I’d Buy That For a Dollar
We often think it’s big news when a traditional retailer embraces hemp / CBD products. Not only does it mean that CBD products will find their way to thousands of new customers, but it’s also a validation of the entire category as large retailers tend to move a bit slow.
So when Dollar General announces that CBD products are now for sale in their Tennessee and Kentucky stores, we take note. Why? Because that’s over 1000 new CBD retailers in those two states alone. The total Dollar Store chain is over 15,000 stores, which makes Dollar General the largest retail chain in the US. That also makes them one of the largest CBD retailers.
One small caveat, Dollar General is limiting sales to topical cosmetic products, including bath bombs, bath salts, and face masks, and says it has no plans to provide ingestible or edible CBD merchandise. Bummer, but it’s a great start.
Who Buys What, When?
From time to time we are blessed with solid academic research on CBD, but we’re retailers so while it’s nice to know, it’s often not critical information to help you market and sell over the counter CBD products. What we really want is consumer research.
High Yield Insights to the rescue! They conducted an extensive survey of current, potential, former and non-users of CBD and Convenience Store News has the scoop. The results were pretty fascinating. As many as 31% said they still consider the legality of the product a roadblock. Up to 32% said they would rather purchase CBD from a grocery, drug or convenience store.
It was also interesting to see what form factors consumers were most interested in. Baked goods was by far the most requested (57%), followed by chocolate (45%), capsules (42%), gummies (37%), candy (36%), beverages (30%) and snack foods (30%). If you read that list and didn’t think Convenience, read it again.
NIH Updates Cannabinoid Info
The National Institute of Health (NIH) is an agency most outside of academic circles have never heard of. But with over 29M in public funding, NIH is the largest funder of academic research in the country and perhaps the world. The general rule of thumb among academic researchers: if NIH won’t fund it, you won’t be studying it.
Curiously, the NIH updated their website on Cannabinoids with a slew of updates and new information, the majority of which is about CBD. Why? Because of the massive number of applications for CBD and cannabinoid related research funding submitted in 2019. And that shouldn’t be a surprise, they asked for it in late 2018.
We’re all for more research, and excited about the promise of their most recently announced study to examine the effects of minor cannabinoids and terpenes on pain.