Naturally Splendid to launch cannabinoid formulated products in 2015
Following licensing deal agreed with Full Spectrum Laboratories
Naturally Splendid Enterprises, the Colorado subsidiary of Canadian firm Naturally Splendid, is launching a range of commercial hemp-based cannabinoid nutraceutical products in the US early next year.
The initial launch will include micro-encapsulated hemp oil drops with high cannabidol (CBD) expression, CBD-based soaps, lip balms and skin creams, and hemp-extracted, cannabinoid-based functional beverages.
The products will be launched under a preliminary deal signed by Naturally Splendid's US subsidiary to license Full Spectrum Laboratories' cannabinoid extraction and formulation technologies. Under the terms, Naturally Splendid will have the right to manufacture and sell the products developed by Full Spectrum once a definitive licensing agreement has been signed.
After the initial launch of the products in early 2015, the companies say they will develop topical pain ointments, a hemp-derived CBD supplement and sun block lotions.
'The opportunity to commercialise cannabinoid formulated products in the US is rapidly expanding,' said Naturally Splendid's CFO Chuck Jenkins.
'The formulated cannabinoid products market in the US alone exceeded US$300,000,000 in 2013 and is anticipated to grow for the foreseeable future according to Arcview Market Research.'
Indeed, according to the 2013/2014 research by Arcview, consumer interest in CBD-based products is soaring, with demand rising sharply and supplies limited due to legal and technological constraints, which are keeping prices up.
Naturally Splendid said that initially its products would be distributed using a direct-to-consumer model through an online virtual storefront currently under construction.
The products will also be manufactured in the US, specifically for the American market, where hemp-extracted CBD-based products are already legal.
