CBD Edibles in High Demand, Potentially Creating a $4.1 Billion Market in the Next Three Years
- CBD edibles are growing in popularity for their delicious and therapeutic effect.
- Multiple companies have already started to profit from using these products.
The laws regarding the use of CBD are quickly evolving, and the use of CBD edibles are starting to become one of the easiest ways to get the therapeutic effect that this substance offers. The passing of new laws regarding CBD oil has allowed companies to offer these products, which is changing other industries as well. Products like gummy bears, candy, and cookies are starting to include CBD, based on consumer demand. Based on the current demand, it looks like edibles are becoming one of the biggest addictions for the CBD industry, according to a press release from PR Newswire.
There are multiple companies that want to cash in on this opportunity, like Naturally Splendid Enterprises Ltd., Charlotte’s Web Holdings Inc., The Green Organic Dutchman Holdings Ltd, Curaleaf Holdings Inc., and Green Thumb Industries Inc. Naturally Splendid is already seeing their sales increase.
Craig Goodwin, the president of Naturally Splendid, expressed that the company is “pleased” with the increase that they’ve managed to create in their gross sales. He added,
“The significant time and strategically deployed capital allotted to the continued advancement of Naturally Splendid’s manufacturing facilities has positioned the Company as both a premier manufacturer of healthy food products, but has also established Naturally Splendid as an early mover in the evolving cannabis edibles market.”
Now, the company is looking to increasing their sales margins as CBD has a positive effect on their cash flow. With this increase in margin, the company is able to direct more of their resources into CBD-based products.