CannaVest Corporation (OTCQB: CANV) develops, produces,
markets and distributes raw oil and end-consumer products containing
agricultural hemp-based compounds with a focus on cannabidiol (CBD). Through
its flagship brand, PlusCBD Oil™, the company offers a growing line of products
in a variety of delivery systems and flavors designed to suit customer
preference and capitalize on rising demand. In recent months, CannaVest has
made significant progress toward penetrating the $35 billion domestic natural
products sales channel by partnering with established industry leading brokers.
Since initiating this strategy in May, the company has secured placement of its
products in more than 120 independent health food stores around the country.
“Our mission to mainstream hemp-derived CBD oil products is
being achieved,” Michael Mona, Jr., president and chief executive officer of
CannaVest, stated in a news release. “We have contracted with established industry
leading brokers covering more than 50 percent of the U.S. and will soon have
over 90 percent coverage.”
Last week, CannaVest built on this progress through the
launch of CannaVest Europe™. This launch is expected to provide the company
with an improved presence in viable international markets, as well as an
opportunity to expand upon it existing commercial relationships. According to
the European Industrial Hemp Association, European cultivation of hemp has
climbed to record levels thus far in 2015, and rising global demand is expected
to promote continued growth in the years to come. CannaVest’s newest division
will allow it to establish robust supply relationships across the continent in
order to better service the rising demand for hemp-derived products in the
future.
As of its latest financial report, the company reported a
strong cash balance of approximately $1.8 million with which to fund its
ongoing expansion efforts. Despite recording a slight drop in sales during the
second quarter of 2015, CannaVest’s initial penetration of the U.S. natural
products sales channel and international expansion efforts are expected to
clear the way for considerable growth in the months to come.
According to a report by research firm Companies and
Markets, the cosmeceuticals market is forecast to grow at a compound annual
growth rate of 9 percent through 2020, led by the rising popularity of
hemp-based products. This strong market performance, along with the company’s
aggressive expansion efforts, could allow CannaVest to achieve sustainable
financial growth moving forward.
For more information, visit www.cannavest.com
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