Cyber shopping will include large offering of hemp derived products from edibles to topicals, as well as treats for man’s best friend.
iBrands Corp. has announced that it has launched a new online store, iBrands Farms, offering more than 40 retail industrial hemp derived CBD products ranging from smokables, isolate by the ounce, topicals, edibles and even dog treats. Products can be found at http://www.ibrandsfarms.com.
“The industry is moving in a rapid upward trajectory so there is great upside in carving a niche in the retail and B2B CBD markets due to markedly increased demand for CBD infused consumer products such as tinctures, face creams, and dog treats,” said iBrands CEO Patrick Johnson. “We also possess the capability to offer whitelabel branding to retail outlets who wholesale product from us.”
From nearly no demand in 2015, the market for consumer sales of hemp-derived CBD products has grown to a cool $90 million. Add to that another $112 million in marijuana-derived CBD products, which were sold legally through dispensaries, and you have a total CBD market of $202 million in 2015.
In 2016, the total retail value of hemp products sold in the U.S. reached $688 million. Hemp-derived CBD products are estimated to contribute up to $130 million of that figure.
A report produced by the editors of Hemp Industry Daily says retail sales of CBD in the United States are on track to surpassing $1 billion in 2019. This would imply 133% growth over 2018 sales.
The 2019 Hemp & CBD Industry Factbook says CBD retail sales in the U.S. may eclipse $10 billion by 2024.
“The recent surge of consumer demand for CBD, coupled with increasingly easy access to CBD products, is expected to drive retail sales to about $1.1 billion to $1.3 billion in 2019,” said Kristen Nichols, editor of the Second Annual Hemp & CBD Industry Factbook. “We project retail CBD sales will increase to $10.3 billion by 2024, a five-year compound annual growth rate of 54%.”
iBrands Farms is a vertically integrated agribusiness focused on the production of hemp-derived products with naturally occurring cannabinoids. The company sells industrial hemp-derived cannabinoid products to customers, both retail and wholesale.