In California, cannabis is starting to enjoy a popularity in the wellness industry. For instance, Dosist came out with a collection of disposable vape pens that is preloaded with marijuana concentrate. When the user has inhaled 2.25 milligrams of THC, the pen vibrates. Options such as this offer a quick but therapeutic pain relief for those who use it.
Eaze, a San Francisco-based tech company, provides another glimpse to the health and lifestyle effect of the previously banned plant. The startup gives delivery service technology to dispensaries and tracks cannabis use across markets.
According to Eaze, women who use their services went up 32 percent in 2016. “The modern marijuana consumer spends more on cannabis per year than the average American spends on personal care, alcohol, and tobacco combined,” the company said. Numbers also back this claim: 13 percent of female California weed users stopped drinking entirely, replacing alcohol with cannabis.
A rapidly expanding CBD market
Data company Brightfield Group wrote in its report that the CBD sector could reach $1 billion worth of product sales by 2020 due to a compound annual growth rate (CAGR) of 55 percent in the next five years.
The CBD industry’s rapid growth is also spurred by online shops that account for 64.5 percent of sales, and 17.8 percent from smoke shops, and nine percent from dispensaries. Health stores and doctor offices also contribute to the positive product sales. Could the health, wellness and lifestyle aspect of CBD-infused brands be giving a leg up to the cannabis industry?
Under the Texas Compassionate Use Act, for example, CBD, derived from a legal industrial hemp plant, is considered as an essential oil, similar to that of lavender and peppermint. Thus, it can be sold legally. So at an entertainment festival in Texas, it is no surprise that vendors selling cannabis opted to offer hemp-derived CBD products, instead of buds or other common forms of the plant typically sold at retailers marijuana-friendly states.
Coleman Hemphill, the executive director of the Texas Hemp Industries Association, said, “Industrial hemp products are safe, legal and can be purchased online or on the shelves of hundreds of retail locations in Texas.” He adds that Texans have bought and benefited from the use of industrial hemp products such as hemp hearts (also known as hemp seeds), protein, milk, cosmetics, and CBD oil.
Meanwhile, PotNetwork Holding, Inc. (OTCMKTS:POTN) became one of fastest growing CBD companies, mainly thanks to its popular subsidiary Diamond CBD. The company’s revenues in 2017 are at $14.5 million—beyond the forecasted $8.3 million—due to record-breaking month-over-month growth in sales.
Diamond CBD is its main operating entity which researches, develops and distributes innovative CBD-based merchandise and hemp extracts, It offers a variety of products from oils, vapes, dabs, creams, grinders, and even CBD products for pets.
Its oil range consists of high-end vapor liquid and oral drops with premium CBD rich hemp oil. Being 100 percent organic, these products contain all-natural flavoring and are safe for topical use. Getting in on the vaping trend, Diamond CBD also has a range of vape pens, tanks, and refills that come in a variety of fun flavors.
Meanwhile, its CBD crystal dabs contain the isolated power of CBD which can be added to food and other products. For those who frequently experience muscle soreness and inflammation, the company also has a range of creams and topical ointments made from 100 percent natural CBD.
Diamond CBD’s hassle-free grinders come in two functions: automatic and manual. Finally, the company’s pets range consists of food supplements and oils ideal for dogs and cats.
Truly, the lifestyle sector boost has benefited companies that have gone beyond traditional cannabis products.