The legal cannabis market has shown soaring growth in recent years and is set to accelerate at 45.6% between 2021 and 2028 to a market value of $216.8 billion, according to predictions by Meticulous Research. The relaxation of legalization in many parts of the world and the use of cannabis for medical purposes are some of the factors accredited to growth.
Cannabis helpful in treating many chronic conditions
Medical cannabis is becoming an increasingly helpful and more widely accepted treatment of chronic conditions such as Parkinson’s, Alzheimer’s, arthritis, cancer, depression, anxiety, epilepsy, and other conditions. Here are five best CBD online retailers / CBD-infused product / hemp companies making a name for themselves, in no particular order:
Trulieve Cannabis Corp.
Trulieve is the largest multi-state operator (MSO) in the U.S., and recently announced that it has closed the acquisition of Harvest Health and Recreation Inc. The company has just reopened four Harvest House of Cannabis dispensaries in Jacksonville, Gainesville, Kissimmee, and West Palm Beach, Florida, under the Trulieve brand, bringing its count of medical marijuana dispensaries statewide to 94.
Curaleaf Holdings, Inc.
A leading global provider of consumer cannabis products, Curaleaf has expanded its U.S. product range with a lined branded “Select Snooze Bites”. Combining THC and CBN, the edible is being touted as a “fast-acting platform and true disruptor as an efficacious nighttime product”.
Curaleaf’s Snooze Bites are composed of a one-to-one ratio combination of fast-acting THC and long-lasting CBN, designed as “the perfect wind-down”. The formula incorporates tiny, water-soluble molecules from cannabis oil that are quickly absorbed into the bloodstream, helping to induce relaxation and sleep.
Cronos Group, Inc.
Cronos Group is innovating in the space with technology that extracts rare molecules in the cannabis plant to develop products that would otherwise be too expensive to commercialize. The company recently announced a partnership with Ginkgo Bioworks to develop eight such molecules in a program that combines Cronos’s understanding of the biological structure and function of cannabinoids with Ginkgo’s experience in microorganism design. The research is steered towards creating cultured products for pharmaceuticals, agriculture, and more.
Aurora Cannabis Inc.
Canadian company Aurora Cannabis recently launched a CBD oil product under the “Bidiol” label in Uruguay, distinguishing itself as the first medical cannabis oil wholly produced domestically. Available in 3% and 10% concentrations and 10ml and 30ml quantities, the product is destined for pharmaceutical distribution throughout the South American country.
“The launch of Bidiol has been two years in the making and is an integral part of our renewed strategy in Uruguay,” said Miguel Martin, Chief Executive Officer of Aurora Cannabis, in a press release. “We have prioritized key international markets with the potential to meaningfully expand their patient base. Our efforts include working alongside governments and local partners to do what works best in each market.”
U.S.-based Grove’s rise has been fueled by its hemp business, with the company announcing 2021 earnings of $24.1 million, a staggering 250% increase over 2020. Fourth quarter revenues amounted to $10.64 million, a 361% growth over the prior year’s quarter.
Grove is also now well-established in the CBD and cannabis space and has begun expanding into other verticals, having recently acquired Vitamedica, a nutraceutical e-commerce outfit with a solid platform on Amazon. Grove is actively pursuing acquisitions in the health, wellness, beauty product, and pet care market.
Grove’s newly established Upex platform is designed to target cannabis product retailers and give them access to Grove’s programmatic advertising technology, in-house digital marketing experts, and direct partnerships with Amazon pay-per-click (PPC) buyers. The company is taking aim at the Amazon aggregation market and intends to prospect for acquisitions of Amazon-based cannabis businesses.