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24/7 Market News: CBD Market Expected to Reach $22 Billion
Thursday, May 23, 2019 3:15 PM
NEW YORK, NY / ACCESSWIRE / May 23, 2019 / When any company that creates a new niche and grows its revenues by 500%, from $4.1 billion to nearly $23 billion in just 15 years, it's probably wise to even listen to analyst speculation about that company. In this case, Cowan published a 100-page CBD market analysis, in which analyst, Andrew Charles, stated, "Should the regulation of CBD oil as an additive to food/beverage change or craft/independent coffee shops find a way to comply with the existing regulation, we could envision Starbucks ultimately piloting the ingredient."
When interviewed about the subject, on the Jim Cramer, on CNBC's "Squawk on the Street", Starbucks' CEO, Kevin Johnson, stated that "right now it is all about Nitro". However, when pressed by Cramer, who surely understands that this burgeoning market will grow to $22 billion even quicker than Starbucks, Johnson responded, "we are mindful of the trends, we're mindful of how -- I'll say CBD oils and CBD is viewed as a health and wellness. And so, you know, we're going to keep watching this. But right now, not on the road map."
Celebrity branded CBD products are leading the way and the same is true for CBD drinks, with Willie Nelson branded CBD coffee and New Age Beverages' Bob Marley linked line of beverages.
As the name suggests, Iconic Brands' (OTCQB: ICNB) model is focused on creating celebrity branded drinks, like its Bellissima Prosecco organic wine with Christy Brinkley, so its recent 51% acquisition of Green Grow Farms allows Iconic to meld its strengths with the Hemp and CBD celebrity branding megatrend.
The company plans to utilize its Hempology division to create CBD infused beverages in a celebrity market that allowed George Clooney to sell his Casamigos Tequila for $1 billion and Dan Aykroyd to hit the 20 million bottles sold milestone, with his Crystal Head Vodka brand.
The CDB drink industry, naturally lends itself to activist celebrity endorsements, which can create dividends for shareholders, as we saw with Nike, when they promoted Collin Kaepernick. Despite the initial backlash, Nike added $6 billion in market cap from the move.
Iconic Brands already has the distribution in place and proven relationships to cultivate a new brand in this space and, based on past performance, should be able to quickly capitalize on the hemp based drink trend, opening the younger demographic door and expanding their generational footprint.
Some of the major liquor companies jumping into the CDB and hemp space include Heineken, which launched a line of Canna beverages, Molson Coors Brewing's Hydropothecary joint venture, Aurora Cannabis' Alcanna, Canada's largest liquor retailer, agreement and of course the multi-billion dollar investment by industry leading Constellation Brands into Canopy Growth set the bar. The trend is clear as this multi-billion dollar industry develops.
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