While marijuana legalization has created a booming industry for recreational usage through smoking or consuming edibles, the health, wellness, and beauty sectors are rapidly diving into cannabis as well.
The latest company to go public this week from that side of the industry is The Yield Growth Corp., a Vancouver-based entity now trading on the Canadian Securities Exchange (CSE) under the ticker symbol BOSS.
The Yield Growth Corp. primarily operates through wholly-owned subsidiary Urban Juve Provisions Inc. In addition to the new CSE listing, the company just appointed Sandi Lesueur as the new President of Urban Juve Provisions.
Lesueur has previously served as a cosmetics executive focused on developing product lines for Derrick Rutledge – celebrity makeup artist to Oprah Winfrey and Michelle Obama – and Dr. Jason Rivers, who serves as the Vice President of the Canadian Dermatology Association.
The primary product lines from Urban Juve currently consist of lip balms and anti-aging creams that use cannabis sativa hemp root oil, with an additional 10 products currently under development including deodorants, body oils, and moisturizers derived from hemp and marijuana.
The Yield Growth Corp commented on Lesueur’s appointment to her new position with the company’s subsidiary:
“Over her eight-year tenure, she played part in the meteoric rise of M.A.C Cosmetics where she developed expertise to recognize and situate innovative brands as future dominant players in the cosmetics business.”
Companies across Canada and beyond have been searching for new ways to break into the blooming cannabis industry, from nutritional supplements to marijuana-infused beverages and now even beauty products.
Before speaking at a TedX Vancouver event in September, The Yield Growth Corp Chief Executive Officer Penny Green discussed pot stocks and the potential for marijuana businesses beyond just selling dried flower products.
She commented: “Cannabis is in a cultural renaissance. Its use is going mainstream and consumers are no longer restricted to black market supply. Consumers will start to look for recognized brands they can trust. Quality and improved brand experience, as well as great customer service, will all become more important.”
Green concluded, “Some experts say the next growing market within the cannabis market could be beauty products. In 2015, the beauty and personal care market were worth $76 billion in the U.S.—that is more than the entire estimated U.S. demand for cannabis.”