According to a recent report issued by New Frontier Data, the U.S. CBD industry grew by nearly 40% in 2017, reaching $367 million in sales across hemp-derived and marijuana-derived markets. This marks the first year that sales of hemp-derived CBD products outpaced marijuana-derived CBD products. Much of the recent growth has come from the demand for hemp-derived CBD for use in health and wellness products.
Surging demand is expected to lift both markets higher and 2018 will be a break-out year for CBD, with the total market expanding to more than $500 million in sales. The CBD industry will grow to $1.2 billion by 2020, and nearly $2 billion by 2022.
The entire legal cannabis industry is expected to hit $57 billion by 2027.
Last week, Signature Devices, Inc. (OTC:SDVI) announced that it has acquired Nano 101, a leading technology company in the CBD and Hemp space in an all stock deal.
The terms of the deal will be disclosed in a full press release. “Both companies were motivated to quickly close the deal to allow for a smooth transition of assets and resources,” said Inas Azzam, outgoing CEO and President of Signature Devices. He went on to say, “This deal allows Signature to partner with Nano 101 and expand its technology assets plus take advantage of the growing Cannabidiol industry with Nano 101’s unique patch products for CBD and Hemp.”
Based in Irvine, California, Nano 101 has developed patches using its unique blend of Cannabidiol and topical patch technology . The result is a company that blends technology and powerful CBD and Hemp for consumers to use with ease.
Nano 101 introduced its CBD and Hemp based products into the market in April of 2018 with a tremendous amount of positive feedback and reviews. The products are sold directly to consumers through its website and on Amazon. Nano 101 is at revenue stage having sold its products via ecommerce and retail stores in a short time in business.
Signature Devices will continue to operate Innovo Technology as well and find common technology use cases and integration with Nano 101 as things progress into 2019.
You can also follow the company on Twitter for small updates and announcements, https://twitter.com/SignatureDevice