growth medical and recreational markets in the U.S. and Puerto Rico.
One of the top performing cannabis brands in the United States, and the LeafLink Winner for Best Selling Medical Product in 2019, Betty’s Eddies are gluten-free, vegan fruit chews made from organically grown fruits and vegetables. Containing full spectrum cannabis oil, they are available in a variety of flavors, including berry, orange, lemon, lime, grape, and peach mango.
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