Why would an industry-leading cannabis brand known for its pure, potent THC concentrate products decide to branch into the CBD market?
Frankly, although we’ve spent five years building our THC product line, it wasn’t a difficult decision to bring The Clear into the cannabidiol (CBD) marketplace.
The Clear™ already holds a significant percentage of the vape cartridge category in the lucrative cannabis concentrates industry. But CBD products give us even more options and flexibility, and that’s what is fueling our expansion into America’s robust CBD market.
First, clinical data on the positive effects of CBD on various medical conditions continues to roll in. In December, the World Health Organization issued an important report that stated CBD is not harmful, has health benefits and does not have abuse potential, among other findings. While there have been years of anecdotal evidence, finally having scientific studies to point to is a critical component for helping educate people as to the effectiveness of CBD.
Second, the U.S. Food and Drug Administration (FDA) is beginning to open the door to cannabidiol products, with an advisory panel in April unanimously voting in favor of approving GW Pharma’s cannabis-derived CBD medication Epidiolex for treatment of certain forms of epilepsy
Third, more and more states are legalizing cannabis in various forms, and low-THC or CBD-only laws have been enacted in at least 15 states, according to the National Conference of State Legislatures. The Senate, meanwhile, has fast-tracked Sen. Mitch McConnell’s bill that would nationally legalize hemp, which would vastly improve the domestic economics of hemp-derived CBD. Awareness of CBD products and their benefits will only continue to grow as more people encounter legalized medical marijuana, medical hemp and patients using these products.
While modern cannabis is consumed in a number of different ways, including edibles and tinctures, non-smokable cannabis products are a key component of state medical marijuana laws in places like Minnesota, Texas, Florida and New York.
And vaporized CBD fits the bill nicely.
While we are encouraged by the 29 states that allow medical marijuana and the nine that have legalized adult-use cannabis, we believe consumers in every state should have access to potent, pure cannabis extracts now. To ensure this, we extract our CBD from US-grown hemp that is certified compliant with the 2014 Farm Bill.
And because the terpenes that give our products flavors like Orange Creme and Potent Pineapple are not cannabis-derived, we can send products that incorporate them in most states and many countries.
We believe The Clear will become a CBD market leader, just as it has been in state-regulated THC marketplaces. Initial sales figures in our CBD product test markets—Arizona, Colorado and California—already tell us that our move to CBD is the right one. In Colorado and California, which have been big markets for our THC products, we exceeded our THC sales in just a matter of months. And that was without marketing, simply making the CBD products available. As we start to market these products, the potential for our CBD products is huge.
Conversely, as the volume of CBD sales rises, it will augment the THC side of our business by boosting brand awareness. When consumers become familiar with the superior technology and unique flavors of our CBD products, they can easily move over to our THC offerings sold in state-regulated dispensaries. It’s a force multiplier for our business.
And beyond those regulated dispensaries, there is powerful potential in distribution to unregulated vendors where CBD products are currently sold: pharmacies, smoke shops, retail health-and-wellness businesses, spas, drug stores and more. And the cannabis product trend is not just domestic—our partners are planning to bring our products to Europe and Japan, and then to other markets in Asia.
Consumers are also hungry for science-based, lab-tested CBD products that will provide positive experiences for those who have not found success with inconsistent off-the-shelf CBD products. Reliability, efficacy and quality are key for consumers, and with products like The Clear™, consumers know how much CBD they are consuming with each puff of the vaporizer.
From providing relief for those suffering from chronic pain or terminal illnesses, to killing a craving for nicotine, there are so many potential benefits, applications and avenues for CBD products. In the coming years as companies like The Clear™ continue to expand cannabinoid research and develop new methodologies for producing cannabis extracts, and as more states support a wider variety of CBD products, we believe the CBD market has limitless potential—and we are honored to bring a better CBD product to the market for these customers and patients.