Cannabidiol (CBD) market has exhibited promising growth prospects with the legalization of medicinal, consumer packaged goods, and industrial markets across countries. The adoption of CBD based CPG products have increased significantly in US and Canada, while in Europe consumer demand has shown promising growth.
Apart from the direct CBD oil stores, various other CBD-based products are available in the US markets where cannabis is legalized. CBD-based lotions and creams that claims to help in soothing pain are accessible across various retail channels in the US. Retailers such as Berkeley Bowl have recently started selling CBD-based juice drink called Vybes and a kombucha type known as Cannabliss being marketed for having soothing qualities. 7-Eleven retail chain is also expected to begin selling hemp-derived CBD products by end of 2018 in accordance to an agreement signed between Phoenix Tears and MarketHub Retail Services.
Similarly, CBD-infused drinks are also expected to post strong growth. California-based brewing company Lagunitas are also cashing onto the trend by introducing non-alcoholic cannabis drinks called Hi-Fi Hops that is produced in association with vape cartridge company CannaCraft. Coffee companies such as Strava Craft Coffee also infused CBD-rich hemp oil to their specialty-grade coffees to sell coffee made with CBD oil in 2017.
The hospitality and the health and wellness industries are majorly cashing into the flourishing CBD market which is expected to reach US$ 4 billion by 2023. By enhancing their menu and wellness treatments with cannabis-based products, the businesses operating in these industries are reaping huge profits from the growing popularity of these products.
To cash onto the growing popularity of cannabis-based products, hotels such as The Standard and The James Nomad are also offering CBD infused room service menus. While The Jamad Nomad hotel offers its guests with a special CBD-based menu that includes dishes such as meatballs, salads and desserts made with CBD oil, The Standard hotel stocks its mini bars with CBD-based Lord Jones candy gummies. Similar to hotels, various restaurants such as the Spring restaurant at Los Angeles, The Williamsburg Hotel in Brooklyn, Vegan ice cream shop Van Leeuwen with stores in Los Angeles and New York City and Chinatown cafe Oliver Coffee in New York City have incorporated CBD into their menu.
CBD-infused products skincare products also being increasingly gaining traction. Lord Jones, a natural skincare brand, is all set to release its luxury cannabis-infused product line that include face products and body lotions. Resorts are also offering cannabis infused spa treatments to allure their guests with a unique experience.
