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Market share of CBD food in the US

09/09/2020 | hempmarket
heading_title

In the already developed markets of the US states of Colorado and California, CBD foods account for 10 to 15% of sales, and this figure is likely to establish itself in Florida over time.

In the previously published article “ Trends in the food market based on the therapeutic properties of cannabis ”, the idea was voiced that food products that contain drug-free cannabinoids or the manufacture of which is based on the therapeutic properties of hemp leaves and flowers in the next few years will exponentially develop, including in the United States. Using the example of one of the American states, where the regulatory framework since September of this year has regulated the possibilities for legal work with these goods, we will try to trace certain algorithms of activity in this market and determine the trends that are observed at the initial stages of its formation.

Florida's dominant medical cannabis operator, Trulieve, began selling CBD food products in pharmacies in early September for the first time in the United States. The sale took place just a week after the state health department published regulations for the production of foods containing cannabinoids or using hemp flowers, leaves and flowers in formulations with therapeutic properties.

This fact is interesting in itself for several reasons:

• The  sale of food products based on the therapeutic properties of cannabis begins at a time when the medical cannabis market in the state has been growing rapidly for quite some time. Those. CBD foods need to “win back” their “place in the sun” among the significant number of alternatives on offer;

•  State medical cannabis market participants believe that 10 to 20 percent of the medical cannabis market will “go” into the food sector;

• the  profitability of sales of food products containing cannabinoids or containing cannabis leaves and inflorescences that have significant therapeutic properties is significant;

•  edible products reduce sales of some other commodity items, but have a clearly positive effect on the total market volume;

•  Florida medical cannabis operators have been preparing for the opportunity to sell CBD food for a long time, primarily by developing licensing partnerships with companies that manufacture similar products outside the state For example, AltMed Florida, which currently has 25 dispensaries across the state , announced an exclusive licensing agreement for the manufacture and distribution of food products with Wana Brands of Colorado; Bluma Wellness will launch edible products focusing on gummies, cookies and pretzels obtained through a licensing partnership with California-based Venice Cookie Co.. Trulieve has launched a commercial-grade kitchen with an area of ​​approximately 930 square meters for the production of a branded line of marmalades and candies. In addition, Trulieve has licensing partnerships with Bhang, Miami, and Denver-based food companies Binske, District Edibles and Love's Oven, under which it will sell cookies, cakes, and also other "goodies" in the recipe which include leaves and inflorescences of medical hemp.

Commentary of experts of the Association "Ukrainian technical hemp"

According to analysts of the American hemp market, the demand for CBD - food products in the American market has been observed for at least the last three years. Considering the fact that a significant number of buyers are interested in hemp products that have significant therapeutic properties, as well as “that can be eaten,” since it is in this form that the opportunity to use the therapeutic properties of cannabis causes less stigma and discomfort. In the already developed markets of the US states of Colorado and California, CBD food accounts for 10 to 15% of sales, and this figure is likely to establish itself in Florida over time.

Trulieve is the Florida hemp market leader, controlling about 50% of the state's medical cannabis market. The company began selling medical cannabis as the first in the state four years ago. 18 months ago, Trulieve was the first in the state to pioneer the sale of vapes and e-cigarettes that contain cannabinoids. The company was one of the first companies in the state to enter the CBD food market, rapidly expanding a new segment of the state-owned modern cannabis market.

During the round table “ Experience in using the therapeutic elements of technical hemp as raw materials for food, cosmetic preparations, biologically active or feed additives ”, held on October 14 as part of the 5th course of training for students of “ Hemp University ”, a separate panel will be devoted specifically to the issues associated with the use of food, drinks, dietary supplements as a tasty and extremely useful means not only saturating the body with nutrients, but also having healing, restorative, tremendous therapeutic properties. Among other things, during the second day of training, the students of the " Hemp University " will be presented with the initiatives of the profile association of Ukrainian cannabis growers to amend the current legislation related to the creation of a departmental regulatory and legal framework regulating the possibilities of using the "green mass" of hemp plant for industrial purposes by methods excluding extraction.