According to Brightfield Group, the CBD market in the U.S. has grown over 700% in 2019.
The CBD industry is becoming much more saturated than it was before the passing of the U.S. Farm Bill late last year, with new products entering the market, threatening to take a slice of the CBD pie that the early producers of CBD have enjoyed until this time.
Nevertheless, the top 20 CBD companies still hold a majority of the even bigger pie that is CBD in the cannabis industry.
Brightfield Group listed the Top 5 CBD Companies that the research group says “continue to make a name for themselves” within the growing CBD market. Here’s what we know about these various companies:
- CW Hemp (Charlotte’s Web)
Earlier this summer, Charlotte’s Web Holdings (TSX:CWEB)(OTCQX:CWBHF) announced that their total acres of hemp planted for the 2019 growing season had increased 187% due to interest and demand for the products. Prior to that, the company reported its earnings for the first quarter with revenue growing 66% to $21.7 million.
“Interest and demand for our products has been exceptional and growing rapidly. Our 2019 planting strategy ensures we will have the required raw materials to deliver on production targets for Charlotte’s Web products through 2020 and into 2021,” stated Deanie Elsner, CEO of Charlotte’s Web. “Our leading CBD hemp varieties under cultivation today are the foundation of our 2020 production plan.”
Brightfield Group remarked of the company: “By deeply understanding who they are as a brand and identifying the consumers that resonate with their messaging, they have built the foundation for potentially life-long customers and advocates.”
- PlusCBD Oil (CV Sciences)
PlusCBD Oil by CV Sciences (OTCMKTS: CVSI) has found success largely due to their low-dose capsule and softgel formats that Brightfield Group referred to as “a safe bet for more conservative users”. Green Market Report has been watching the steady increase in CV Science’s company value following last year’s impressive sales jump of 203% in the second quarter.
The company is expected to announce its second-quarter results for 2019 on August 6.
3. Green Roads World
Green Roads offers unique, high-dose products, and have built their success on effective social strategies. With a growing employee base of over 100 the company had an estimated value of $45 million in 2018, according to co-founder Arby Boroso.
The company sells CBD-infused products such as tinctures and balms, online and in 6,000 stores and 2,000 doctors’ offices across the country. Brightfield attributes their “values-based marketing” to their success and prominence in the CBD industry.
Medterra’s growth is largely due to its effective SEO strategy and marketing. With a site that is full of engaging content that manages to get past the limitations of search engines, Medterra gets itself in front of the eyes of consumers.
The company recently announced a foray into the sports, fitness and golf communities, by partnering with Worldwide Golf Shops, the parent company to Edwin Watts, Roger Dunn, and some of the most well-known and established golf retail stores in the United States.
- Irwin Naturals
Irwin Naturals turned heads when Klee Irwin, the founder of the company announced the company would be giving away $1M worth of CBD products to honor the passing of the Farm Bill.
The company is concerned with making the cost of CBD products affordable, saying “Our mission is to spread health to the world through plant medicine. Our nation is on the edge. And I am worried about the future of our children. If we can make CBD affordable and accessible to the masses, it just might help our country avoid a meltdown.”
Groups of Competitors in the CBD Market
Brightfield Group laid out the different types of companies and brands that are continuing to lead the pack when it comes to innovative marketing, advanced products, and ways to stick out in the market. These companies are those who are:
- CBD-only companies that have established brand loyalty, improved marketing strategies, and grow larger and more diverse customer bases
- Cannabis companies including multi-state operators that leverage networks and infrastructure to build brand recognition and raise capital to expand CBD lines
- Supplement brands existing in the natural food store and retail chain space
- Disruptor brands that were little-known prior to this year and have risen up in the ranks as they’ve been picked up by large retail chains
As it is only still summer, it remains anyone’s game as to who will end up at the finish line in the CBD brand race by the end of the year.