Puration On CBD Space Spending Spree, But It's Not Alone Sensing Fertile Ground For Expansion
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.
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Perrigo leads major consumer health companies into the CBD space with its $50m investment in Kazmira LLC, a Colorado business. The firm says the companies will lay groundwork for quality standards in the CBD market.
US cannabis research funding of $189m, growing 65% since 2016, isn’t keeping pace with demand for CBD products with sales projected to surpass $20bn by 2024, says the Collaborative for CBD Science and Safety. It urges industry to accelerate R&D and FDA to move forward with a regulatory framework.
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.