Global Cannabidiol Market Size Expected to Reach $2.8 Billion by 2028 with a CAGR of 21%
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., July 28, 2021 /PRNewswire/ -- Cannabidiol derived from hemp is anticipated to witness rapid growth owing to increasing demand from the pharmaceutical sector and rising awareness among consumers regarding health. Increasing consumer disposable income along with the legalization of medicinal cannabis is anticipated to have a positive impact on the demand for cannabidiol in the pharmaceutical sector. Oils, tinctures, concentrate, capsules, topical solutions such as slaves, lip balms, lotions, and edibles such as baked goods, coffee, chocolates, gums, and candies are some of the CBD products which are in high demand. Due to its healing properties, the demand for cannabidiol (CBD) for health and wellness purposes is high, which is the major factor driving the market growth. In addition, the rising acceptance and use of products due to government approvals is a major factor expected to boost production for CBD-infused products. A report from Grand View said that the global cannabidiol market size was valued at USD 2.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2021 to 2028. Active Companies in the merchant industry include Grove, Inc. (NASDAQ: GRVI), Tilray, Inc. (NASDAQ: TLRY) (TSX: TLRY), Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED), Pressure BioSciences, Inc. (OTCQB: PBIO), cbdMD, Inc. (NYSE: YCBD).
Grand View added: "Furthermore, the use of hemp-derived CBD is increasing rapidly owing to its anti-inflammatory, anti-aging, and antioxidant properties. Various industries such as pharmaceuticals, personal care and cosmetics, nutraceuticals, and food and beverages are developing CBD-derived products for health and wellness purposes. Therefore, the above-mentioned factors would be responsible for this segment's fastest growth rate over the forecast period. The pharmaceutical segment is projected to witness the fastest growth rate over the forecast period. This rapidly progressing transformation of cannabidiol from herbal preparations to prescription drugs is anticipated to boost the growth of the market. Furthermore, growing awareness about the medical benefits of cannabidiol, including its healing properties, is anticipated to drive the product demand in the pharmaceutical industry."
Grove, Inc. (NASDAQ: GRVI) BREAKING NEWS: Grove, Inc. Announces Preliminary Fourth Quarter and Fiscal Year 2021 Results Fourth Quarter Revenue Estimated at $10.1-10.4 Million - Grove, Inc. ("Grove" or the "Company"), the Nevada based company redefining the way hemp is bought, produced, and sold today announced preliminary and unaudited financial results for its fourth quarter of fiscal 2021 year ended June 30, 2021.
Preliminary Fourth Quarter Fiscal Year 2021 Highlights
- Revenues of $10.1 million - $10.4 million, an increase of over 300% versus the 4th quarter of 2020
- Net income of $1.5 - $2 million compared to a loss of over $700,000 in 4th quarter of 2020
Preliminary Full Fiscal Year 2021 Highlights
- Full year revenues of $23.6 million - $23.9 million, an increase over 200% compared to the $7.4 million in fiscal year 2020
- Net income of $2.0 - $2.5 million compared to a loss of over $5 million in fiscal year 2020
Grove also announced it will release full financial results for fiscal 2021 after the market closes on or before September 15th, 2021.
Allan Marshall, Chief Executive Officer of Grove, stated, "We are excited to have surpassed all our internal projections for growth and profitability in 2021. The success of our growth is the cumulation of hard work by our entire team and a strategy that built a foundation for continued growth and expansion, while maintaining profitability. I am excited heading into 2022 with some momentum and flexibility to invest in new verticals and continue our internal growth. With a solid balance sheet and continued positive cash flow from operations, we will look to invest heavily to drive growth in our Products and Manufacturing. We plan for future investments in an Extraction & Lab Facility to pioneer the R&D in the Hemp and Wellness industries for therapeutic and medicinal use". For more information about Grove, Inc, please visit https://groveinc.io/investor-relations/.
Other recent developments in the eCommerce/Merchant industry include:
Tilray, Inc. (NASDAQ: TLRY) (TSX: TLRY), a global pioneer in cannabis research, cultivation, production, and distribution, recently announced that its wholly-owned subsidiary in Germany, Aphria RX GmbH, has completed the first successful harvest of medical cannabis cultivated in Germany for distribution to German pharmacies. The medical cannabis harvest is the first cultivated under European Good Manufacturing Practices (EU GMP) standard at Tilray's state-of-the-art 6,000 square meter indoor growing facility in Neumünster, Germany. The subsequent distribution, which was carried out by a distributor on behalf of the German Cannabis Agency and in accordance with all pharmaceutical and narcotic legal requirements, underscores Tilray's strong foothold and operational excellence within Europe's key medical cannabis market.
"Our harvest in Germany represents an important milestone in granting access to high-quality and trustworthy medical cannabis to patients and healthcare professionals in Germany," said Denise Faltischek, Tilray's Head of International and Chief Strategy Officer. "It is a testament to the professionalism and dedication of our team that, despite the challenges of a global pandemic, we remained on track as the first licensed producer to cultivate medical cannabis in Germany. Our achievement would not have been possible without the trust and cooperation of the Federal Institute for Drugs and Medical Devices (BfArM) and the Germany Cannabis Agency, for which we are sincerely grateful."
cbdMD, Inc. (NYSE American: YCBD), one of the leading, and most highly trusted and recognized CBD companies, recently announced that it has entered into a letter of intent to purchase leading CBD online marketplace, DirectCBDOnline.com, from Twenty Two Capital, LLC.
"Owning a CBD online marketplace that sells various CBD brands provides unique transparency to better understand consumer spending habits and trends across the wider CBD and hemp marketplace. In addition, the technology and digital strength that DirectCBDOnline.com owns enhances our overall direct to consumer ecommerce capabilities. We are very excited that the team from DirectCBDOnline.com will be joining cbdMD. John Wiesehan III and Brad Trawick, who are the co-founders of DirectCBDOnline.com will be playing important roles, as we expand further in the global CBD market.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis, hemp, and cannabis device company, recently announced two new offerings with the launch of Tweed Quickies and Ace Valley Pinners. These products showcase the continued evolution of Canopy Growth's pre-roll portfolio in line with consumer preference – providing Canadians with smaller joints in larger pack sizes of 8 or 10. In time for summer socializing, this is the perfect way to enjoy and share cannabis in a group setting, without having to pass a single joint around.
Canopy Growth recently commissioned a study by Dig Insights that found that traditional 0.5 gram joints are too big for many consumers to enjoy in one sitting and take too long to consume, in addition to concerns around sharing in current times. Canopy Growth leveraged this insight to develop its first two product lines – Tweed Quickies in 0.35 gram and Ace Valley Pinners in 0.3 gram offerings – with research indicating this was the optimal size for a quicker session that could be enjoyed on one's own or within a group setting without the need to share.
Pressure BioSciences, Inc. (OTCQB: PBIO), a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and platform technology solutions to the worldwide biotechnology, biotherapeutics, cosmeceuticals, nutraceuticals, and food & beverage industries, previously announced that its proposed acquisition partner Cannaworx,Inc. set the commercial launch date for its patented immune booster supplement: ImmunaZin™ for Dec 2020. Cannaworx believes that post-launch, this product will be one of very few OTC (over the counter), FDA registered, hemp seed oil-enhanced supplements with an immune booster claim.
The immune system's role is to keep us healthy by defending against invaders (e.g., bacteria and viruses). It is therefore important to keep our immune systems as strong and effective as possible. Healthy living is the main strategy recommended to achieve this goal. Another strategy is to augment healthy living with powerful, high quality immune boosters, which have recently become very popular, e.g., the global immune booster market is estimated to exceed $25B by 2025 and the market has been spurred further by the on-going COVID-19 pandemic.
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