- The lucrative U.S. CBD market is estimated to reach $5 billion this year, marking an impressive 706 percent increase from 2018
- The growing trend is expected to continue, with industry forecasts putting CBD’s CAGR at 107 percent to reach $23.7 billion by 2023
- Wildflower Brands is well positioned to take advantage of this trend and expand its market presence domestically and internationally
- The company’s branded premium products are currently available at 600 locations
The cannabis industry is historically a newcomer to global markets, yet legal sales worldwide reached $11 billion in 2018 from only $3.4 billion 2014 (http://cnw.fm/JNd90). The industry’s outlook continues to improve and exponential growth is anticipated, with a projected increase every year, to potentially reach $75 billion by 2030 (http://cnw.fm/YZ0Ib).
One segment of the industry, however, is set to outperform all others – CBD (cannabidiol). Investors are becoming increasingly aware of CBD’s potential and expected growth. This cannabinoid can be extracted from both the cannabis and the hemp plant, but since hemp plants are considerably cheaper to grow, hemp is typically the preferred crop choice for extraction, which can explain CBD’s star performance.
Industry watchdogs are in full agreement on the CBD market growth trend. Market research company Brightfield Group projected a 706 percent year-on-year increase in U.S. CBD product sales in 2019, to reach $5 billion (http://cnw.fm/n8aUM). Additionally, the report indicates that CBD sales will reach $23.7 billion by 2023, growing at a compound annual growth rate of 107 percent. For comparison, about $620 million worth of CBD products were sold in the U.S. in 2018.
Companies such as Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF) are uniquely positioned to take advantage of the CBD popularity boom but focusing on developing and designing premium branded products for the increasingly discerning consumer. Operating out of Washington State, the company is already selling its products throughout the U.S., has recently entered the Canadian market and aims to further expand its network to other international markets in the future.
As a result of various retail collaborations and strategic partnerships, Wildflower Brands’ CBD products are now available at 600 locations across America, including in over 260 Dillard’s department stores (http://cnw.fm/gf9JZ). The initial purchase ordered enabled company products to reach several new states, according to Wildflower Brands CEO William McLean.
Wildflower products are also available at 100 Earthbound Trading locations nationwide, 20 premium health and wellness stores throughout Manhattan, as well as wellness guru Joel Warren’s Saks Fifth Avenue salon (http://cnw.fm/ph2eW).
The company recently completed the strategic acquisition of Canadian-based City Cannabis Corp, which gives it access to four retail stores in Vancouver, British Columbia. Two of these stores were opened in August 2019 (http://cnw.fm/sSPp5).
Wildflower continues to expand into large retail chains, launch new products, and execute its lucrative marketing strategy for e-commerce. A 10,000-square-foot manufacturing facility will be completed in November to boost production, as part of the company’s domestic expansion plans. In terms of online sales, the company receives an average of 900 orders per month and achieved a 3.44 percent conversion rate in October 2019. It boasts a 39 percent returning customer rate and a 300 percent revenue growth rate. The online store, wildflowerUS.com, is in the top two percent of all Shopify stores that launched in 2017.
For more information, visit the company’s website at www.WildflowerBrands.co
NOTE TO INVESTORS: The latest news and updates relating to WLDFF are available in the company’s newsroom at http://cnw.fm/WLDFF
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