Cannagreed.com News Commentary
The 2018 Farm Bill is “very close to passing” according to Collin Peterson, Rep D-Minnesota, and added with the recent legalization in Canada, there has been a focus on companies in the recreational and medical cannabis sector. But there has been a shift in the attitude with people’s perception of marijuana, as it’s viewed more than a recreational drug but as a wellness product.
With the growing spotlight on CBD oil use for medical purposes, it may be surprising to learn that CBD is being used in beauty products as well. Scientists are discovering that CBD oil has many other uses, other than for medical purposes, and when it comes to beauty products it may be the most natural product you can use.
CBD, the non-psychoactive chemical compound found in the marijuana plant, has been used by several brands in products including mascaras and moisturizers. According to Brightfield Group, a company that specializes in cannabis and CBD market research, CBD is the “next hot, functional beauty ingredient”, that may have a similar impact on the beauty industry as shea butter and aloe. Furthermore, due to the increased interest in cannabis for medicinal, recreational and cosmetic use, the CBD industry is expected to reach an estimated value of $22 billions by 2022.
Evio Beauty Group partnered with Aurora Cannabis (NYSE:ACB) to produce a line of cosmetic products infused with Cannabidiol (CBD). The partnership between Evio Beauty and Aurora aims at creating a new line of approved hemp seed oil based product formulations, as well as approved CBD based products.
Brandi Leifso, Evio Beauty Group’s founder, and CEO said, “The cannabis industry is uniquely positioned to champion more women in leadership roles. With the strong support of a dedicated partner like Aurora, we will continue to scale our female empowerment initiatives while addressing pain points in the cosmetics industry. By utilizing hemp seed oil and cannabis derivatives, we can enhance ingredient transparency, reducing the use of hurtful animal by-products and ecologically unsustainable inputs.”
Khiron Life Sciences Corp. (OTCQB:KHRNF) is the manufacturer of Kuida, the consumer brand of Khiron’s Wellness unit, which brings the benefits of cannabidiol (CBD) to a comprehensive portfolio of skin and body care products for women under the Kuida label. On Tuesday, Khiron announced that it had gotten approval from Peru’s Directorate of Medical Devices and Health Products of the General Directorate of Medications, Supplies and Drugs (DIGEMID) to sell Kuida in the country of 32 million. This is in addition to the existing distribution in Mexico and Columbia. The Kuida brand is now marketed to a combined population of almost 200 Million in Latin America, with other distribution in other countries in the region pending further approval which will only grow its distribution base.
Last week, American Premium Water Corporation (OTC:HIPH) announced that it had signed and finalized a product license and sales distribution agreement with Canyon Create Corp. (www.canyoncreate.com), the maker of Vanexxe, a varicose vein cosmetic masker, and Prickly Pear, a CBD-infused acne skin cream, among other patented topical and cosmetic technologies.
Ryan Fishoff, American Premium Water Corporation CEO, commented, “Canyon has a number of interesting skincare products and technologies utilizing CBD oils. Vanexxe represents a category creator in the underdeveloped varicose vein treatment market. Prickly Pear is a unique formulation that uses CBD and related compounds to attack acne, a market that has been lacking a disruptive product since the development of Proactive. Canyon also has a number of other interesting technologies that can be incubated into very compelling consumer products.”
In September this year, Sephora, the LVMH subsidiary, which is the world’s largest global luxury cosmetics retailer, launched its first cannabis-infused cosmetics brand called “High Beauty”. The line launched with two products: “High Expectations”, a cannabis facial oil, and “High Five”, a cannabis facial moisturizer. Cecilia Gates, CEO of Gate Creative, an agency specializing in marketing beauty products commented on the arrival of cannabis infused products in the beauty sector, “When [the trend] hits something like Sephora that’s global and across the US, that is a gauge to show the appetite of the consumer.”
Estee Lauder’s Origins brand also became one of the first mainstream beauty companies to release cannabis-infused products earlier this year. Created in collaboration with Sephora, Origins chose its mask due to research stating that hemp oil has impressive results in relation to acne, eczema and rosacea. Julie Van Ongevalle, Origins SVP and Global General Manager, stated that the company was ready to launch the cannabis skincare due to it becoming more mainstream. Ms. Van Ongevalle stated, “We didn’t do it before because it had negative connotations, but as more people start to understand the benefits of it — even in medicine — it’s become more acceptable. We didn’t want to shock our customers.”
As brands are looking starting to incorporate cannabis cosmetics into their products, they are laying the foundation for more cannabis-derived and CBD products to be sold by highlighting the health and wellness benefits of cannabis and CBD related products. With the passage of the 2018 Farm and other legalization efforts, these players should be posed to capitalize off an area of the market that has been overshadowed by the recreational and medical side.
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