In addition to appearing at several business panels in North America this month to discuss cannabis industry growth, Green Thumb Industries Inc. (CSE: GTII; OTCQX: GTBIF) today announced expansion into new CBD products through a subsidiary.
Acquired by Green Thumb earlier this year, Los Angeles-based cannabis company Beboe is now officially launching a line of skincare products infused with CBD.
Previously selling liquid CBD for use in vaporizer pens, the company today released the first two products in the new beauty line via the Beboe website.
The product launch is beginning with a five-pack of sheet masks and 1 oz. bottle of face serum available at premium pricing of $78 and $148, respectively. Beboe co-founder Scott Campbell commented:
Hemp-derived CBD products have appeared in a host of vape stores, tobacco shops, and convenience outlets since the passage of the 2018 U.S. Farm Bill legalized hemp growth for commercial purposes, while marijuana-derived CBD products have seen a surge in states where cannabis has been legalized.
Although the major focus on product launches so far has been in edibles, such as gummies, as well as oils for vaping or taking orally, a whole new sub-section of the industry is rising up around beauty, health, and wellness.
Most notably, a variety of CBD products such as creams, patches, and sprays are now hitting the shelves of several major pharmacy retailers, including Walgreens, CVS, and Rite Aid.
That shift in public acceptance towards CBD products hasn’t gone unnoticed by cannabis companies in both Canada and the U.S.
Green Growth Brands, Inc. (CSE: GGB; OTCQB: GGBXF) is currently on track to open 100 beauty-focused CBD shops in the U.S. by year’s end, while cannabis giant Tilray (NASDAQ: TLRY) acquired hemp food company Manitoba Harvest back in February.
In an unexpected move showing the potential versatility of the CBD market, Canopy Growth Corporation (TSX:WEED; NYSE:CGC) recently partnered with Sequential Brands Group and Martha Stewart to launch of line of products for pets.