CBD Wellness Space Filling up Fast: More Cannabis Companies Adjust 2019 Strategies
POINT ROBERTS, Wash. and DELTA, British Columbia, April 22, 2019 (GLOBE NEWSWIRE) -- Investorideas.com, a leading investor news resource covering hemp and cannabis stocks releases a snapshot looking at the continued mad rush to enter into the CBD wellness from cannabis companies of all sizes as many see this as a massive potential revenue earner for 2019.
According to New Frontier Data and MJ Freeway, the top-three reasons why consumers use cannabis are; for relaxation (66%), stress relief (59%) and to reduce anxiety (53%). Other reasons include improving sleep, treatment of medical conditions and to enjoy social experiences. These reasons as well as the media hype surrounding CBD are driving many to change their strategic positions and invest more in the wellness segment of CBD.
Canopy Rivers Inc. (TSXV: RIV) (OTC: CNPOF), recently announced the completion of an investment in High Beauty, creator of industry-leading cannabis beauty brand high for US$2.5 million of shares in High Beauty, representing 18.4% of the company on a fully diluted basis.
“Being supported by Canopy Rivers enables us to collaborate within the Canopy Rivers ecosystem and to focus our energy and passion on the creation of a robust new product line using cannabis-derived extracts,” said Melissa Jochim, a highly successful formulator and Founder of High Beauty. “Cannabis sativa seed oil is an untapped ingredient resource with amazing skincare benefits. This partnership will allow us to scale High Beauty’s business much “higher” in a short time frame.”
BoxScore Brands, Inc. (OTC: BOXS), a company that develops, markets, and distributes cannabis related and other alternative wellness products including ice cream electronic kiosks in North America, recently announced the addition of consumer goods industry veteran Michael P. Flanagan. The Company is also announcing a new strategic direction focused on opportunities within CBD and other alternative wellness products.
Michael Flanagan, newly appointed CEO of BoxScore Brands, stated, “Cannabis and other alternative wellness products today resemble the tech industry 25 years ago. The opportunities are broad and consumer adoption is expanding rapidly. We currently operate in California and Nevada, two states at the forefront of adoption and demonstrable growth. This makes perfect sense for the company to pivot product offerings given the positive regulatory environment and our existing assets.”
Raymond Meyers, Chairman of the Board and Founder, stated, “2019 will be an exciting year for our company both strategically and through the addition of new personnel who have deep experience in the Cannabis category as well as new products and branding on a national level.”
Ovation Science Inc. (CSE: OVAT) (OTC: OVATF) recently unveiled the launch of its new topical skincare product line infused with hemp-derived CBD called ARLO Beauty. This announcement came in conjunction with the announcement that Ovation and Canopy Growth Partners have mutually elected to terminate their license agreement, eliminating the restrictions preventing the Company from dealing with other licensed producers in Canada and terminating the rights of first refusal held by Canopy which inhibited Ovation’s ability to roll out its own line of non dispensary products in the US and both dispensary and non dispensary products in other countries. The elimination of these restrictions is particularly important because of the recent lifting of federal restrictions on CBD products in the US and now allows Ovation to immediately enter that market.
Because of the non-psychoactive aspect of CBD, bigger brand retailers and distributors are less hesitant to enter the space, as shown with iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCQX: ITHUF) who announced that CBD For Life, a top-ranked, national CBD brand in the US which the Company agreed to acquire on March 29, 2019, has entered into an agreement with Urban Outfitters, a lifestyle-oriented general merchandise and consumer products store with 245 locations throughout the United States, Canada and Europe.
The agreement places CBD For Life products in Urban Outfitters’ e-commerce platform and the top 6 retail locations in the US. The CBD For Life products are expected to launch in select Urban Outfitters stores later this month.
Wellness, health and beauty products are gaining traction on a global scale and for the many cannabis companies looking to take in early revenue and expand their global foot print the CBD wellness space offers a strong strategic opportunity. We can expect to see many more companies entering into this space throughout 2019 as distribution channels continue to open up and the products become more mainstream.
For investors following cannabis stocks, Investor Ideas has created a stock directory of publicly traded CSE, TSX, TSXV, OTC, NASDAQ, NYSE, ASX Marijuana/Hemp Stocks
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