New Report Pegs U.S. CBD Retail Sales at $10 billion by 2024
Palm Beach, FL – October 22, 2019 – CBD retail sales just in the U.S. are expected to pass $1 billion – a 133% jump year over year, as noted by the 2019 Hemp & CBD Industry Factbook. By 2024, sales could balloon to $10 billion. “The recent surge of consumer demand for CBD, coupled with increasingly easy access to CBD products, is expected to drive retail sales to about $1.1 billion-$1.3 billion in 2019,” said Kristen Nichols, editor of the 2nd Annual Hemp & CBD Industry Factbook. “We project retail CBD sales will increase to $10.3 billion by 2024, a five-year compound annual growth rate of 54%.” That’s opening a wide range of opportunity for companies including The Yield Growth Corp. (CSE:BOSS) (OTCQB:BOSQF), Aphria Inc. (NYSE:APHA)(TSX:APHA), Charlotte’s Web Holdings Inc. (CSE:CWEB) (OTCQX:CWBHF), Aurora Cannabis Inc. (NYSE:ACB)(TSX:ACB), and Green Growth Brands Inc.(CSE:GGB) (OTCQB:GGBXF).
The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS: The Yield Growth Corp. just announced that seasoned marketing professional Karla Cheon has been appointed as Vice President, Marketing of Yield Growth, effective October 21, 2019. Cheon has a proven track record as a marketer for successful, growing brands. As a testament to her unique combination of marketing insight, brand-building talent and business acumen, she was selected to lead or partner on the marketing aspects of key strategic growth initiatives at Aritzia during her nearly 15-year tenure at the leading fashion retailer: Aritzia’s expansion into the USA (2007) and Quebec (2013), its eCommerce launch (2012), and its Initial Public Offering (2016). Aritzia is a vertically integrated, innovative design house of exclusive fashion brands. It reported net revenue of $874 million in Fiscal 2019. In particular, Cheon has deep expertise in eCommerce and digital marketing, two areas of critical importance to the success of any brand. As Marketing Director, Interactive, she developed the content and traffic generation strategy for aritzia.com. Later, as Director, eCommerce Marketing and Online Experience, she was part of the team that built Aritzia’s first eCommerce website and was responsible for creating its award-winning online experience. As part of the IPO team, she also created Aritzia’s first-ever investors website. “As regulations around cannabis-based products come into alignment, there is a tremendous opportunity for brands who can meet both the needs of an increasingly savvy consumer who seeks high-quality, natural products, as well as demonstrate a commitment to acting responsibly,” says Cheon. “Yield’s portfolio is poised to take advantage of this, and I am tremendously excited to be part of shaping these brands.”
Other cannabis-related developments from around the markets include:
Aphria Inc. (NYSE:APHA)(TSX:APHA) reported its results for the first quarter ended August 31, 2019. All amounts are expressed in thousands of Canadian dollars, unless otherwise noted and except for per gram, kilogram, kilogram equivalents, and per share amounts. “We are pleased to report a second consecutive quarter of profitable growth with strong contribution from our Canadian cannabis operations. Our success was also driven by our international business and the strength and growth of our brands, particularly Broken Coast, despite a small fire at our British Columbia facility at the end of the quarter. This solid start to the year keeps us on track to achieve our fiscal year 2020 financial outlook,” stated Irwin D. Simon. “Going forward, we remain focused on our highest-return priorities both in Canada and internationally as our team furthers the development of our medical and adult-use cannabis brands to drive growth through innovation and return value to shareholders.” Net revenue of $126.1 million in the first quarter, an increase of 849% from prior year quarter and decrease of 2% from prior quarter. Revenue for adult-use cannabis of $20.0 million in the first quarter, an increase of 8% from prior quarter. Net income of $16.4 million and adjusted EBITDA of $1.0 million in the first quarter. Adjusted EBITDA from cannabis operations of $1.3 million in the first quarter.
Charlotte’s Web Holdings Inc. (CSE:CWEB)(OTCQX:CWBHF) and Nielsen just announced an analytic relationship between the world’s leading CBD brand with the world’s leading market intelligence company. Together, Nielsen and Charlotte’s Web will help guide the U.S. retail market for consumer-packaged goods (CPG) companies through the evolution of the CBD space. Mirroring the changing tide happening across the U.S. retail and CPG industry, this new relationship marks an open and symbiotic relationship that is forming between the emerging CBD industry and the U.S. retail and manufacturing community. Charlotte’s Web is an industry pioneer and the market leader of hemp-CBD extract products. Leveraging its deep product knowledge and category vision, this new relationship will provide unprecedented visibility into market-leading trends, highlighting segments, brands and products that are resonating with consumers in the CBD market. This alliance will also provide insight into consumer attitudes, product preferences, use occasions and future intent tied to consumer interaction points within CPG categories which will help establish Charlotte’s Web as thought leaders and category captains of the hemp CBD category. Collectively, this powerful suite of information will enable U.S. CPG manufacturers and retailers to more easily measure and predict the impact of hemp CBD on the CPG industry and strategize accordingly. The announcement with Charlotte’s Web comes as Nielsen steadily develops a full suite of cannabis measurement capabilities, inclusive of strategic alliances such as the one with Headset, the leading data and analytics service provider measuring and analyzing the legal Cannabis dispensary channel.
Aurora Cannabis Inc. (NYSE:ACB)(TSX:ACB) and CTT Pharmaceutical Holdings, Inc., announced today the successful commercialization of CTT’s cannabinoid-infused sublingual wafers. The new cannabis product line, a first of its kind, has been launched by Aurora in the Canadian medical cannabis market under the brand name “Dissolve Strips. Aurora has an ownership interest in CTT of approximately 9%, with a warrant allowing it to increase its stake to 42.5%, and access to CTT’s sublingual wafers drug delivery technology, which is patent protected or patent pending in multiple jurisdictions. “Aurora’s Dissolve Strips™ provide unique advantages over other ingestible products due to their ease of administration, discrete nature and accurate dosage, that provides more rapid bioavailability of cannabinoids via sublingual use,” said Terry Booth, CEO of Aurora. “This adds yet another innovative offering to our growing portfolio of high quality, medical products that we offer our patient base, and is testament to our industry leading ability to work with technology partners and regulators to bring new form factors to market rapidly.”
Green Growth Brands Inc. (CSE:GGB)(OTCQB:GGBXF) just announced that it has opened its 150th Seventh Sense Botanical Therapy CBD mall-based shop. The first Seventh Sense shop opened in early February. GGB will provide a sales update on the performance of Seventh Sense® shops and eCommerce on its earnings call for fourth quarter and fiscal year 2019 ended June 30. The call will occur on Thursday, October 24th, 2019. In the interim, the Company would like to share a progress update on the expansion of Seventh Sense.
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