CBD Archives - Green Market Report

StaffStaffSeptember 11, 2020
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3min3190
Zelira Therapeutics (ASX: ZLD, OTCQB: ZLDAF) announced it has entered into a partnership agreement with New Jersey based oral care company SprinJene to launch hemp-derived CBD dental products. SprinJene says it will bring its CBD toothpaste to market by the end of Q4for  distribution across retail and other channels across the US. This will be the first CBD product for the brand. Dr. Sayed Ibrahim, CEO of SprinJene said “We are excited about the partnership with Zelira Therapeutics and look forward to the impact that our products will have in the oral care market.” The company’s current line of products are nationwide and can be found at Walmart, Costco, Bed Bath & Beyond, Amazon, and VitaCost. Ibrahim continues, “Our collaboration to commercialize the most advanced hemp-derived cannabinoid-based oral care products expands our reach into new oral care markets where every person can access the daily benefit of using our products.”
 
Dr. Oludare Odumosu, CEO and Managing Director (USA) of Zelira said, “This partnership with SprinJene will commercialize these new and advanced oral care cannabinoid-based products. Our firm remains focused on unlocking the benefits of cannabinoid-based applications as we continue to expand our company’s reach into new and lucrative markets. ”
 
Zelira is one of the global leaders in developing clinically validated cannabis medicines, this will be their first of five over-the-counter oral cannabinoid products they are on track to launch globally. will bring to market.  SprinJene® states it is a socially conscious brand dedicated to marrying the benefits of science and nature in the creation of Gluten-Free, Cruelty-Free, Vegan, Kosher, USDA Bio-preferred, and Halal oral care. The line is manufactured by New Jersey based Health and Natural Beauty USA Corp. where Zelira-SprinJene products will be manufactured. 

Debra BorchardtDebra BorchardtSeptember 10, 2020
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5min5770

The queen of lifestyle branding Martha Stewart has launched a new line of CBD products with cannabis company Canopy Growth Corporation (NYSE:CGC.) The hemp-derived wellness supplements are inspired by some of Martha’s most popular recipes featuring Meyer lemons and blood oranges. The initial product offering will include a range of human wellness supplements, with a gift box and pet line launching later this year.

 

“I’ve found that CBD supplements are a simple way to enhance my own health and wellness, especially when it comes to managing the stresses of daily life,” said Martha Stewart. “I set out to create the most delicious CBD products on the market, drawing inspiration from some of my favorite recipes and flavor profiles from my greenhouse and gardens. My wellness gummies closely resemble the French confections, pâte de fruits, rather than the sticky, overly sweet versions you might find elsewhere. Created in collaboration with the top researchers and scientists at Canopy Growth, I am very proud of the end result: wellness gummies, oil drops and soft gels that taste as wonderful as they make you feel.” 

The new portfolio of natural, gourmet flavored wellness gummies, soft gels and oil drops are specially formulated by Martha Stewart, in collaboration with the cannabinoid scientists at Canopy Growth, to deliver a consistent daily dose of pure, premium CBD isolate. The products can be purchased through Canopy Growth’s website or launch.marthastewartcbd.com.

At launch, the Martha Stewart CBD product line includes: 

  • Martha Stewart CBD 10mg Wellness Gummies in Citrus Medley (Meyer Lemon, Kumquat and Blood Orange flavors, 30 count) for $34.99 
  • Martha Stewart CBD 10mg Wellness Gummies in Berry Medley (Raspberry, Huckleberry and Black Raspberry flavors, 30 count) for $34.99 
  • Martha Stewart CBD 25mg Soft Gels (Unflavored, 30 count) for $44.99 
  • Martha Stewart CBD 750mg Oil Drops (Blood Orange, Meyer Lemon or Unflavored) for $44.99 

Canopy Growth CEO David Klein said, “We are committed to leading the CBD industry by providing trusted brands, which is why we’ve chosen to collaborate with Martha Stewart, someone who people turn to for advice on living well. Together, we’re bringing consumers science-backed, premium quality products in elegantly designed and gourmet flavored formats, available at a price point that makes Martha Stewart CBD one of the best values on the market.”

Martha’s Cannabis History

Stewart is known for her home show and lifestyle empire that includes a magazine, television shows and numerous products. One of her shows was a cooking program with cannabis king Snoop Dogg called “Martha and Snoop’s Potluck Dinner Party.” While Snoop frequently brought up cannabis in the show and episodes featured cannabis-friendly guests like Whiz Kalifa and Seth Rogen, Stewart always remained coy on the subject. Although she has said that the second-hand smoke on the set probably led to a contact high for her. Conversely, Snoop is not much of an alcohol drinker, but Stewart would often get him to share a drink with her on the set.

Stewart’s move towards CBD products is on-brand with her demographic. Women are increasingly turning to CBD as a remedy for numerous conditions. Being able to enjoy the wellness benefits of cannabis without the psychoactive effects is very appealing to many older women.

As Martha Stewart CBD expands offerings this fall and early next year, you can expect luxury gift sets and pet products designed to help furry friends feel their best. Stewart is known for her love of dogs and it seems CBD is part of their regimen as well.

 

 


StaffStaffSeptember 2, 2020
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6min4460

Editors note: This is a guest post by Robbert Dean.

In the middle of August, the US Drug Enforcement Administration (DEA) issued an interim rule which is a treat to the cannabinoid hemp market and could impact hemp pricing. Operators in this space including farmers, traders, and extractors are now racing to determine how this will impact their business and what they can do about it. Operators are facing risks and are not in a position to take the threat to their operations lightly. 

At issue is that some of the extracts that are produced can naturally exceed the legal level of hemp above 0.3%. As hemp flows through the process of becoming a final product, like CBD, is becomes compliant through dilution and blending. Despite this supply chain mechanism, there remain hundreds of thousands of kilos of crude CBD listed a schedule 1 narcotics in DEA possession. 

According to The Jacobsen, the destruction of a Willamette Valley Oregon business came at the hands of the DEA as they were forced to liquidate after spending hundreds of thousands of dollars in legal fees. The Oregon company Key Compounds used the extract from a Massachusetts company Phasex, which caught the attention of Albany police. The extraction facility was raided and charges were brought which cost the company 7-million dollars according to The Jacobsen. 

Are States Rights Federally Enforceable

The issue at hand is whether state rights enforceable. Can states forge their path with regards to CBD policy? The DEA appears to be willing to ignore how individual states are handling CBD laws and making their own interim decisions. If the DEA takes an antagonistic position, seeing hemp-derived or organic hemp cannabinoids as an illicit industry using health and wellness as a mask to distribute narcotics, they may see some political support erode due to an outdated, ideological, posture.  This could be the case as early as November if the White House and Senate flip.

The prospects for CBD for states may provide the backdrop for additional state legislation. Some might draw on other states which only have adult-use policies to protect the new industry. This leaves the issues to the DEA to determine enforcement priorities but also creates a fragmented hemp market. 

There are several ways to attack the current policy as in direct opposition to the intent of the 2018 Farm Bill, through nuanced positions on wet/dry content language in current hemp legislation.  If left in place though, the policy poses an existential threat to the cannabinoid segment, undoubtedly giving rise to the black market.  

Extractors are likely to prioritize remediation to mitigate risk.  Depending on the process, this can be costly and incredibly time-consuming, but dilution is another option. This would mean that extractors would attempt to mitigate the content they provide at the outset to comply with Federal law. Those with in-house remediation have a distinct advantage.  Biotech companies are working to produce proprietary hemp genetics, along the lines of their nicotine-free tobacco, maybe in the best position if the DEA’s strict interpretation stands.

The Bottom Line

The upshot is that the DEA and states across the US have a different interpretation of what is legal in the Hemp world. This scenario also plays out in the Marijuana industry where several states make weed recreationally legal, but it is not legal federally. The DEA is in a position to generate strife at the state level and politics will likely play a pivotal rose ahead of the 2020 election which could change the landscape for many farmers, traders, and extractors who are betting that the hemp industry has further upside and profitability in the years to come.


Kaitlin DomangueKaitlin DomangueAugust 25, 2020
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5min7170

CBD marketplace and brand reviewer, Leafreport, conducted independent lab testing on 22 CBD beverage brands to determine just how much CBD is actually in these products. Their findings were shocking, and showed many of these brands to be entirely misrepresenting their true CBD content, whether intentional or not. Some brands contain far less CBD than advertised, while some actually contain more CBD. The company ordered 22 COAs form these companies in order to accurately compare their findings. 

Out of the 22 products that Leafreport tested, 54% (12 products) tested out at less CBD than the brand advertised, while two of the CBD beverage products contained no CBD at all! Additionally, the report reads that 81% of beverages (or 18 products) actually had CBD levels that were 10% higher or lower than advertised, while 14 products, or 64% of all the products tested, contained CBD levels that were 40% higher or lower than advertised. 

This means that only 18%, or 4 products, tested actually contained the levels of CBD that were advertised. 64% of the total products tested by Leafreport were graded as an F and placed in the fail category. Only the 4 products that actually contained the marketed levels of CBD were graded as an A. Among the A rated products are Wyld’s Blood Orange beverage, Savage CBD Revive shot, and Dram Beauty Bubbles. Products like Refresh CBD Water, Sunday Scaries YOLO, Sweet Reason Sparkling Water, Oki Cucumber Mint, and more all received a failing score, or an F. 

Looking at Wyld’s Blood Orange, Leafreport reported that they only had a variance of 5.67%. The brand advertises the drink to have 25 milligrams of CBD and they tested out with Leafreport at 26.42%. This is not a huge variance and usually deemed as acceptable by most. Oki’s Cucumber Mint water is advertised as having 20 milligrams of CBD. According to Leafreport’s findings, it only contains about 6.3 milligrams. This is a staggering 68% variance. Blue Label Naturals CBD Water claims to contain 5 milligrams of CBD, but the tests show that their products contain no CBD at all. The same goes for Sativa CBD Water, who markets a CBD content of 25 milligrams, but Leafreport found no traceable CBD in their beverage. 

Leafreport said that unlike the first report they conducted, they did not see a positive association with the company’s overall reputation and their test results. This means that leading CBD brands were not more likely to score well on their test results compared to lesser-known brands. Leafreport’s research signals a huge problem in the CBD beverage industry.

“This is in line with our expectations because CBD beverages are difficult to formulate and contain relatively small amounts of CBD, which means that variations of even a few milligrams can have a big effect,” said Lital Shafir, head of product at Leafreport. 

Another study conducted by Leafreport highlighted inaccuracies in CBD tinctures. This study showed that some CBD oil brands sell products that contain much less or more CBD than advertised. Cannabis industry experts claim that plus or minus 10% CBD is a reasonable amount of variance for cannabis products. This means that a high-quality CBD product is expected to have CBD levels that are within 90-110% of what is stated on the label. 

Leafreport’s goal is to bring transparency to the emerging cannabis industry. “The CBD industry is completely unregulated and there have been many cases of companies selling products that contain little to no CBD. That’s why third-party testing is important for brands in this industry,” added Shafir.


Noemi GonzalesNoemi GonzalesAugust 21, 2020
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6min3430

The CBD Skincare Solution: The Power of Cannabidiol for Healthy Skin”

By Dr. Manisha Singal

It is always a pleasure and a privilege to be able to dive into educational cannabis-oriented content that has been put together by respectable professionals who are generous enough to share their own level of expertise with us.

Dr. Manisha Singal does exactly that with her new book “The CBD Skincare Solution” as she divulges many ways that intelligent use of CBD can aid us with the quality and health of our own skin.

This is a topic we can all benefit from so let’s see just what the good doctor has to say in her book.

-Topic Focus-

Cannabidiol, commonly referred to as “CBD”, is the primary non-psychoactive ingredient in cannabis that has grown in social acceptance due to it’s known beneficial properties.

What is less known about CBD is just how effective it can be when it comes to increasing the quality and health of your skin. There are many surprising skin conditions that CBD can also help you with that are covered in this book.

“The CBD Skincare Solution” gets into just how you can utilize CBD to have healthier skin in a step-by-step process that is written with authority by an author who has devoted a significant portion of her life to gain this level of knowledge and has the credentials to back it up.

About the Author

Dr. Manisha Singal is based in Washington, DC, and is a board-certified internal medicine physician and Chief Medical Officer of Bridgepoint Hospital.

She has been actively studying CBD for the last 5 years and is on a mission to share what she has found.

Actively on the front lines of the COVID-19 pandemic, she serves as a critical care physician in an ICU one mile from the US Capitol building.

Dr. Singal also engages in regular speaking and education projects to share her knowledge with many people as possible so that they may also leverage the benefits of CBD.

She graduated from the University of Pennsylvania, George Washington School of Medicine, and Georgetown University Hospital for the residency program and has been working with patients for over 20 years now.

Dr. Singal is also licensed to prescribe medical cannabis in Washington, DC, and in Maryland and is a member of organizations such as Americans for Safe Access, Women Grow, and the International Cannabinoid Research Society (ICRS).

Dr. Singal is also the co-founder and Chief Medical Officer of Aethera Beauty, a line of prestige skincare products featuring CBD and hemp. Most recently she helped cofound Wash for Hands, a company supporting displaced workers during the COVID-19 pandemic.

-Reading Experience-

“The CBD Skincare Solution” by Dr. Manisha Singal is clearly written by an expert who possesses considerable knowledge on the topic and a serious level of passion to match it.

The book starts by helping the reader to understand just what CBD is, the history surrounding it, the best delivery methods for CBD usage, and so much more. The structure helps to start with a solid foundation of understanding so that you can better understand the future content later n the book.

The book weaves together first-person narrative and solid scientific information to put together incredibly useful content that the average layman such as myself can enjoy and understand. At times, books written by an educated expert can feel challenging for the average reader to digest but this book doe a great job making the information accessible.

-Summary-

“The CBD Skincare Solution” by Dr. Manisha Singal brings serious value to the table and tells her story while also covering her own evolution on the topic that helps the content be anchored by such a narrative.

The idea of learning new and beneficial ways to leverage CBD is exciting and this book will empower you to utilize CBD to increase3 the health and quality of your skin. This is news to me! I think we’re all used to haring of other ways CBD is healthy so it’s very interesting to learn that there are even more useful applications for CBD.

You can get your copy of “The CBD Skincare Solution” at the following link:

https://www.amazon.com/CBD-Skincare-Solution-Cannabidiol-Healthy/dp/0738764884

 


StaffStaffAugust 20, 2020
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7min9060

Editors Note: This is a guest post.

There’s always something to worry about, like bills, food, and your health. Whatever the case, anxiety is common, and so is depression. Fortunately, there are a lot of solutions for both. 

Some people rely on medications and therapy to overcome anxiety and depression. Others turn to coping mechanisms like yoga and meditation. 

Lately, the search for anxiety and depression treatment has been shifting towards more natural medications. In particular, CBD oil.

CBD, or cannabidiol in full, is one type of cannabinoid found in the cannabis plant. The oil is a result of the extraction of CBD from the plant, followed by refinement processes. You can get the oil in liquid form, or buy gummies with CBD discounted at the Relaxation Company and make your journey to wellness fun and flavor-filled. 

The exact science behind the treatment of anxiety and depression with CBD oil isn’t known yet. Some researchers do believe it works with a receptor in the brain, altering serotonin signals. The serotonin levels are responsible for your mood and well being, and CBD oil blocks the brain from absorbing it, so you get more of it, which improves your mood.

Like any other treatment, the oil has its benefits and disadvantages. Make sure to read more on to find out more pros and cons of CBD oil for anxiety and depression, especially if you are planning on using CBD while traveling!

Pros

Easy to Use

The methods of administration of CBD oil are simple. You can take it by putting a few drops under your tongue using a dropper, or mixing it in your food. Some companies also supply CBD gummies in a variety of milligram strengths and flavors.

Non-psychoactive

Unlike Tetrahydrocannabinol (THC), another type of cannabinoid, CBD oil is non-psychoactive, so you don’t get high from taking it. 

It’s Healthy

Cannabidiol occurs naturally in plants from where it’s extracted and made into an oil. Since it’s a natural treatment, it’s much healthier than traditional medication and better for your body. 

Fewer Side Effects

In addition to being healthier than traditional medicine, CBD also has fewer side effects. As long as the effects experienced are mild, it’s a good option for anyone who can’t tolerate the stronger side effects caused by other anxiety medications. It’s also not addictive, which is a common occurrence with traditional alternatives. 

Relieves Pain

Cluster headaches and migraines are common in people suffering from depression and anxiety. CBD oil reduces such pains while also treating the underlying causes, so it cures both symptoms and the disease. The oil achieves all this without inducing a psychoactive response, tolerance, or addiction.

Cons

Limited Availability

Since the use of CBD Oil for anxiety, depression, and other medical conditions is still relatively new, the oil isn’t widely available. Federal and state laws in some areas restrict the use of CBD, so you can only buy it in places where medical marijuana is legal. 

Unfortunately, that’s not a lot of places. Some suppliers take advantage of this limited supply and put a hefty price tag on the oil, making it even more inaccessible.

Not FDA-Approved 

CBD oil is not FDA-Approved for the treatment of anxiety and depression. Since it’s unregulated, that means there’s no set standard of quality that the oil must adhere to, to qualify as a treatment. 

As a result, you might come across products with lower or higher quantities of CBD than necessary. Some mislabeled products even have significant amounts of THC, which can aggravate anxiety instead, defeating the purpose of the treatment. 

Doesn’t Have Fixed Results

CBD oil is still in the early stages of discovery, so there’s a lot that remains unknown about it. It doesn’t produce the same results in everyone, hence the difficulty in regulating its use or setting a fixed dosage. 

Side Effects

Some research into the use of CBD oil indicates that users may experience a few side effects. In some cases, those side effects include anxiety, which makes the oil questionable as a treatment for the mental condition. Other side effects associated with the oil include dizziness, drowsiness, nausea, loss of appetite, mood swings, and low blood pressure.

Conclusion

The effectiveness of CBD oil as a remedy for anxiety and depression remains, unfortunately, overshadowed by the stigma against cannabis. Still, as research continues on the benefits of the oil, more people are starting to realize there’s more good than bad in it.

 


StaffStaffAugust 12, 2020
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8min5710

Editors Note: This is a guest post.

These days, CBD products are everywhere. You can’t walk more than a few miles in a major city without finding a shop advertising CBD oil and related products, and if you know where to look online, you can find a variety of CBD products to suit your needs. New studies about CBD are consistently emerging, and there might be significant discussion about the compound within your group of friends.

But what exactly is CBD, and why is the CBD market exploding like this?

What Is CBD?

We’ll start with the basics. CBD is an acronym that stands for cannabidiol, which is a cannabinoid. Cannabinoids are compounds that are found in the cannabis plant. Cannabis itself contains a variety of different cannabinoids, many of which carry different psychological and physiological effects. THC, for example, is known for its hallucinogenic effects, and it’s responsible for the “high” you feel when consuming cannabis products.

CBD, on the other hand, doesn’t produce a psychoactive high. Instead, it’s responsible for a calming effect, reducing your anxiety and mellowing you out. With the right techniques, a producer can selectively remove CBD from cannabis, and use that CBD to make specific products. Oftentimes, CBD is made into an oil, which can then be consumed directly or incorporated into a consumable product. There are also more interesting CBD-related products, like the sour “space candy” CBD hemp flower, which is high in CBD.

Factors for CBD Popularity

So why is CBD suddenly becoming popular in the United States?

There are several different explanations, each of which likely plays some role in producing this effect:

  •         Regulatory leniency. First, we’ve recently seen a wave of regulatory leniency. For many years, almost every type of product derived from cannabis was banned, due to the nature of cannabis as a Schedule I drug. But thanks to recent laws, it’s now legal for manufacturers to create and sell derivative products—including CBD oil.
  •         Research and newfound effects. In part due to lax regulations, we’re also seeing a wave of new research about the positive effects of CBD oil, and we’re discovering how useful it is in treating a variety of medical conditions. Millions of people can benefit from using CBD, and the more we understand about this substance, the safer and more beneficial it seems. Public excitement motivates more research, and new research motivates public excitement, resulting in a positive feedback loop.
  •         Trends and fashion. There’s no denying that CBD is also a trendy product. It’s something major influencers are talking about, and millions of people are claiming to experience the benefits firsthand. This type of popularity is self-sustaining; the more popular something becomes, the more people talk about it, and the more people talk about it, the more popular it becomes.
  •         Product innovation. All these effects are inspiring entrepreneurs, inventors, culinary artists, and manufacturers to get creative and experiment with CBD in new ways. In the past several years, we’ve seen the emergence of dozens of new types of CBD products, including foods, oils, and methods of consumption and application.
  •         Profitability and new market potential. CBD Is also a profitable product to sell, if you know how to market it. In some ways, this is an entirely new industry, and entrepreneurs are eager to take advantage of it. Public demand, inexpensive development, and limited competition are the perfect formula for attracting new business creation.

The Benefits of CBD

It’s worth noting that much of CBD’s popularity is contingent upon its physical and mental health benefits. But what exactly are these benefits?

  •         Anxiety and depression management. One of the most common uses of CBD is the management of mental health afflictions like anxiety and depression. CBD has a calming effect that can relieve worried minds, and a relieving effect that can improve some symptoms of mild depression.
  •         Sleep habit improvement. Because CBD produces feelings of relaxation and helps to ease racing thoughts, it’s used regularly as a way to induce sleep or improve sleep habits. For people who struggle with insomnia or other parasomnias, it’s a natural and ideal solution.
  •         Relief of pain. Some people also use CBD as a way to relieve pain. Ingesting CBD oil can relieve some kinds of chronic physical pain, and applying it topically can relieve pain associated with the skin.
  •         Treatment for various conditions and disorders. Though research is still limited, there’s promise for the use of CBD in treating many different conditions and disorders, including muscle spasms and seizures.

We’re still in the early stages of understanding CBD as a medicinal and therapeutic product, but the more we learn about it, the better the outlook seems. In some ways, the CBD craze can be described as a fad, but the future of the CBD market for both consumers and business owners looks bright.

 


StaffStaffAugust 7, 2020
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5min3540

Editors Note: This story was written by Gina Larson.

CBD, the popular cannabis-derived cannabinoid, has its own national day coming up on August 8th. First designated in 2018, the day may not be as well known as the unofficial cannabis holiday – 4/20 – but it does show that the compound has come a long way in gaining recognition all on its own.

In 2020, it seems that CBD can be found everywhere from cosmetics to confections to dog products and beverages. According to New Frontier Data, about 28% of American consumers have tried a CBD product. It begs the question of whether CBD is just the latest fad. But  Jushi Holdings Inc. (OTC:JUSHF) Co-President and Board Member Erich Mauff doesn’t think so. The U.S. Food and Drug Administration’s approval of the prescription medication Epidolex to treat epilepsy shows that the cannabinoid holds great therapeutic promise.

“As we’ve seen with Epidiolex, I believe we are only beginning to scratch the surface when it comes to unleashing CBD’s full medicinal value,” said Mauff. “On the frontlines, our Medical Advisor is seeing a sizable uptick in the number of healthcare professionals exploring CBD as a way to help patients manage a wide variety of conditions. At the same time, the cannabis sector is starting to formalize the way it collects data, standardizes research and develops new products and formulations, which I believe will help cannabinoid therapies continue their entrance into the mainstream.”

CBD Remedies

CBD claims to help various conditions, everything from such as helping sexual dysfunction, improving cardiovascular health, reducing acne, moisturizing skin, soothing inflammation, calming anxiety, among others. Yet, with the exception of Epidolex, the FDA bans companies from making health claims when marketing CBD products. This leads to a lot of confusion and uncertainty in the market. To help guide consumers, Ganja Goddess founder Tara Wells launched CBD Goddess. 

“There’s a new wave of consumers entering the CBD market, but often they are overwhelmed due to the sheer number of products available, which differ widely in quality and ingredients. We launched CBD Goddess as a resource for consumers, who are taking charge of their health and wellness, so they can easily order high-quality products online and have them delivered to their doorsteps,” said Wells.

Despite its popularity, the CBD market – like nearly every other CPG sector – has had a rocky year. Due to impacts COVID had on retail, The Brightfield Group adjusted their forecast down for the industry, projecting that CBD sales would only rise 14% this year compared to 2019 rather than the 30% originally projected. Store closures, a continuing rise in unemployment, and inaction by the FDA to provide additional guidelines and regulations are all contributing to a sluggish market.

Regardless, brands are hoping that more consumers will be tempted to try CBD as the 3rd CBD Day is celebrated with attractive sales already in full swing. Nira, a line of physician formulated CBD products, is offering 50% off all their products. Kat’s Natural, founded by herbalist Kat Merryfield, is giving customers 25% off their signature topicals through Sunday and giving away a free Kat’s Naturals hemp t-shirt with every order placed on CBD Day. Wyld, a maker of gummies, is offering 25% off their 250 mg and 500 mg four packs. 

Sales like these are proliferating across the web this weekend. If you haven’t tried CBD – what are you waiting for?


Debra BorchardtDebra BorchardtJuly 28, 2020
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7min8210

The passage of the 2018 Farm Bill legalizing hemp sparked a CBD rush with millions in sales and seemingly everyone starting a company using some form of hemp-derived cannabis oil.  Last year’s BDSA and Arcview Market Research, industry report estimated that CBD sales in the U.S. would surpass $20 billion by 2024. New York-based investment bank Cowen & Co forecast that the market would hit $15 billion by 2025.

A new report from the Brightfield Group, US CBD Market July 2020“, warns those numbers will be much lower as a result of the impact of COVID-19 on shoppers. Several reasons are behind the drop in sales from lockdowns causing brick and mortar store closures, to shifts in retailers making deliveries and even the job crisis that is hurting consumers’ wallets. The report stated that in 2020, the US hemp-derived CBD market is projected to reach $4.7 billion in sales, with 14% growth from 2019 sales of $4.1 billion. The market had been expected to grow by over 30%.

Stay At Home

One big problem for CBD shoppers was the request from states with big outbreaks to stay at home and only venture out if absolutely necessary.  The report noted that there would be a loss of revenue from store closures as many retailers selling CBD products had either closed temporarily during the crisis or were only offering curbside pickup and delivery. “Even for CBD specialist retailers and smoke shops that remain open, they are experiencing steep declines in sales as social distancing guidelines and consumer worries about contracting the coronavirus keep
shoppers at home.” That meant more online shopping, which worked well for established brands.

Nearly half (45%) of CBD consumers surveyed in June 2020 by Brightfield said they moved their CBD purchases online because of the coronavirus crisis. “Millennial shoppers are the most likely to have switched to e-commerce for their CBD needs, with 54% reporting switching from brick and mortar stores to online as they also increase their
usage and spending during this stressful time. CBD market leaders have seen online sales increase dramatically in the first half of 2020 but are still making efforts to expand in brick and mortar retailers to set up for future success and broader brand awareness.”

Brightfield said well-known and trusted brands that already had a strong DTC (direct-to-consumer) model already established benefited from the online move. “New CBD companies though found it difficult to enter retail channels as in-person sales calls have been paused and major trade shows such as Natural Products Expo West and NoCo Hemp Expo had been canceled.”

No Job, No Money

Anyone who has purchased quality CBD products knows they don’t come cheap. “With Americans facing high unemployment levels (11.1% in June 2020 compared to 3.8% in February 2020) year 2020 retail sales are
not expected to reach levels anticipated prior to the emergence of the COVID-19 pandemic.” Over 30 million Americans were receiving unemployment benefits as of July 14, 2020. The report also said that high unemployment rates and a reduction in disposable income are causing prices to fall in the US CBD industry sparking a domino effect felt at the beginning of the hemp chain. Hemp farmers have seen the price of their crops drop sharply due to the increase in supply. According to data from Hemp Benchmarks, the aggregate assessed price for hemp CBD biomass declined by 79% from April 2019 to April 2020, from $38.00 per pound to $8.10 per pound.

Ultimately the prices will fall for consumers as producers adjust their models accordingly. Brightfield also found that price was the second biggest factor for consumers when making CBD purchase decisions. Consumers are really trying to make sure they can buy the most effective CBD product for the best price.

So Stressed

Without a doubt, this has been a stressful time for many. The pandemic, Black Lives Matter protests and continuing climate change worries are causing an increase in consumption of CBD. Heavy users have increased their consumption. “Anxiety is the number one ailment of CBD users, with 42% of them reporting it,” according to Brightfield Group’s consumer insights. “Depression and insomnia, which are likely to rise over the coming months, rank second and sixth.”

In a Brightfield Group survey of 5,000,  CBD consumers fielded online from June 2 to 24, 2020, 39% stated that they are using more CBD as a result of the COVID-19 crisis. “This sentiment was even higher among Millennials and Gen Z consumers – 47% plan on using more CBD in the months to come. Younger consumers are more likely to increase their CBD usage in response to the COVID-19 pandemic. More than half of Millennials (51%) and 48% of Gen Z have upped their CBD usage frequency, compared to only 40% of Gen-X and 17% of Boomers.”

Consumers are choosing higher dosages and pivoting away from vapes and more towards edibles. COVID-19 has been especially hard on respiratory systems. While CBD companies can’t say their products should be used to fight COVID-19, many consumers want to boost their immunity and feel CBD is one way to accomplish this.

 


Julie AitchesonJulie AitchesonJuly 24, 2020
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5min3221

The latest internet-spawned holiday always catches me by surprise. If it weren’t for hashtags and product promotions, I would drift through occasions like National Rotisserie Chicken Day (June 2) and National Underwear Day (August 5) in a state of blissful ignorance. This nearly occurred in regards to Self-Care Day until an email mentioning the latest and greatest in CBD self-care products to celebrate June 24th hit my Inbox. Unlike the many monetized holidays created by Madison Avenue, Self-Care Day is an initiative of Crisis Text Line, an international organization that provides free crisis counseling to individuals suffering from everything from pandemic stress to emotional abuse. 

The Self-Care Day website expands the typical “pedicure and bonbons” definition of self-care to encompass therapeutic experiences like community connection, time in nature, and creative expression. CBD is not specifically mentioned, but botanicals like CBD have gained significant popularity as a way to incorporate self-care into daily routines, especially during this time of civil unrest and Covid-19. Publicist and entrepreneur Melissa Vitale, who represents many clients in the cannabis industry, shares the sentiment of many dedicated CBD enthusiasts. “Between business, socializing, and supporting those causes and people close to me, I would be out of energy if I didn’t take the time to refill it. Sometimes the harder I work or the busier a season I have, the more indulgent my self-care needs to be. It’s a gentle balance of hustle and self-care that keeps me at my sharpest.”

With the multiple demands of work, family, community involvement, and the day-to-day stressors of these extraordinary times, symptoms like anxiety, stress, and sleeplessness abound—symptoms for which CBD is an ideal remedy, and not just in capsule or tincture form. For self-care that doesn’t come with any day-after regrets, SipCozy offers an alcohol-removed wine infused with broad-spectrum hemp extract. Their first beverage is a low-calorie grenache blend rosé perfect for beating a summer heatwave or paired with a bubble bath to soak away the stress.

While you’re at it, slip into a Masquerade CBD Collagen Facial Mask from Her Highness, saturated in a highly absorbable CBD serum to fight wrinkles and soothe weary skin. (The company is offering a site-wide 30% discount from July 20-24 in observance of Self-Care Day with code HighlyPampered30.)

For self-care that doesn’t require refrigeration or looking like the Phantom of the Opera, New Highs offers a topical CBD roll-on with essential oils and 100mg of CBD extract to soothe the nervous system and nourish the senses. With an additional $50 donation, New Highs will supply a healthcare professional with a 700mg tincture and throw in a topical roll-on for free. If treats are more your speed, Wana Wellness is offering 10-count packages of their Mango and Strawberry CBD gummies at $19.99 per pack for a cost-conscious self-care snack. So whether you choose to sip, spa, snack, or roll on your version of CBD self-care this July 24th, a range of tempting options are just a quick click away.  

 



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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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