Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) is launching its consumer-oriented CBD line JoySol. The products are produced by Arizona-based Herbal Brands, Inc., an established consumer goods manufacturer, wholesaler and direct-to-consumer e-tailer and a wholly-owned subsidiary of Clever Leaves. Clever Leaves acquired Herbal Brands in 2019. Since the acquisition, Herbal Brands has expanded its access to more than 20,000 retail distribution points in the U.S. through sales of its well-established nutraceutical products.
“CBD is a rapidly growing segment in the self-care and wellness category, yet we believe there is a dearth of high-quality product offerings and brands for both early-adopters of CBD and consumers which have not yet adopted products containing CBD,” said Kyle Detwiler, CEO of Clever Leaves. “The launch of JoySol makes CBD easily accessible to the everyday individual via a direct-to-consumer approach that marks our entry into the U.S. cannabinoid consumer market.”
Clever Leaves’ consumer brands division is introducing JoySol with high-quality CBD, minor cannabinoids and proprietary terpene blends at a mass-market-accessible price point. JoySol launches with oil drop blends, gummies, and topicals that comprise a unique CBD Daily Care System, with easy-to-use products specific to each segment of the day – morning, mid-day and evening.
“We want everyday consumers, from school teachers to construction workers to stockbrokers, to get more out of life, so we have leveraged CBD and other cannabinoids along with exclusive terpene blends to help support the body and mind,” said Bonnie Brown, Herbal Brands VP of Marketing.
In November, Clever Leaves reported revenue in the third quarter of 2021 had increased 3% to $4.0 million compared to $3.9 million for the same period in 2020, driven by continued strong performance within the non-cannabinoid segment, which generated strong year-over-year growth as a result of Herbal Brands’ continued recovery from pandemic-related impacts. The increase was partially offset by a decrease in cannabinoid segment revenue compared to the year-ago period. The company has been focused on its Portugal and Columbia businesses. This venture will set the company up for the U.S. markets.