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
CBN MARKET GROWTH
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."
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.
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.
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.
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."
DOWNLOAD THE Q1 2021 CBN MARKET REPORT
