CBD Edibles Enjoys a Strong Demand to Create a Market Worth $4.1 Billion in 2022
CBD has become among the most explosive stories to date for many investors.
The truth is that multibillion-dollar industries are currently being transformed by CBD, such as the retail industry, health and wellness, alcohol, and cigarettes. It also affects a range of food as well. Many food items, including cookies and gummy bears to brownies and candy, are now CBD-infused with a considerable demand of consumers.
It is also interesting to take note that the spending of consumers on cannabis-based drink and food, reached $1 billion in 2017 in Canada and the US.
In 2022, consumer spending on CBD is estimated to reach $4.1 billion, as revealed by Arcview Market Research analysts.
This opens a wide range of opportunities for companies such as Charlotte’s Web Holdings Inc., Naturally Splendid Enterprises Ltd., Curaleaf Holdings Inc., The Green Organic Dutchman Holdings Ltd., and Green Thumb Industries Inc.
Naturally, Splendid Enterprises Ltd. announced their unaudited gross sales for the second quarter of 2019 that almost doubled as compared to their sales during the same time last year.
The company recorded around $1 million CDN in gross sales during Q2 2019, spanning from April 1 to June 30. This gross sales growth is experienced in many divisions of the company.
The main concept of the double revenue streams come from the production and distribution of company branded products and their offers of contract manufacturing services that gave the foundation for leveraging these assets and driving sustainable shareholder value.
On the other hand, Charlotte’s Web Holdings Inc. unveiled their latest CBD product line of CBD Gummies infused with hemp extract. These are made with the whole plant extract from the prized hemp genetics and feature synergistic functional ingredients that support certain health-related functions such as daily stress, exercise or active lifestyle recovery, and sleep.
The Green Organic Dutchman Holdings Ltd. also announced their expansion to the international organic hemp CBD market as they launch their Global Strategic Hemp Division.
The new division is going to leverage the company’s multibillion-dollar expertise in the hemp CBD market in Europe to fuel growth and speed up the commercialisation and development of new products across their network of global partners.
Curaleaf Holdings Inc. issued a statement as a response to the letter from the US Food and Drug Administration on its marketing of CBD product. Curaleaf has been committed to the highest standards of compliance and quality and they are going to work hand in hand with the FDAA to address all problems addressed in the letter of the agency.
The CBD products of Curaleaf have all been derived from hemp, adhering to Farm Bill’s requirements.
Green Thumb Industries Inc. is the owner of the Rise and Essence retail shops and the leading national cannabis consumer packaged goods company. They announced that they will open their fourth retail location that will be based in Florida.
It is easy to see that the demand for CBD edibles will continue to grow as more companies are joining the market.
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