U.S. retailers have been quick to wake up to the cannabis opportunity.
DSW has been running tests in its stores with CBD, announcing plans to expand such products to nearly 100 stores. Neiman Marcus is pushing ahead with CBD sales at some of its stores and online. Simon Property Group is partnering with Green Growth Brands to open 108 stores in its malls just in 2019. Barney’s is launching “The High End.”
The CEO of Whole Foods has indicated he’s keeping a close eye on cannabis regulation, suggesting that it could show up on shelves.
The Vitamin Shoppe just announced it’s selling CBD soft gels, and will soon begin selling CBD drops. According to CNBC, Vitamin Shoppe hopes that selling CBD products will help further distinguish itself as it fends off competition from Amazon and other online retailers who make it easy for consumers to order vitamins and protein powders online.
Martha Stewart has been quick to jump on the bandwagon, too.
Canopy Growth just teamed up with Martha Stewart to produce a line of CBD products for people and their pets. "I am delighted to establish this partnership with Canopy Growth and share with them the knowledge I have gained after years of experience in the subject of living," Stewart said, as quoted by CNN.
And now, as of this week, Abercrombie & Fitch just announced that it is partnering with Green Growth Brands to sell CBD body care products. The deal will initially see Green Growth’s Seventh Sense Botanical Therapy products sold in 10 stores across the U.S.
And we’re likely to see even more deals coming soon.
Thanks in part to the fact that nearly 7% of Americans use CBD, according to Cowen & Co. analysts. In fact, according to Cowen’s January 2019 consumer survey of 2,500 adults, 6.9% of respondents are using CBD. “This initial response piqued our interest considerably, as it was much higher than we would have suspected,” they said, as quoted by the Press Herald.
By 2025, Cowen & Co. analysts believe CBD use will grow to 10% of Americans, which implies a potential $16 billion market opportunity.
That’s opportunity corporate America can’t overlook.