Wildflower Brands (SUN.C) has reached an agreement to sell its full cannabidiol product line at Lane Crawford’s department stores in Hong Kong, making the stores the first in the city to bring CBD to the high-end retail market, according to a press release.
Lane Crawford is a high-end luxury department store chain in Hong Kong and China and their claim to fame is that they offer a full global perspective. They’re the largest department store chain in greater China, and one of the largest in the world.
“Our expansion into the Asian market couldn’t be better served than partnering with Lane Crawford. Selling our products in the largest luxury department stores in Asia will accelerate our exposure globally. Hong Kong accounts for 10 per cent of global retail luxury sales and Wildflower Brands will be at the center of that,” said William MacLean, chief executive officer of Wildflower Brands.
The department store giant’s mission statement involves re-imagining wellness and beauty through the use and proliferation of innovative brands and marketing, for which they were recognized as in 2015 when they were named Super Retailer of the Year in the Hong Kong Industry Trade Awards.
Wildflower’s cooling stick was also selected as a featured item in Lane Crawford’s prestigious adventure calendar.
According to Prohibition Partners, Asia’s cannabis market is estimated to be worth more than US$5.8 billion by 2024. Also, China in particular has a potential US$4.4bn market size for CBD products and already places no limitation on CBD content for its cosmetics.