CBD demand has been off the charts. Just over the last month, 32 million U.S. adults (or 13% of all adults) used a CBD product, says MRI-Simmons, a division of GfK Global, adding that 86% of them say it’s been beneficial to their health, as highlighted by Retail Touch Points. Better, the CBD industry saw a 700% jump in demand over the last year, according to Stephanie Wissink, Managing Director of Consumer Research at Jefferies. Retailers continue to stock their shelves with product, too, including The Vitamin Shoppe, Sephora, CVS, American Eagle Outfitters, Dick’s Sporting Goods, and even Dollar General. However, this is just the start of the CBD story. As excitement builds, it’s opening a range of opportunity for cannabis companies including The Yield Growth Corp. (CSE:BOSS) (OTC:BOSQF), Canopy Growth Corporation (TO:WEED) (NYSE:CGC), OrganiGram Holdings Inc. (TSXV:OGI)(NASDAQ:OGI), Tilray Inc. (NASDAQ:TLRY).
The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS: The Yield Growth Corp.’s subsidiary Urban Juve’s marketing and sales alliance with beauty commerce giant IPSY put Urban Juve’s hemp infused lip balm in hundreds of thousands of IPSY Glam Bags delivered to targeted consumers in the U.S. this month. The campaign aims to inspire those who receive products to review, recommend and re-purchase. IPSY.com now shows over 15,000 consumer reviews for Urban Juve lip balm, with an overall consumer rating of 4.5 stars out of 5.
Urban Juve’s plant based lip balm contains hemp root oil manufactured using the company's proprietary extraction technology. Urban Juve’s skincare collection has 12 individual products plus customized multi-product kits for key skin types and has completed stability tests to establish a 2 year shelf life on over 50 all-natural, proprietary formulas, including sunscreen, deodorant, creams, face and body oils, cleansers, exfoliants, fragrances, essential oil wellness blends, lubricant and serums.
Founded in 2011, IPSY describes itself as the world’s largest beauty community of 3 million+ monthly members. On a foundation of more than half a billion content views every month and relationships with more than 8,000 digital content creators, IPSY has built a highly personalized subscription service and ecommerce marketplace, setting the standard for beauty commerce. “Our products in the hands of this engaged IPSY base of beauty, wellness and skincare shoppers strengthens our U.S. launch efforts by raising awareness of the quality of our products,” says Yield Growth CEO Penny White. “We are very pleased to get our products into hundreds of thousands of targeted U.S. consumers this month and to receive so many positive consumer reviews.”
Urban Juve’s next step in its U.S. launch: Urban Juve products will soon be available on Beauty Bridge, an online beauty and skincare marketplace for premium brands with a devoted following of thousands of customers and shipping millions of products. Based out of Nutley, New Jersey, Beauty Bridge will help to grow Urban Juve’s brand awareness and sales to an eastern U.S. audience.
Other CBD-related developments from around the markets include:
Canopy Growth Corporation (TO:WEED)(NYSE:CGC) announced that Judy Schmeling has been appointed Chair of the Board of Directors and Jim Sabia has been appointed in principle as a member of the Company’s Board of Directors. Mr. Sabia will act as an observer to the Board as he and Canopy complete the standard Health Canada processes associated with the appointment. “It is my pleasure to welcome Judy Schmeling as our Chair of the Board of Directors and to welcome Jim to the Board,” said David Klein, CEO, Canopy Growth. “Judy’s leadership experience in highly competitive industries will be instrumental as we focus the business on its core priorities. Both Judy and Jim’s contributions will be extremely valuable as we continue the journey of building iconic brands.” Ms. Schmeling has been serving on the Canopy Growth Board of Directors since November 2018 and is chair of the Audit Committee. She currently serves on the Board of Directors of Constellation Brands, Inc. as well as Casey’s General Stores, both Fortune 500 companies. She is the former Chief Operating Officer of HSN Inc., an interactive multichannel retailer, and the former President of HSN’s Cornerstone Brands. Ms. Schmeling brings to her new role proven leadership acumen, valuable operations experience and extensive accounting and financial expertise.
OrganiGram Holdings Inc. (NASDAQ:OGI)(TSXV:OGI) announced it has secured a supply agreement with Medical Cannabis by Shoppers, the online medical cannabis platform by Shoppers Drug Mart Inc. This agreement reflects the companies’ shared commitment to offering Canadian consumers access to high quality medical cannabis products. “We are extremely proud to partner with Shoppers and believe that our complementary approach to the medical cannabis market will offer the full strength of our combined national networks to Canadian patients,” says Tim Emberg, Senior Vice President of Sales and Commercial Operations. “We are pleased that we will now be able to offer medical cannabis patients across the country even greater access to our growing portfolio of high-quality products.”
Tilray Inc. (NASDAQ:TLRY) announced the expansion of its global senior leadership team with two strategic hires: Jon Levin as Chief Operating Officer, who was formerly with Revlon, and Michael Kruteck as Chief Financial Officer, who was formerly with Molson Coors and Pharmaca. Mr. Kruteck’s appointment will be effective immediately after filing the Annual Report on Form 10-K for the year ended December 31, 2019. Mark Castaneda, Tilray’s current CFO, will take on the role of Strategic Business Development and continue to advise the company and assist in Kruteck’s transition. “We are thrilled to have these experienced leaders join our team as we continue to disrupt the global pharmaceutical, alcohol, CPG and functional food and beverage industries,” said Brendan Kennedy, Tilray CEO. “Jon and Michael come to Tilray with extensive expertise in their respective fields and we look forward to their contributions as we pioneer the future of cannabis and hemp around the world. As CFO, Mark has led the company through its IPO and substantial growth in the past couple years and we thank him as he transitions to a new strategic role with the company.”
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