While COVID-19 has been destructive, some industries are emerging unscathed.
For example, demand for CBD products has remained explosive. In fact, a survey from the Brightfield Group says up to 40% of consumers plan to use CBD far more frequently because of COVID-19, with 15% planning to use a higher dose, as highlighted by Food Navigator USA.
“There is no question that with much of the country recommending to shelter at home and a pandemic sweeping the globe, anxiety levels are skyrocketing,” says Brightfield Group’s managing director Bethany Gomez. “Anxiety is the #1 ailment of CBD users - 53% of them report it. Depression and insomnia, which likely to spike over the coming months, are #3 & 4. For those that truly need CBD and are relying on it for their health and wellbeing, consumption is expected to continue or increase.”
COVID-19 is even stoking stronger demand for cannabis products. “Marijuana sales are booming,” says Politico, “with some states seeing 20 percent spikes in sales as anxious Americans prepare to be hunkered down in their homes potentially for months. Weed sellers are staffing up too, hiring laid-off workers from other industries to meet demand.”
Even mushrooms may see a potential boost for COVID-19. Researchers form Griffith University, says The New Daily, have said it’s well documented that mushrooms have the “ability to activate cell immunity in humans. They do this through their possession of beta-glucans, which humans don’t have. So, when human cells come into contact with this foreign body, the immune system starts to fire up and respond.”
These are the very industries still doing well even with the threat of COVID-19. Some of the top companies to keep an eye on in these industries include The Yield Growth Corp. (CSE:BOSS)(OTC:BOSQF), Green Growth Brands Inc. (CSE:GGB)(OTC:GGBXF), OrganiGram Holdings Inc. (TSXV:OGI)(NASDAQ:OGI), Charlotte’s Web Holdings Inc. (OTC:CWBHF) (CN:CWEB), and cbdMD Inc. (NYSE:YCBD).
The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS: The Yield Growth Corp. announced its product development pipeline for 2020. Key plant-based products include immune and mind boosting medicinal mushroom products, self-care products (including hand sanitizers) and cannabis 2.0 topical and edible products.
It is also building its long term product pipeline through plant-based research for therapeutic use in areas that are poised for strong growth. “Like you, we are eager for the day when we can see friends, family and teammates in-person,” says Yield Growth CEO Penny White. “ However, we believe that a profound change will remain; that how we work and play will be forever changed. Yield Growth is well-positioned to take advantage of the growing importance placed on physical and mental health and wellbeing, and the rising demand for high-quality, natural products that support this.”
Evolving for tomorrow
The Yield Growth management team has reviewed the challenges and opportunities that have been created by the Coronavirus pandemic and has implemented changes to its business and product commercialization plan to stay relevant to what consumers want.
Yield Growth intends to increase revenues by offering new products that are in high and sustainable consumer demand. It draws on existing, stability-tested formulas to bring these to market under new and existing brands. Its wholly owned subsidiary brands include Urban Juve, Wright & Well and Jack n Jane. Its majority owned subsidiary, Flourish Mushroom Labs, is launching functional mushroom products. All of the products Yield Growth develops are plant-based and intended to improve lives through enhanced wellness.
Plant Based Bioscience
Yield Growth owns the intellectual property in all of its more than 200 formula catalogue. Yield Growth takes care to protect its intellectual property. Many of its formulas, and its extraction processes, are protected by 14 U.S. patent applications. Yield Growth has conducted extensive research into plant based medicines to create products designed to relieve pain. Its unique and proprietary ingredient, hemp root oil, is used in many of its products. It has also commenced research into plant-based therapeutics to fight infectious disease to inform its product roadmap. Through Flourish, it is conducting research into therapeutic uses of psychedelic (magic) mushrooms.
Urban Juve
Wholly owned subsidiary Urban Juve is enhancing its skin care line with the addition of a hand care line inclusive of a cleansing wash and a moisturizer, to combat irritation that occurs with consistent sanitization of one’s hands. It has received Health Canada approval for two hand sanitizer products - a gel and a liquid spray. The liquid hand sanitizer will be for sale through www.urbanjuve.com this April. Further, it has completed shelf life stability testing on its plant-based hand moisturizer, which will launch later this year.
Earlier this year, Urban Juve’s Ultra Hydrating Lip Balm outperformed in its partnership with IPSY, with over 30,000 reviews and Ipsters rating the product 4 - 5 stars, outpacing the category average by nearly 8%. Urban Juve is improving its website to meet changing online shopping behaviour, including exploring product subscriptions, adding payment methods, and giving more depth to its product descriptions pages with richer content.
Flourish Mushroom Labs
Flourish Mushroom Labs continues product development of its functional mushroom coffees - formulas created to boost immunity. It is also reviewing its extensive product catalogue to select the next products to commercialize. The Ayurvedic coffees and botanical shots are planned for launch in early summer of 2020 and contain immune-boosting medicinal mushrooms: reishi, chaga, lion's mane and turkey tail. The Yield Growth/ Flourish marketing team has been developing an exciting new brand for its mushroom products, which will be announced in the coming weeks.
Cannabis Brands Wright & Well and Jack n Jane
Deemed an “essential service” in many Canadian provinces and U.S. states, many cannabis dispensaries remain open through the COVID-19 pandemic. Given the uninterrupted consumer demand, Yield Growth is proceeding ahead with the development of a cannabis brand for distribution in Canada, Jack n Jane, planned for launch this fall. It intends to build on the success and learnings from its Wright & Well THC-infused pain management line, launched in Oregon several months ago.
Yield Growth’s development road map for Cannabis 2.0 in Canada includes topical products designed for people who use cannabis products to alleviate pain, products to enhance intimacy, skin care products, edibles and beverages. Yield Growth’s team has conducted research into top selling products in more established cannabis 2.0 markets such as California, and created a two year product launch plan which includes edible gummies, chocolate and mints, infused teas and botanical beverages, gel, balm, massage oil, tinctures, foot cream, hand cream and skin care products with CBD such as face oil and face serum. Yield discontinued negotiations with licensed producer Apothecary Botanicals. Yield recently signed a non-binding letter of intent with a licensed cannabis producer in Canada for manufacturing and distribution of Jack n’ Jane’s product line and is currently negotiating a definitive agreement.
Long Term Vision
Yield Growth is focused on achieving long-term results. It intends to continue to develop loyal consumer bases for all its brands in these distressing times through high quality products, excellent customer treatment, fair pricing models, and community participation and support.
The Yield Growth team, working from home during this chaotic time, are deeply appreciative of all those whose critical roles put them in contact with the public every day. The wellbeing and resilience of health care workers are key components of maintaining essential health care services during the COVID-19 virus outbreak.
The Yield Growth team wants those people to know that their hard work and dedication is appreciated. To show its support and appreciation, Yield Growth has been donating Urban Juve's Face and Body Mists to people working in the healthcare, medical and retail industries. These refreshing mists have natural floral waters with antiviral essential oils to clean and invigorate the skin. To date, 720 Urban Juve mists have been donated, with more product donations planned.
Other related developments from around the markets include:
Green Growth Brands Inc. (CSE:GGB)(OTC:GGBXF) reported its results for the period ended December 28, 2019. Revenues for the period totaled $21.1M. “The results this quarter are a reflection of our ability to create products and experiences that consumers want,” said Peter Horvath, CEO of Green Growth Brands. “We are pleased with the consumer demand signals we saw in the CBD segment during the quarter, and we remain confident in its future potential. However, overhead costs, near-term obligations and constraints on liquidity have posed significant challenges that have hindered us from growing the CBD business in the timeframes we anticipated to its full-potential. “The initiatives we announced today to sell the CBD segment, restructure debt and raise equity financing improves the financial infrastructure we need to scale our MSO segment. We believe focusing our expertise on the MSO segment will yield the highest long-term value for our shareholders and customers.”
OrganiGram Holdings Inc. (TSX:OGI)(NASDAQ:OGI) announced the temporary layoff of approximately 45 per cent of its workforce primarily to help boost COVID-19 containment efforts representing approximately 400 employees. “These are unprecedented and trying times,” says Greg Engel, CEO, Organigram. “Our priority right now is to make sound strategic decisions that are in the best interests of our people and which will contribute to the long-term sustainability of the Company.” The Company believes it has sufficient inventory levels to supplement reduced harvest plans and enough contingency staff to keep packaging capacity intact in order to meet anticipated demand for the short term. The Company also remains comfortable with its current inventory levels from external suppliers (e.g. vaporizer products, packaging materials) and has not experienced any significant disruptions to date.
Charlotte’s Web Holdings Inc. (OTC:CWBHF)(CN:CWEB)announced that David Panter has joined the Company as Chief Operating Officer, effective March 30, 2020. Mr. Panter brings over 20 years of broad global supply chain experience at leading cosmetic, agriculture, pharmaceutical, medical device and consumer packaged goods (CPG) companies, including Estée Lauder Company, Luxottica Retail, Campbell Soup Company, and Tyco Healthcare/Covidien. Most recently, at Estée Lauder Company, Mr. Panter was responsible for optimizing the global supply chain including the manufacturing locations and distribution networks in North America, Europe, Asia Pacific and Latin America. Throughout his successful career, he has led manufacturing facilities, quality, distribution and warehouse locations across multiple product categories and has been responsible for transforming operations through continuous improvement, coaching, strategy development and tactical execution.
cbdMD Inc. (NYSE:YCBD) announced today that in the coming weeks, cbdMD intends to offer third party manufactured single use alcohol-based hand sanitizers (which will not contain CBD) free with the purchase of cbdMD products, while supplies last. In addition, in the coming sixty days, cbdMD intends to begin manufacturing of our own branded alcohol-based hand sanitizer products (which will not contain CBD) pursuant to the authorization provided in the FDA’s Temporary Policy for Preparation of Certain Alcohol-Based Hand Sanitizer Products During the Public Health Emergency (COVID-19) Guidance for Industry, which was issued on March 27, 2020. cbdMD has already ordered the necessary ingredients and has begun the process of adjusting its manufacturing in order to implement the new processes as soon as the raw material ingredients are received. The company intends to notify the public once it has confirmed the final production date, including pre-notification to its current customer base of over 200,000 active online accounts.
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