Britannia Life Sciences Inc. BLAB, a global product development platform for cosmetic and wellness products, is launching a consumer trial to test the efficacy of CBD oil as an active ingredient in the treatment of hair loss.
This hair growth initiative is aligned with Britannia's strategy of utilizing its resources and expertise to build a high-value intellectual property portfolio while growing the market for CBD by developing a broad range of new applications across a wide range of products, the company noted in a press statement.
Britannia has engaged its subsidiary, Advanced Development and Safety Laboratories to finalize the formulation of a topical cream, which utilizes CBD-rich, broad-spectrum hemp oil distillate with the goal of promoting hair growth and density.
With sales of over $3 billion in 2020, the global hair loss treatment market is expected to grow at an annual rate of between 4 and 6% through 2027, based on industry estimates.
The Trial: The consumer trial will be managed by ADSL's existing First Beauty platform and conducted under the guidance and supervision of health professionals.
In its initial phase, participants will test a topical cream, providing weekly feedback, over a six-month period.
Photo by Towfiqu barbhuiya on Unsplash
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Meet the biggest cannabis industry players and make deals that will push the industry forward.
Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.
Join us April 11-12, 2023 at Fontainebleau Miami Beach in sunny Florida.