Beverly Hills-based Cannabis Strategic Ventures Inc. (OTCMKTS: NUGS) just announced that it is now expanding into the CBD space through ‘FLORAH’. This is coming on the heels of a recent announcement of its Northern California’s six acres cannabis cultivation operations, NUGS Farm North. FLORAH is a concept boutique with focus on educating consumers on the benefits of CBD while curating a best selection of CBD lifestyle products for pets, beauty, and wellness.
Cannabis Strategic Ventures CEO, Simon Yu, said, “Growth of the CBD retail sector is accelerating and we expect to show leadership in the space. Now that we have secured financing and a retail location, we will diligently work to procure the best CBD products available and prepare for our full brand roll-out and summer grand opening.”
Cannabis Strategic Ventures has its flagship location on West Hollywood’s Melrose Ave. through expansion into the CBD space, the company hopes to tap into the industry projected to reach $16 billion by 2025 according to Cowen Inc., a leading cannabis investment advisor. The categories expected to spearhead this growth include tinctures, nutraceuticals, beauty treatments, and pain relieving creams. An opinion poll conducted by Cowen shows that 7% of the 2,500 participants have already purchased products containing CBD.
Yu continued to say, “While major CBD retailers have already announced plans to carry some of the products we currently do or intend to market, we believe CBD-centric retailers that provide educational component around CBD products will do exceptionally well. We plan to announce our full strategy to compete in this arena in the near future.”
Some of the brands in the CBD retail space which Cannabis Strategic Venture would have to compete with include Asher House Wellness Pet CBD, Bud Hire, and PureOrganix. However, as the field is seemingly not yet saturated, Cannabis Strategic Venture should be able to grab a fair market share of consumers.
Curious about how you can make money investing in cannabis? Sign up for Cannin Free Access and subscribe to the Cannin Chronicle. We'll keep you informed on all things cannabis and even help you determine which cannabis companies have the highest growth potential.