This Canadian expansion is part of Yield Growth’s overall international strategy to become the first multi-billion dollar wellness and cosmetics giant to emerge from the cannabis industry.
Urban Juve is doing their part by building relationships with international retail chains, while using e-commerce sites to expand their affiliate marketing partnerships.
The overall aim is North America-wide distribution, and they’re busy getting the packaging ready.
What Urban Juve is doing:
- Product development
- Patent applications
- Operational systems
- Putting distribution and marketing platforms in place
Urban Juve has experienced a good degree of success in its efforts, according to Sandi Lesueur, Urban Juve’s president.
“Naturopaths, spas and the wellness industry in general are embracing our hemp-root-oil-infused line due to it being unique. Our sales target is to have distribution in 60 retail locations by April, 2019, and then scale up sales throughout North America once our packaging is ready for U.S. distribution,” said Lesueur.
Yield Growth says it intends to bolster retail sales for all of their brands through both digital and traditional means, with an aim of building consumer awareness and loyalty through their expertise around hemp root oil.
Even though the Canadian expansion’s direction is in in making strategic partnerships with major retailers, Leseur says her company understands the importance of craft-vendors:
“We are delighted to see grassroots, independents adopting our goods in these early days. Hand-in-hand with retailers, we look forward to reaching consumers in major centers and more remote communities first in Canada and soon throughout North America and beyond.”
Beyond hemp root oil, CBD is another avenue that Yield Growth is looking to incorporate into their products.
Hemp root oil explainer
There’s a common misconception that hemp root oil and CBD oil are the same thing, but they’re not. Both come from the same plant, but hemp oil is processed from the seeds and the CBD oils are extracted from the whole plant.
CBD is the non-psychoactive chemical found in cannabis that’s been linked to anxiety relief, pain management, assistance with sleep and healing processes.
It’s these healing processes that have companies in the $4.2 trillion wellness industry aggressively scrambling to develop a line of CBD-based products.
Hemp-derived CBD has been noted in several medical studies as having health benefits for such common irritants psoriasis, atopic dermatitis and eczema, according to Forbes.
Baby boomers make up 70% of wellness industry consumers, and they’re seeking alternatives to improve their quality of life as they get older. Naturally, younger generations will follow suit as they age, and they will be much more open to adding cannabis products to their health and wellness regiments. Therefore, the convergence of the wellness market and global cannabis seems destined.
According to the Brightfield Group research firm, the CBD market topped out at $170 million in 2017, and is expected to hit the $1 billion sometime in the next three years.
At present, Yield’s is valued at nearly $39 million and closed today at $0.62, up $0.125 from yesterday.
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