HempFusion (TSX:CBD.U, OTCQX:CBDHF) Wellness Inc announced the launch of its ingestible and topical CBD products at about 50 retail locations via a major Arizona grocery channel.
According to a research company, the grocery channel will be the fastest-growing channel for CBD products between 2021 and 2026. In 2021, CBD sales in this channel are expected to grow to $165 million, up 151% from 2020, and forecast to reach $769 million in 2026.
“We continue to make great progress expanding our retail footprint in order to capitalize on our strong brand portfolio and growing consumer trends in the CBD category,” said Jason Mitchell, HempFusion's CEO.
READ: HempFusion subsidiary Sagely Naturals launches into Top 10 US retailer
He continued: “Adding this new key grocery retailer in a market like Arizona which over-indexes on per-capita CBD consumption versus most other states, helps us gain a greater share in the state, and positions the company for future potential regulatory changes.”
Mitchell said the total store count for products across the US is growing exponentially, now exceeding 15,000 locations. More details for the third-quarter financial results will be released in mid-November.
The Denver-based company said that with products already available across the state, Arizona consumers have more than 20 Hempfusion stock keeping units (SKUs) to choose from, including USDA Organic Certified Tinctures, Sleep and Stress Support Capsules, Summer Cherry and Elderberry Gummies, and a variety of over-the-counter (OTC) Topicals.
In addition, four SKUs of HempFusion's wholly-owned subsidiary, Sagely Naturals, are on store shelves, including Relief and Recovery Cream, Active Roll-On, and Extra Strength Spray.
HempFusion Wellness is a CBD company, working under the Food and Drugs Administration (FDA) guidelines, with a focus on health and wellness. The company has a portfolio of over 112 SKUs.
Contact Ritika at ritika@proactiveinvestors.com