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CBD has become one of the fastest-growing wellness products globally, reaching more than $11 billion in global sales last year. According to Market Data Forecast, these sales will continue to grow at a 22.2% annual pace to nearly $31 billion by 2026. As a result, companies building an early presence in the industry could be in a great position to profit, reported CFN Enterprises Inc. (OTCQB:CNFN) in an article featured in Yahoo Finance, covering NutraLife’s (OTC:NLBS) rapidly growing expansion plans.
NutraLife Biosciences, a recognized manufacturer and distributor of private label and branded nutraceutical and skincare products began expanding into hemp-derived CBD in 2018. Since then, the company has built up a vertically-integrated presence in the CBD industry with experience growing in Wisconsin, partnerships with geneticists and master growers of high-quality indoor organic hemp flower, cGMP manufacturing facilities in Florida, and a growing list of in-house and private-label CBD brands.
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Currently, the company offers 13 different core formulations and 50 variations of those formulations for private label customers, including CBD-infused oral sprays, tinctures, pet drops, pain balms, and face creams. The company also offers a range of non-CBD products, including anti-bacterial sprays and gels, immune supplements and bug patches.
From Private-Label to Brands
NutraLife Biosciences recently partnered with KOR Medical to develop a line of CBD-infused wellness products.
KOR Medical, based in Charleston, S.C., is a health and wellness company that performs extensive research and development into cannabinoids to find the most effective combinations for different people and different health conditions.
In December, the company completed an initial order for four ingestible products, including KOR Calm, KOR Health, KOR Relief, and KOR Sleep, which are already for sale to consumers on KOR's online platform.
Edgar Ward, NutraLife Biosciences president and CEO said the partnership will benefit both companies as well as consumers seeking effective health and wellness solutions. "We are both honored and grateful to be working with an exceptional like-minded organization focused on providing innovation in the medical cannabis industry," Ward said. "We've enjoyed working with KOR Medical to provide these unique personalized cannabinoid formulations that support and help improve quality of life."
"This collaboration with NutraLife Sciences can be deemed as progress towards innovative solutions powered by the plant. Our mission at KOR is to formulate, innovate and research cannabinoid products that have a therapeutic value to the consumer on a personal level. This partnership will accelerate our ability to make an impact in these areas. We look forward to the future and unveiling to the world the special attributes of the plant which will make an impact on society for years to come," added NutraLife co-founder Scotty Branch.
Photo by Trust Tru Katsande On Unsplash.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.