Chicago-based cannabis cultivator, processor and retailer Cresco Labs CRLBF is launching a subsidiary focused on hemp-derived CBD wellness products that will allow the company to expand across all 50 U.S. states.
What Happened
The subsidiary, Well Beings, will provide a full line of CBD wellness products, according to Cresco. It will have a unique product line as well as CBD products under the Cresco, Remedi, and Mindy's Edibles brands.
Cresco's new subsidiary will be led by its Chief Experience Officer Scott Wilson, who previously served as a creative director at Nike Inc NKE.
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Why It's Important
In December, the U.S. legalized industrial hemp and hemp-derived CBD on a federal level, creating a major opportunity for companies operating in the CBD space.
New Frontier Data estimates the U.S. hemp-derived CBD market will expand from $390 million in 2018 to $1.3 billion in 2022. This represents a 27.2-percent five-year CAGR.
What's Next
Cresco Labs said it will make a non-material investment in its new subsidiary. Well Beings plans to sell its products nationwide in retail and grocery stores, nutrition stores and online.
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