CannabisNewsWire
Editorial Coverage: The CBD market is experiencing explosive
growth as a result of growing mainstream acceptance and strong
leadership.
- The North American CBD market, worth more than $9 billion in
2017, is projected to be worth $47 billion by 2027.
- Growth is possible partly through mainstream acceptance, with
pressure on a variety of institutions to accept medical CBD.
- Leaders are emerging within the CBD and cannabis markets, as
leading voices gain recognition for their work.
Wildflower Brands Inc. (OTCQB: WLDFF) (CSE: SUN)
(WLDFF
Profile), which focuses on health and wellness
products, is benefiting from this growth through the establishment
of strong distribution deals. Several companies are responding to
the growth by expanding operations. Canadian-based Tilray
Inc. (NASDAQ: TLRY) is adding production capacity in both
Canada and Europe. Aphria (NYSE: APHA) (TSX: APHA)
is increasing its indoor grow operations. Canopy Growth
Corporation (NYSE: CGC) (TSX: WEED) is focusing its
development efforts on projects in the United States. And
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) is
using a significant outside investment to make strategic growth
plans.
To view an infographic of this editorial, click here.
Growing Goodness
The CBD market has seen tremendous growth in the past few years,
seemingly coming out of nowhere to become a billion-dollar
industry. This eye-popping growth has been fueled in large part by
CBD’s potential for health and well-being, an area that many
researchers are focusing on. Companies have leapt upon the
opportunity to offer consumers the benefits associated with
cannabis without some of the other issues regularly linked with the
drug, including getting users high.
If the past few years have been fruitful, the future looks even
brighter for CBD. Soaring sales, growing acceptance within
mainstream sports, and the recognized influence of some of the
major players within the broader cannabis industry all point to
positive movement forward for CBD. And as companies overcome the
challenges offered by distributing a previously obscure product to
a broad market, the industry looks set to soar.
A Rising Global Market
The growth of the CBD market has so far come mostly out of North
America, where the likes of health and wellness company
Wildflower
Brands Inc. (OTCQB: WLDFF) (CSE: SUN) have launched a
variety of compelling CBD products. This geographical growth is
rooted mostly in legal status, as CBD is extracted either from
cannabis or from its nonhigh-inducing form hemp. Though
legalization of cannabis remains variable in the United States,
hemp is now legal at a national level in both the United States and
Canada, with cannabis growth widely permitted.
As a result, the North American cannabis — including CBD —
market, has grown in spectacular fashion. The market was worth $9.2 billion in 2017, and
estimates project those numbers to reach $47.3 billion by 2027.
Savvy companies, such as Wildflower Brands, are paying attention
and taking action.
The European CBD market has seen less expansive growth. Within
the EU, the range of
processed products that can be made incorporating cannabis is more
limited, and there’s been less of a concerted push towards
legalization for both CBD and cannabis products. Consequently,
market growth there has been less impressive.
But that may be about to change, according to
analysis from market intelligence firm the Brightfield Group.
The company recently predicted 400% growth in the European CBD
market from 2018 to 2023, a massive rise in a short five-year span.
It looks as if the CBD boom may be set to go global.
Sports and CBD
Cannabis prohibition isn’t the only thing shaping the CBD
market. Society’s acceptance of cannabis and CBD cannot be
overlooked as a contributing factor. The rules of entities not
typically associated with cannabis have sometimes created obstacles
to growth in the cannabis sector. But as the legal market develops,
those institutions are shifting their attitudes as well.
The sports industry is an ideal illustration of this. During the
war on drugs, many teams, leagues and professional organizations
took a firm public stance against cannabis, laying down rules that
prevented their players from indulging. The NFL, for example, has
strict rules against cannabis consumption. Currently, however,
former players are campaigning for a
change to those rules, not just to allow players access to the
same experiences as other people but to tackle issues specifically
related to sports.
Recently, cannabis and CBD-infused products, including those
such as Wildflower’s topical treatments, have
provided a growing number of pain-treatment choices. Given the
injuries so frequently seen in professional sports, pain management
is crucial. Sports doctors, trainers, coaches and players are
always on the lookout for the most effective treatment options.
Currently the ban on cannabis and CBD restricts players from
choosing such seemingly effective options, fueling the call for
change.
Changes could also have a significant impact on the sponsorship
side. Currently, only one
professional sports team in the United States has a
cannabis-related sponsorship, despite the growing wealth and
influence of the industry. As barriers come down, the time may come
for CBD, much like other recreational and medical products, to gain
attention in the sport and beyond through sponsorship and supporter
arrangements.
The Challenge of Delivery
This expansion doesn’t come without some challenges. As the
market grows and evolves, CBD companies must find ways to
distribute products to a sector that didn’t exist a decade ago. The
infrastructure most other industries take for granted is being
built from scratch.
Fortunately, the companies moving into this space are nimble and
flexible, moving quickly to find solutions as they expand and grow.
These solutions often include forming partnerships with other
players within the cannabis sector to increase their combined
reach. Wildflower has recently done this through a delivery fulfillment agreement with HelloMD, a leading
digital healthcare platform for cannabis doctors, consumers and
brands. The deal will allow Wildflower to potentially reach more
customers through HelloMD’s expansive e-commerce platform.
Such moves should increase opportunities for CBD businesses to
accelerate their expansion and reach a broader customer base,
reversing years of prohibition. These partnerships may not only
boost individual businesses but also add to the rising tide of
CBD.
Cannabis Leaders Emerge
Celebrated leaders are starting to emerge at the head of the
cannabis industry. Some have come from outside, their fame drawing
attention to the industry. Others have come from within.
A recent list of the top 100 figures in the
industry includes actor Jim Belushi, former Mexican president
Vicente Fox and retired boxer Mike Tyson. The list also includes
cannabis executives such as Terry Booth of Aurora and Elizabeth
Hogan of GCH.
Wildflower Brands CEO William MacLean was included in the list,
thanks to his hands-on approach to sales and marketing. His
extensive travels to hospitals in North America have also given him
insight into patient experience and the benefits that cannabis and
CBD can offer. Combined with years of marketing experience, this
impressive background puts MacLean in a strong position to market
his brand and build teams of skilled experts for ongoing
growth.
Cannabis Companies Reach New Highs
As the cannabis sector expands, many companies are going through
periods of growth and rising revenues. Over the past few years,
this rocketing trajectory has allowed the cannabis sector to
diversify in interesting ways.
Based in Canada, Tilray Inc. (NASDAQ: TLRY) is
looking to expand through acquisitions. The company recently acquired the largest hemp foods company in the
world — Manitoba Harvest — to strengthen its foothold in the
exploding hemp market. The company is also making other strategic
growth and development moves, including moving into Europe.
Aphria (NYSE: APHA) (TSX: APHA) recently received a license amendment to expand its
growing space. Headquartered in Leamington, Ontario, Aphria is
working to set the standard for the low-cost production of safe,
clean and pure pharmaceutical-grade cannabis at scale, grown in the
most natural conditions possible. Aphria is committed to bringing
breakthrough innovation to the global cannabis market and has a
presence in more than 10 countries across 5 continents.
One of the large Canadian cannabis companies, Canopy
Growth Corporation (NYSE: CGC) (TSX: WEED) is looking to
expand in the United States following the passing of the 2018 farm
bill. Canopy is building a hemp-production
facility in New York state and acquired hemp
enterprise AgriNextUSA, moves that position the company to make
the most of America’s swing towards hemp and become a leading
player as the market heats up across North America. Canopy Growth
boasts an extensive range of licenses and distribution deals north
of the border, giving it a strong base from which to build its U.S.
business.
The Cronos Group Inc. (NASDAQ: CRON) (TSX:
CRON) recently closed a deal
with outside company Altria, providing that company with a way into
the hemp space. The C$2.4 billion strategic growth investment will
provide Cronos with essential resources to expand during its
critical phase of market growth in the United States.
With scientific and business innovation being led by a raft of
far-sighted and innovative pioneers, the cannabis and CBD
industries look set for another decade of incredible growth.
For more information on Wildflower Brands, visit Wildflower
Brands Inc. (CSE: SUN) (OTCQB: WLDFF)
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