CBD Market Booming; Everyone Wants In

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CBD Market

From moms working a “side hustle” to luxury department stores, natural products retailers face a wide range of competitors in the market of hemp-derived products.

Natural products retailers may not consider DSW as a competitor, but the shoe retailer is entering the CBD market. Yahoo! Finance reported that DSW entered into an agreement with Green Growth Brands to sell Seventh Sense Botanical Therapy, including muscle balms, body lotions, body washes and foot creams. According to the site, DSW tested out sales for 10 weeks in 10 stores, and sold a healthy 74.4% of the supplied units. Based on that success, sales will now expand to 96 stores.

High-end department stores are also looking to cash in. Luxury retailer Neiman Marcus announced in a press release that it would be selling CBD beauty products in 5 stores (Neiman Marcus Beverly Hills, Neiman Marcus Fashion Island, Neiman Marcus San FranciscoNeiman Marcus Boston and Neiman Marcus Denver).

“Our new CBD assortment is an important part of Neiman Marcus’ commitment to the health and well-being of our customers,” said Kim D’Angelo, Beauty Buyer, Neiman Marcus, in the announcement. “Cannabis beauty brands are becoming increasingly popular and CBD products are the next big thing in beauty. Neiman Marcus plans to continue to expand our CBD assortment while offering customers the latest and greatest in Trending Beauty.” Brands to be sold at the stores include Sagely Naturals, Cannuka, Cannabliss Organic, Code of Harmony, Ildi Pekar, Vertly, and Yuyo Botanics, which range in price from $35 to $120, according to Neiman Marcus.

Barneys New York is in as well; the retailer is selling Lab to Beauty the CBD Drops on its website for $50.

Perhaps the bigger competition for independent retailers, though, is moms working a “side hustle,” selling CBD through social media channels. The Chicago Tribune reported on this growing trend, explaining that many who sell CBD oil products rely on multilevel marketing, recruiting others to sell beneath them and collect a percentage of those sales. Vendor fairs and flea markets are another avenue for sales.

On the food front, CBD is a mega hit in restaurants. USA Today reported that in a survey of more than 650 professional chefs conducted by the National Restaurant Association, 77% listed CBD drinks as the number one trend they see for 2019. The number 2 trend? CBD foods.

 


 

You might also be interested in reading, Across the US: Hemp & CBD News Briefs.

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