THE FUTURE IS GREEN, BUT BUSINESSES NEED TO STAY ABREAST OF MARKET ENTRY AND ADOPTION TRENDS, AMONG OTHER FACTORS.
NATIONAL REPORT — The growing CBD market presents significant opportunities to convenience store retailers — but only if they understand what CBD offers and how it is regulated, according to Priscilla Agoncillo, president of the Cannabinoid Industry Association and CEO of Original Breeders League.
“Understanding regulations is very important for success,” Agoncillo said during a Tobacco Plus Expo (TPE) 2021 virtual education session entitled “A Greener Future: CBD and America.” Due to the pandemic, TPE 2021 decided to offer a split format, holding virtual education sessions in the beginning of the year followed by an in-person event in May.
“What this means is you have to be especially careful with health claims when labeling and marketing your product,” Agoncillo said.
Looking beyond gummies, a study released by High Yields Insights and InnovateMR revealed significant room to grow in the CBD infused beverage segment. Just 28 percent of the study’s respondents reported finding a CBD product, brand or format that works for them.
“With Gen Zs and millennials comprising the majority of new CBD beverage converts (62 percent), along with a clear opportunity to expand existing delivery methods to better fulfill consumer preferences, we project exponential growth in this segment,” Agoncillo said.
