Oil derived from the Cannabis plant has long been used for its moisturising properties in creams, cosmetics and the anti-perspirant market. However, there has been a notable influx of product launches across the globe in the last few years.
Tight regulations in the US have withheld Cannabis cultivation, with legislation lagging behind other countries in terms of differentiating between Cannabis production for recreational and industrial use. It is the only industrialised country where it is illegal to grow Cannabis freely.
Despite this restriction, the US is one of the biggest producers of cosmetic products manufactured with Cannabis seed, alongside the UK and Germany.
According to Robert Kane VP Investor Relations; “What we hear from our investors is that they are excited that we are a global company because of the growth opportunities outside the US market.”
“I see potential in the Canadian, European, and Australian markets that we expect to have a positive impact on our bottom line and P&L, in addition to our United States market projections,” he adds.
Cannabis becoming popular...
Cannabis extract has become a focus for many cosmetic manufacturers, who are are increasingly drawing on more innovative ingredients in a bid to shake up the over-saturated natural and organic market.
With consumers increasingly searching for cosmetic products that are both sourced from the natural environment and are innovative in nature, manufacturers to constantly create product ranges that cater to their demands.