COVID Who? CBD Leader Charlotte’s Web Maintains FY 2020 Guidance Of Growth Up To 20%
Charlotte’s Web is strengthening its DTC lead while growing its brick-and-mortar retail business, accelerating its pet product distribution and working to close its Abacus Health acquisition announced in March. The Boulder, CO-based CBD product manufacturer posted a 1% decline in net sales for the first quarter, but expects a rapid escalation in the second half of the year.
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Puration plans to acquire CBD-based sun care and sexual wellness lines on a buying spree in what appears to be a fertile market for deals. Aurora Cannabis and Applied Botanics also are making moves to work with smaller businesses in the CBD sector.
Store closures in the natural product channel did no favors for CV Sciences in March, but the 45% decrease in its first-quarter sales reflects pressures that were weighing on its consumer business before the pandemic struck. The PlusCBD product manufacturer remains confident about its long-term prospects in what it expects to be a more sensibly regulated marketplace versus the status quo.
Duffy MacKay, senior VP of scientific and regulatory affairs at CV Sciences, offers his predictions regarding the FDA’s likely course in regulating CBD’s use in dietary supplements – action that is sorely needed as the market continues to crowd with CBD products “with who-knows-what in them.”