PALM BEACH, Florida, Nov. 5, 2019 /PRNewswire/ -- CBD retail sales in the U.S. are expected to reach $1 billion, according to the 2019 Hemp & CBD Industry Factbook. By 2024, sales could surpass to $10 billion. "The recent surge of consumer demand for CBD, coupled with increasingly easy access to CBD products, is expected to drive retail sales to about $1.1 billion-$1.3 billion in 2019," said Kristen Nichols, editor of the 2nd Annual Hemp & CBD Industry Factbook. "We project retail CBD sales will increase to $10.3 billion by 2024, a five-year compound annual growth rate of 54%. "That's leading to a wide range of opportunity for companies including Veritas Farms Inc. VFRM, Trulieve Cannabis Corp. TRUL TCNNF, CannTrust Holdings Inc. CTST, Zenabis Global Inc. ZBISF ZENA, and Curaleaf Holdings Inc. CURA CURLF.
Veritas Farms Inc. VFRM BREAKING NEWS: Veritas Farms Inc. just announced the launch of its brand of premium cosmetic products, Veritas Beauty. The Company developed the brand as a response to the growing demand from customers for full spectrum hemp oil infused skincare products. Delivering the same quality ingredients for which the Company is known and trusted, the line presents four full spectrum hemp oil infused beauty products: Rejuvenating Night Cream, Cucumber Eye Cream, Mattifying Blemish Cream, and a Hyaluronic Day Cream. Alexander Salgado, CEO and co-founder, commented "We are very excited to announce the forthcoming launch of Veritas Beauty. These premium products exemplify Veritas Farms' commitment to offering its farm-to-home full spectrum hemp oil products in innovative products that improve different aspects of our customers lives and wellbeing." Veritas Beauty will kick-off its launch with an exclusive experiential dinner for chain retail buyers, press and influencers that represent the beauty category at an unannounced location in New York City this Thursday, November 7th, 2019. The dinner will be followed by an aggressive marketing campaign designed to maximize exposure to both retail buyers and online customers of this growing category. The Company will announce further details of this exciting launch dinner on November 7th.
Veritas Beauty includes Rejuvenating Night Cream (with full spectrum hemp oil ― 100 mg): With two forms of advanced peptides, this cream boosts skin immunity and jump-starts the skin's stress-fighting mechanisms, preparing it for everyday environmental aggressors. 30 mL (1 fluid oz.); Cucumber Eye Cream (with full spectrum hemp oil ― 100 mg): Enhanced with cucumber extract, this 3-in-1 Cucumber Eye Cream formula contains vitamins A and E, and neem extract to help skin appear more youthful and to address dark circles, fine lines and puffiness around the delicate eye area. 15 mL (.5 fluid oz.); Mattifying Blemish Cream (with full spectrum hemp oil ― 200 mg): This cream achieves a clear, wholesome complexion with a robust blend of blemish-fighting and skin-rejuvenating ingredients that help purify and fight swelling and irritation of the skin. 50 mL (1.7 fluid oz.); Hyaluronic Day Cream (with full spectrum hemp oil ― 200 mg): This custom emulsification of hyaluronic acid, squalene, jojoba seed oil, and apricot kernel oil provides multi-layered moisture which hydrates and absorbs quickly. 30 mL (1 fluid oz.); Veritas Beauty will be available to the public via the company website on Friday, November 8th after the official launch of the brand on Thursday, November 7th.
Other cannabis-related developments from around the markets include:
Trulieve Cannabis Corp. TRULTCNNF opened the doors of their record 38th Florida location on Wednesday, October 30th, in Panama City Beach. Trulieve presently operates 37 other dispensaries throughout the State of Florida, including in the nearby communities of Pensacola, Destin, and Tallahassee. The storefront, located on Hutchinson Boulevard near Panama City Beach's iconic coastline, will advance the company's mission to expand and ensure safe, reliable patient access statewide. "We're fortunate to have a passionate patient base in the Panhandle and are looking forward to bringing our exceptional selection of products to patients in Panama City Beach and the surrounding areas. As Florida's registry grows and patients continue to seek natural, effective relief, we will continue to expand patient access to the safe, reliable medications they rely on," said CEO Kim Rivers. "Our team in Panama City is looking forward to educating patients on the process, whether they're taking their first steps with medical cannabis or exploring alternative treatment options, as well as offering direct access for those who may not have had access to a physical dispensary in the past."
CannTrust Holdings Inc. CTST announced that it continues to make significant progress on its commitment to take any and all actions required to both bring the Company into full regulatory compliance and seek the full reinstatement of its licenses. On September 17, 2019, CannTrust announced that Health Canada had suspended the Company's licenses to produce cannabis and sell cannabis, without affecting the Company's ability to continue cultivating and harvesting cannabis. The Company will not challenge Health Canada's partial suspensions and remains focused on working collaboratively and transparently with the regulator to address the Company's non-compliance matters. In pursuit of this goal, the Company has provided Health Canada with an outline of its proposed remediation strategy. This strategy is aimed at implementing the measures identified by Health Canada as necessary to attempt to address the regulator's concerns, namely measures to ensure that cannabis will be produced and distributed only as authorized, including measures to control the movement of cannabis in and out of CannTrust's site; measures to recover cannabis that was not authorized by CannTrust's license; measures to improve key personnel's knowledge of, and compliance with the provisions of the Act and the Regulations that apply to CannTrust; and, measures for improving the manner in which records are kept, including a plan to improve the inventory tracking, and any interim measures to ensure that information provided to Health Canada can be reconciled.
Zenabis Global Inc. ZBISF ZENA announced that it has entered into an agreement with Tantalus Labs Ltd. pursuant to which Zenabis will grow and harvest cannabis plants from clones provided by Tantalus Labs. The plants will be grown and harvested at Zenabis Langley. Tantalus Labs will be responsible for all drying, trimming and packaging at its own licensed facilities. The initial term of the Cultivation Agreement will be two years with the option to renew thereafter for successive two-year terms by mutual written agreement of the parties. In 2020 and 2021, Zenabis expects to grow and supply quantities of cannabis plants that will be sufficient for Tantalus Labs to produce thousands of kilograms of dried cannabis. "Tantalus is excited to leverage the proven QA systems and elite agricultural insight of Zenabis at their Langley facility. This relationship will allow Tantalus to deliver our sungrown quality promise to an expanding audience in Canada, while collaborating with some of the brightest agricultural minds in this new Canadian cannabis industry. Our team is motivated to evolve our quality standards with Zenabis for years to come." said Dan Sutton, CEO, Tantalus Labs.
Curaleaf Holdings Inc. CURA CURLF announced the launch of its first Massachusetts adult-use dispensary in Oxford, Massachusetts. The retail store is now open at 425 Main Street in Oxford. Retail store hours are 9AM-8PM, Monday thru Saturday and 10AM - 5PM on Sunday. The Oxford location will serve customers by appointment only for the first 30 days of operation but on-site appointments can be made schedule permitting.
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