Global CBD Based Skin Care Market Could Exceed $3.45 Billion By 2026

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Feb 18, 2021, 08:30 ET

PALM BEACH, Fla., Feb. 18, 2021 /PRNewswire/ -- The personal care industry has witnessed a shift in consumer demand toward CBD infused skin & healthcare products over the past years and is expected to continue to grow for years to come. The sale of American-produced CBD personal care products has been increased double fold owing to acceptance of multi-channel distribution by wholesales, private labelers, and other importers. These stakeholders are developing a separate product lines of CBD infused personal care products. This product lines include, among others, skin care, hand care, and lip moisturizer products. Companies are primarily marketing their products for health benefits associated with CBD in skin care products. The innovative positioning of CBD infused skin care products coupled with effective distribution strategies are expected to boost the CBD skin care market growth well into the next decade. A report from Allied Market Research projected that the global CBD skin care market size was valued at $633.6 million in 2018 and is anticipated to reach $3,484.00 million by 2026, with a CAGR of 24.80% during the forecast period. Active companies in the markets this week include: CAN B CORP. (OTCQB: CANB), MediPharm Labs Corp. (OTCQX: MEDIF) (TSX: LABS), Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), Tilray Inc. (NASDAQ: TLRY), CV Sciences, Inc. (OTCQB: CVSI).

The Allied Market Research report said: "Holistic benefits of CBD infused skin care products are in spotlight after the legalization of marijuana and cannabis based cosmetics. CBD infused skin product is gaining popularity among consumers due to its calming properties. It has a potential to relive common skin issue through its anti-inflammatory, anti-oxidant properties. CBD-based skin care product also offers various benefits such as improved sleep and also helps in the treatment of various skin conditions such as eczema and psoriasis, as well as acne. The unique benefits associated with CBD based skin care has been capitalized by cosmetic companies. These companies are promoting CBD infused skin care products as "natural cosmetic" in the market. The multi-functional attributes of these products is expected to propel the demand for CBD skin care products."

CAN B CORP. (OTCQB: CANB) BREAKING NEWS: Can B Corp Partners with Signature PR to Launch a New Premier Line - Targeting Spas, Salons and High-End Retailers - Can B Corp. ("Can B" or the "Company"), a diversified health and wellness company, is pleased to announce its partnership with Signature PR to initiate efforts for the launch of a new premier line. Under the leadership of Annamaria Seabright, Signature PR is developing an expansion plan into spas, salons, high-end retailers, hospitality services and others.

Founded in 2003, Signature PR is one of the top independently owned and operated PR and Marketing agencies in the U.S. Signature PR is focused on bringing forward-thinking communications and lasting results to clients across B2C and B2B categories – Travel & Hospitality, Food & Beverage, Consumer Lifestyle, Entertainment & Culture, Health & Wellness, Beauty & Grooming, Fashion, Technology, Corporate and Public Affairs. Based in California, publicist, Annamarie Seabright, and her team of dedicated, passionate and creative experts work with world-renowned and emerging brands to deliver national, fully integrated PR and marketing campaigns, delivering maximum exposure and game-changing results.

Marco Alfonsi, Can B's Chief Executive Officer, commented, "We are thrilled to partner with Annamaria and her team at Signature PR in order to initiate a line of products targeting spas, salons and high-end retailers. These are segments we don't currently market to and expect this additional revenue to be accretive to our current sales channels. We look forward to launching this new premier line within the next several months."

Annamaria Seabright of Signature PR, stated, "We love the health and wellness angle Marco and his team have developed through various CBD products over the past few years. We look forward to developing additional products to serve the higher end spa, salon and retail markets." For more information on CANB, please visit: https://www.canbcorp.com/investors/

Other cannabis-related developments from around the markets include:

MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF), a global leader in specialized, research-driven cannabis extraction, distillation and derivative products, recently announced it has received a Cannabis Drug License ("CDL license") from Health Canada. The CDL license is a critical license required in the qualification for MediPharm Labs to manufacture and supply drugs that contain cannabis. These products include pharmaceutical prescription drugs that have been classified as drugs with a Drug Identification Number (DIN).

"With a growing interest in pharmaceutical products containing cannabis and thousands of active trials occurring globally, MediPharm has positioned itself as an essential part of the pharmaceutical industry supply chain," said Keith Strachan, President and Interim CEO, MediPharm Labs. "The groundwork required for a CDL license began many years ago as we embarked on our journey to become a GMP certified platform. This CDL license enhances our opportunity and with our existing pharma customers, while also opening the door to working with additional large and smaller pharma companies, to produce existing approved cannabis drugs or develop and manufacture new and innovative drugs through later stage clinical trials."

Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. (together, the "Company" or "Organigram"), a leading licensed producer of cannabis, recently announced its results for the first quarter ended November 30, 2020 ("Q1 Fiscal 2021" or "Q1 2021").

We are pleased with our double-digit sales growth in the Canadian adult-use recreational market this past quarter as it reflects the success of many of our new product launches, particularly in the dried flower value segment," said Greg Engel, CEO. "Now we look forward to our new higher margin Edison dried flower offerings contributing substantially to overall revenue with even more new products to come in the next few quarters. We believe our product portfolio revitalization combined with additional resources to ramp up production and achieve greater economies of scale as well as our relentless focus on increased automation and cost efficiency opportunities position us well to generate further top-line growth and significantly improve gross margins."

Tilray Inc. (NASDAQ: TLRY), a global pioneer in cannabis research, cultivation, production, and distribution, recently announced it has established an agreement with Grow Pharma to import and distribute Tilray's medical cannabis products into the United Kingdom (UK). This agreement allows Tilray to provide authorized UK patients in need with a locally maintained supply of medical cannabis solutions.

Tilray expects to have a range of GMP-certified, medical cannabis products available for patients in the UK by March 2021. Patients looking to use medical cannabis will have access to Tilray products in the UK by obtaining prescriptions through private practice or the National Health Service (NHS).

CV Sciences, Inc. (OTCQB: CVSI), a preeminent leader in hemp derived cannabidiol (CBD) products, recently announced the launch of ProCBD™, a full product line of clinical strength CBD products available exclusively through health practitioners.

Clinical strength ProCBD™ products were created with the CV Sciences Medical Advisory Board specifically to meet patient needs and to fit seamlessly with existing care plans. ProCBD™ is the only CBD supported by published investigations, randomized controlled trial, and post marketing safety review.

Formulated with CV Sciences' decarboxylated and distilled hemp extract for concentrated CBD levels that are best used under a specialist's care, ProCBD™ is available in Roll-On, Liquids and Softgels. The ProCBD™ product line is non-GMO, gluten free, plant-based and vegan friendly.

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