NEW YORK, Oct. 22, 2019 /PRNewswire/ -- As the legal cannabis industry continues to permeate throughout the globe, more and more consumers are beginning to try products within the marketplace. Notably, cannabidiol or CBD is one of the fastest-growing segments in the cannabis industry. Widespread CBD legalization efforts have made remarkable progress over the past several years due to advancements in research and clinical trials. To note, CBD was federally prohibited in almost every nation just a few years ago. However, researchers uncovered that CBD is unlike its marijuana counterpart's dominant compound, THC or tetrahydrocannabinol. CBD and THC both exist in the cannabis plant, however, they are found within different parts of the overall plant. THC predominantly derives from the marijuana compound, which is known to induce psychotropic effects on its consumers. On the other hand, CBD primarily derives from the hemp plant, which is not known to cause psychoactive effects. Despite the differences between marijuana and hemp, federal regulators around the world deemed the entirety of the cannabis plant to be unsafe. Nonetheless, over the past two decades, researchers have worked tirelessly to disprove common misconceptions that surround the hemp plant. As a result, the hemp marketplace recently began to break legal barriers in various countries. Notably, the U.S. passed the Farm Bill in late 2018 which legalized the commercialization and transportation of hemp-derived CBD products. Meanwhile, Canada's complete legalization of cannabis in 2018 introduced a plethora of cannabis-based products, both CBD and THC-based. And while the U.S. and Canada are the global powerhouses for the CBD market, other countries have also moved to adopt CBD, even if only strictly for medical purposes. For instance, Australia, Germany, Italy, Spain, South Korea, and Thailand have all legalized specific CBD-based products to treat chronic medical ailments. While CBD is rapidly tapping into other global markets, the U.S. is expected to remain the primary driver for the market because of its large pre-existing consumer base. According to data compiled by Arcview Market Research and BDS Analytics, the U.S. CBD market was valued at USD 1.9 Billion in 2018. By 2024, the market is expected to reach USD 20 Billion while exhibiting a CAGR of 49%. Smart Decision, Inc. /zigman2/quotes/212368253/composite SDEC -10.74% , Neptune Wellness Solutions Inc. /zigman2/quotes/207537677/composite NEPT -3.38% /zigman2/quotes/203840062/delayed CA:NEPT -2.32% , Sorrento Therapeutics, Inc. /zigman2/quotes/205669265/composite SRNE -1.15% , Planet 13 Holdings Inc. /zigman2/quotes/204244604/composite PLNHF -4.24% /zigman2/quotes/202325829/delayed CA:PLTH -4.67% , Auxly Cannabis Group Inc. /zigman2/quotes/205690863/composite CBWTF -4.93% /zigman2/quotes/201017685/delayed CA:XLY -1.72%
Following the legalization of CBD in the U.S., products began to emerge in major retail stores, local convenience stores, and even online e-commerce platforms. And as the market continued to grow, innovative producers began to introduce more diverse products into the marketplace. Specifically, CBD-based products like cosmetics, health products, food and beverages, pet products, skincare, and even pharmaceuticals became widely popular among consumers. Generally, consumers purchase THC-based products at cannabis dispensaries. And while dispensaries do sell CBD-based products, they are not as popular as THC products. As such, BDS Analytics predicts that the majority of CBD sales will occur in general retail stores rather than cannabis dispensaries. Consequently, large wholesalers and retailers have begun to add various CBD products such as tinctures, topicals, patches, concentrates, pills, beverages, and foods into their product listings. "Literally overnight, you're seeing CBD all around you and in everything," said Troy Dayton, Chief Executive Officer of The ArcView Group, an Oakland, California-based cannabis investment and research firm. "This is a product that is going from relative obscurity to being on everyone's mind: producers, consumers and especially entrepreneurs."
Smart Decision, Inc. /zigman2/quotes/212368253/composite SDEC -10.74% today announced breaking news that, "it has signed a Letter of Intent (LOI) with Greenlife Organics, a market leader in the CBD space.
"Once again, it's thrilling to know that another well respected brand in the CBD space (Greenlife Organics) will be at the forefront of the industry, while being able to provide our easy to use CBD algorithm for their client base. We encourage potential customers to view their products on our site: https://cbdsmartdecision.com ", said Adam Green, CEO of Smart Decision, Inc.
Terms of the deal are not being disclosed at this time.
About Smart Decision Inc: Smart Decision Inc. has researched and is developing algorithms for the consumer and business LED Lighting and CBD markets. With their patent-pending "Smart Decision" algorithms, the confusion of selecting the right product(s), whether for LED or CBD, will be significantly reduced. Ultimately, Smart Decision Inc. believes that selecting the right product the first time, dramatically cuts down on product returns and creates of positive purchasing experience for the consumer.
About Greenlife Organics: Greenlife Organics takes Ethics and Extraction seriously because they take the health of their customers seriously. By manufacturing all of their own equipment, they can control every step of the process so they can produce the highest quality Hemp Extract in the world. Greenlife Organic's hearts are invested in their Hemp. This passion drives them to create an oil that allows the consumer to absorb as much CBD, so their health has the ability to benefit. In the end, their labor of love is for the wellness of all people and the planet.
For our latest "Buzz on the Street" Show featuring Smart Decision, Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=WgTMIHvBTu8
Neptune Wellness Solutions Inc. /zigman2/quotes/207537677/composite NEPT -3.38% /zigman2/quotes/203840062/delayed CA:NEPT -2.32% specializes in the extraction, purification and formulation of health and wellness products. Neptune Wellness Solutions Inc. recently announced that its Solutions Business had begun offering turnkey product development solutions with hemp-derived ingredients to business customers in the United States. A U.S.-based supply chain of licensed hemp extract producers has been established, and initial purchase orders are now being processed. Neptune boasts long-standing experience in the management of custom and white label turnkey product development solutions comprising a diverse array of product forms including softgels, liquids, topicals, emulsions, and water-dispersible powders. Branded ingredients and products that have contributed to Neptune's success, such as MaxSimil® and ECSentialsTM formulations, could potentially be used in unique combinations with hemp ingredients, particularly as the U.S. regulatory framework around hemp extracts and cannabidiol (CBD) evolves. "The U.S. market for hemp is developing rapidly and represents a significant opportunity for the consumer products industry. Neptune is now offering products and services to American brands that want to create a unique hemp-based portfolio, with products made exclusively in the U.S. for the U.S." said Jim Hamilton, President and Chief Executive Officer of Neptune.
Sorrento Therapeutics, Inc. /zigman2/quotes/205669265/composite SRNE -1.15% is a clinical-stage, antibody-centric, biopharmaceutical company developing new therapies to turn malignant cancers into manageable and possibly curable diseases. Sorrento Therapeutics, Inc. recently announced that it had established a new business unit to focus on the market potential for its innovative water-soluble cannabidiol (CBD) formulation technology. Cannabidiol (CBD) has been under consideration within the pharmaceutical side of Sorrento for its interesting pharmacological properties and potential clinical benefits in multiple central nervous system, autoimmune or inflammatory diseases and pain-related indications. "Without distracting from our pharmaceutical business, we have the ability to leverage another Sorrento innovative technology – this time from our formulation experts – and make it available to the broader consumer market" stated Dr. Henry Ji, Chief Executive Officer and Chairman of Sorrento Therapeutics. "Longer-term, we may consider spinning off our CBD consumer business into an independently operated company if appropriate, while our research and clinical development team continues to explore the potential pharmaceutical applications of cannabidiol (CBD) for the medical markets."
Planet 13 Holdings Inc. (otcqx:PLNHF) /zigman2/quotes/202325829/delayed CA:PLTH -4.67% is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas. Planet 13 Holdings Inc. recently announced that it has added HaHa Gummies™ and Dreamland Chocolates™ to its growing in-house brand portfolio. Planet 13 in-house brands currently represent approximately 15% of all products sold at the SuperStore. With the opening of the new production facility, Planet 13 intends to continue to grow the in-house brand penetration with a long-term, sustainable target of approximately 50%. Planet 13 also plans to leverage its current SuperStore supplier relationships to gain rapid access for its in-house brands, to premium shelf space in third-party Nevada dispensaries. "Edibles, especially premium sativa-based edibles, have been very popular with our tourist customer base," said Larry Scheffler, Co-Chief Executive Officer of Planet 13. "HaHa Gummies™ and Dreamland Chocolates™ were designed from the ground up using the customer insights we have generated from the over 400,000 people we have served at the SuperStore in just eight months. We expect that the combination of this deep customer connection and an interactive production experience at the SuperStore will quickly make both brands Nevada favorites."
Auxly Cannabis Group Inc. (otcqx:CBWTF) /zigman2/quotes/201017685/delayed CA:XLY -1.72% is an international cannabis company dedicated to bringing innovative, effective, and high-quality cannabis products to the medical, wellness and adult-use markets. Auxly Cannabis Group Inc. recently announced that its wholly-owned subsidiaries, Dosecann Inc. ("Dosecann") and Kolab Project Inc. ("Kolab") have both been authorized by Health Canada to sell cannabis oil under the Cannabis Regulations. The issuance of these sales licences marks a significant milestone for Auxly in furthering its strategy to deliver branded derivative cannabis products to market when such products become legal later this year. The licences enable each of Dosecann and Kolab to commence initial sales of cannabis oil products to provincial and territorial purchasers; through Kolab's flagship retail store in Saskatchewan. Hugo Alves, Chief Executive Officer of Auxly, commented: "These sales licences are key regulatory milestone for Auxly in executing our business plan of launching derivative products later this year. I applaud the tremendous efforts of our teams at Kolab, Dosecann and Auxly's regulatory affairs department in securing these critical licences. We are firmly on track for our broader derivative product launch and look forward to bringing our portfolio of innovative derivative products to Canadian consumers later this year."
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