Cannabidiol, better known as CBD, has become one of the most popular wellness products in the United States over the past couple of years. BDS Analytics and Arcview Market Research expect CBD sales to grow at a 49% compound annual growth rate to surpass $20 billion by 2024—making up about half of the total cannabinoid industry—as sales shift from cannabis dispensaries to pharmacy and grocery stores.
CaniBrands brings extensive consumer packaged goods and branding experience to the CBD space, where it has developed a science-based product line encompassing numerous form factors and proprietary formulations. The company’s Can-i products are supported by 12-time Olympic medalist Dara Torres—its Global Spokesperson—and acclaimed high-performance trainer, Andy O’Brien—its Sports Science Advisor.
In a recent interview with CFN Media, Co-Founder and CEO Chris Lords discusses the company’s unique approach to the market and growing product line:
Holistic Approach with Many Choices
CaniBrands offers a premium product line that includes Can-i Boost, Can-i Sleep, Can-i Mend and Can-i Fresh, which are scientifically-formulated to deliver specific wellness benefits.
The company’s best-seller by revenue, Can-i Boost, combines hemp-derived CBD with a powerful blend of vitamins and herbal extracts designed to keep you alert, energized and clear-headed without any crashes or jitters. Meanwhile, the company’s best-seller by volume, Can-i Sleep, combines the same hemp-derived CBD with melatonin and other supplements designed to promote a healthy sleep cycle.
In addition to these best-selling products, the company’s Can-i Mend addresses pain, inflammation and soreness by accelerating the body’s healing process. The product is popular among athletes looking to cut recovery time and reduce post-workout soreness. And finally, the company’s Can-i Fresh is designed to deliver antioxidants, support the immune system and promote mental clarity on a day-to-day basis.
These products are available in multiple form factors, including a sublingual tincture, oral spray and cream, providing customers with many different choices. For example, many athletes appreciate creams to provide localized pain relief, whereas oral sprays provide a convenient on-the-go form factor for busy people. All of these products can be helpful at different times of the day from Can-i Boost in the morning to Can-i Sleep at night.
Active Expansion into New Markets
CaniBrands has been actively focused on establishing new distribution channels, expanding into new markets and launch new product lines.
The company began by building their own direct-to-consumer platform before moving onto Amazon Prime to access more households. Pilot programs are exploring the possibility of home delivery reselling in local markets, as well as online affiliate marketing, which could significantly expand its distribution and reach new customers throughout the United States that may not otherwise find them online.
Early next year, the company plans to launch its products in Canada before expanding into other international markets. The company’s Brand Ambassador, former NHL player and media personality Paul Bissonnette, will be integral in supporting the Canadian launch. Since becoming the first country to legalize recreational cannabis, Canada has been widely considered a leading market for cannabinoid-based products.
The company also aims to launch a variety of new product lines over time. For example, the company is exploring softgels, beverage, and other product formats (e.g. topicals, bars, and powders), as well as products containing other cannabinoids (e.g. CBN or CBG). The company’s CaniBuy ecommerce management platform also aims to integrate websites, ecommerce, payments and fulfillment into a single client-facing portal.
Gearing Up to Go Public in the Near-term
CaniBrands recently began a $5 million capital raise targeting accredited investors, and the founders and two strategic investors have already committed more than $1 million of the funding round. Management says that the proceeds will be put towards a variety of revenue-driving activities, as well as R&D and general operational expenses.
With no long-term debt, a seasoned management team, commercial products and a solid business model, the company is well-positioned to capitalize on the rapid growth of the CBD market over the coming years.
Accredited investors that are interested in participating in the funding round are encouraged to sign up to receive an investor presentation and corporate updates.
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