Cannabis Products Continue to Creep into Food & Beverage Brand Portfolios
Reports suggest that the hemp-CBD market alone could hit $22 billion by 2022
Earlier this week, The Coca-Cola Co. announced that it has expressed interest in entering the cannabis beverage market. Coke is currently in discussions with Aurora Cannabis Inc. (Canada) to develop beverage products made with cannabidiol (CBD), the non-psychoactive chemical component found in cannabis.
The willingness of a traditional American company like Coke to consider cannabis as an ingredient in its branded products is the most recent example of major food and beverage marketers moving toward an acceptance of cannabis. This summer, alcohol companies such as Heineken and Constellation Brands pursued agreements to operate in the cannabis space.
A report from Arcview Market Research and BDS Analytics found cannabis sales accounted for $9.5 billion in consumer spending. The total size of the global cannabis market is estimated to reach $32 billion by 2022 and $57 billion by 2027. According to a new estimate from cannabis industry analysts the Brightfield Group, the hemp-CBD market alone could hit $22 billion by 2022.
Those numbers could, of course, shift dramatically alongside any fundamental changes to US federal law. For now, the Canadian market has attracted significant numbers of product developers and experienced marketers. In an effort to coach companies with plans to operate in the Canadian market, Cannvas MedTech Inc., business technology company in the cannabis space, has developed educational modules to deliver comprehensive and credible information on the potential benefits of cannabis-infused edibles.
According to the company, Cannvas.Me is a scalable and comprehensive solution for the global medical cannabis community offering interactive tools and physician-backed content to audiences wishing to learn about healthcare through cannabis. Its Cannvas Culinary educational modules encourage users to browse recipes and expert advice on cannabis consumption from accomplished chefs and cannabis advocates, dispelling the stigma that edibles only comprise candy, chocolate, cookies, or other sugar-filled desserts by showcasing simple and nutritious alternatives.