CBN Has Become the Leading Growth Catalyst in the Cannabis Edible Market
FloraWorks has published their Q1 2021 CBN Market Report providing early insight into the widespread consumer adoption for CBN-infused products
Vancouver, British Columbia–(Newsfile Corp. – May 4, 2021) – FloraWorks Holdings Inc. (“FloraWorks” or the “Company”) FloraWorks, is closely tracking the growth of CBN adoption within the hemp and cannabis industry. Using data from Headset, a leading cannabis market intelligence service, the company has created the Q1 2021 CBN Market Report to give you a glimpse into the early growth phase of the rapidly emerging market demand for CBN products.
Cannabinol or CBN for short, is a rare cannabinoid once only found in trace amounts of aged cannabis. It has been shown to have unique physiological effects that have instantly gained traction with consumers.
Consumer data shows that CBN now represents the top selling edible products in both California (Kiva’s Camino Midnight 5:1) and Oregon (Wyld’s Elderberry 1:1) for the month of March generating over $2.6 million in retail revenue between the two products.
~Headset: California’s Best Selling Edibles
CB Market Growth
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“In our Q1 CBN Market Report, we analysed the 24 top selling CBN infused edibles in California, Oregon, Nevada and Colorado. Those 24 SKU’s, the majority of which are marketed as a sleep aid, combined for over $19.5 million in retail sales in Q1 alone.”
– Alan Ridgeway, Chief Executive Officer, FloraWorks
CBN is opening up cannabis edibles to a wider demographic
Many consumers have described CBN as an “extra strength CBD”. CBN interacts with the body’s endocannabinoid system in a unique way providing a different set of physiological responses. Primarily being marketed as a sleep aid to date, CBN has also shown other benefits including general relaxation and relief from aches and pains. When combined with THC, CBN seems to reduce feelings of anxiousness and increases relaxation which has led to its successful positioning in the cannabis market as both a beneficial sleep aid and recreational product ingredient.
“The launch of our CBN-infused edibles has confirmed our belief that the community is hungry for something beyond the intoxicating effects of THC. The value of CBN reaches across all demographics and offers an experience that existing products in the market haven’t yet delivered.” – Christine Smith, Founder/CEO of Grön
Increased demand in the legal cannabis states is a clear indication of overall consumer interest in the effects of CBN. As awareness of its positive physiological benefits continues to grow we expect significant competition in the open market with CBD products as consumers gravitate toward CBN. Companies including Grön, Wyld and Sandland have already launched national hemp derived CBN products that are legal in all 50 states.
Even a conservative estimate could mean a multi-hundred million dollar market around CBN is emerging.
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CBN Tinctures Directly To Your Door
Additionally, FloraWorks has launched a new consumer brand, Right Wellness Co. www.rightwellness.co, focused on delivering our high quality hemp derived CBN focused products to consumers nationwide.
“Consumers deserve natural plant based solutions to improve their everyday quality of life, be it sleeplessness, stress or aches and pains, and we see CBN as a viable natural alternative to existing OTC drug options.”
– Alleh Lindquist, Chief Strategy Officer
Contact:
Alan Ridgeway, CEO
FloraWorks Holding Inc.
alan@flora-works.com
PR Contact :
Alleh Lindquist
alleh@flora-works.com
About FloraWorks
Advancing the next generation of cannabinoid science. FloraWorks is a global leader in the supply of hemp derived CBN isolate that is legal in all 50 states. For more information on FloraWorks please visit www.flora-works.com to learn more and reach out to one of our Partnership Representatives.
Forward-Looking Statements
Statements made in this press release that look forward in time or that express beliefs, expectations or hopes regarding future occurrences or anticipated outcomes or benefits are forward-looking statements. A number of risks and uncertainties, such as risks related to product development and commercialization efforts, ultimate clinical outcomes, and benefit of the Company’s products, market acceptance of the Company’s products, intellectual property protection, competitive product offerings, adverse changes in the public perception of cannabis, adverse changes in applicable laws and adverse changes in the application or enforcement of current laws, could cause actual events to differ from the expectations indicated in these forward-looking statements. You are cautioned not to put any undue reliance on any forward-looking statement. This press release is neither an offer to sell nor a solicitation of an offer to purchase any particular securities. Any such offer or solicitation will be made only pursuant to definitive legal agreements prepared specifically for such purpose. An investment in the Company’s securities entails significant risks and is suitable only for sophisticated investors who can afford a loss of their entire investment; no assurance can be given that investment objectives will be achieved. In considering the information contained herein, you should bear in mind that past performance is not necessarily indicative of future results; there can be no assurance that the Company will achieve comparable results or that any projected returns will be met. The Company does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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