The former chief of Kellogg says CBD will soon be added to a wide range of consumer products.
Paul Norman, the former food giant’s president, is now CEO of CBD wellness firm Heavenly RX, and says the market surrounding cannabidiol products will soar in the next few years.
He told Yahoo Finance: “This market is going to grow four or five-fold to 20 plus billion dollars in consumer value over the next five years.
“I believe, down the road, CBD will be widely available in all kinds of consumer products.”
HeavenlyRx is growing through acquisitions and investments in categories like tinctures, topicals, vapes, as well as food, beverage, and skincare.
HeavenlyRx recently announced a stake of at least 25% in Jones Soda and invested $30 million in the hemp cultivator Blühen Botanicals.
Norman says consumers are already taking notice of CBD products, but educating them about the benefits is still key.
He added: “80 per cent of people who try CBD already feel the benefit in some shape or form, which is their own perceived benefit.
“That consumer behaviour is already happening. And our aim is to build a brand or build a business that capitalises on that behaviour and brings real solutions to people every day.”
The market’s growing maturity recently hit the headlines when leading hemp CBD extracts supplier Charlotte’s Web announced US retail giant Kroger has begun carrying its products.
Charlotte’s Web hopes to roll out its products to a total of 1,350 store locations in 22 states. A company press release claims it is the largest distribution ever through a single retailer.