Harvest One Cannabis Inc has unveiled a new line of sleep gummies under its Dream Water brand for the American market.
This latest product offering will be available through company distributors and retailers in September.
The line of Sleep Gummies falls in line with Harvest One’s goal of developing cannabis infused and non-infused premium health, wellness and self-care products with a market focus on solutions for sleeplessness and pain.
READ: Harvest One drives expansion with WB Canna to distribute its products in the Caribbean and Central America
"We are pleased to launch our Dream Water line of Sleep Gummies, which is a natural extension of our portfolio of health and wellness products, and a significant opportunity for us to grow our market share in the sleep aid market," Gord Davey, President and Chief Executive Officer of Harvest One, said in a statement.
"Our innovative Dream Water product and brand, with its differentiated market position, has resonated well with consumers and has established itself as a strong leader in the sleep aid category. We will continue to innovate, commercialize and educate the market on this category and look to build on this success in future years with new innovative product formats and line extensions."
According to Harvest One, the global gummy vitamins market size was valued at $5.7 billion in 2018 and is expected to grow to $9.3billion by 2026, with a compound annual growth rate (CAGR) of 6.5%.
In 2018, the US which represents the largest gummy segment in North America had a gummy vitamins market size of $2.3 billion; and is anticipated to top $3.45 billion by the end of 2026.
Additionally, sleep aid products remain a growing category with North American sales forecasted to increase to over $1.2 billion in the US by 2024 and to $120 million in Canada by 2023.
Harvest One expects the launch of Dream Water Sleep Gummies will increase growth in the company's traditional distribution and retail channels, while also improving overall channel penetration as the firm leverages its expertise in branding, marketing, and distribution.
The cannabis and wellness company plans to start shipping the Dream Water Sleep Gummies to grocery, drug, and mass retailers in September and also make them available on e-commerce websites, such as Amazon.
Contact the writer at georgia@proactiveinvestors.com
Follow her on Twitter @MissInformd