CBN products are continuing to grow within the cannabis and hemp industries as people are starting to realize the great potential of this new-to-market cannabinoid.
Consumers are seeking out healthier remedies for sleep aids, with more light being shed on the negative side effects of prescription drugs. The demand for CBN continues to grow at a staggering rate with 357% year-over-year growth.
In multiple states, certain CBN sku's are holding strong as top selling products when compared to products using other cannabinoids. It's believed that CBN products are on the path to becoming a $100M category.
More brands are entering the market with CBN products every month
When you're talking about the types of products in the market, CBN has a disproportionately small representation.
Why is that?
The market is dominated with CBD and THC products. With the lack of proper education, mainstream society is simply not even aware that CBN exists or what it may help with.
Healthy sleep remains to be the most talked about and promoted benefit that CBN is believed to offer. Most of the CBN products that you find in the market are catered to the sleep consumer.
Despite continued growth, there is a huge opportunity for CBN to be focal point in the next generation of products entering the market.
What is CBN?
CBN is a naturally occurring minor cannabinoid commonly found in aged cannabis. Although not as popular as it’s cousins THC and CBD, CBN was actually the very first cannabis compound to be isolated from cannabis extract, as it is believed to have been originally isolated in the late 1800’s. CBN is not often found in as high a volume as THC and CBD, but instead forms as the plant ages, when THCA, (the predecessor to THC) begins to turn into CBN. This happens naturally, but the process can be sped up when the plant is exposed to air or UV lightning for extended time periods. While we have known of CBN for a lengthy period of time, we have yet to fully unlock the potential this compound has for benefitting the daily lives of so many individuals.
Some of the most commonly reported uses for CBN include:
- Sleeping Aid
- Anti-Inflammatory
- Neurological Protection
- Anxiety
- Appetite Stimulation
CBN for sleep
Getting enough sleep is just as important in terms of health as proper dieting and regular exercise. A lack of sleep, or a lack of quality sleep, can be extremely detrimental to a person’s general well-being. Aggression, depression, and an inability to focus are all common side effects of sleep deprivation, but did you know that a lack of sleep could also put you at a higher risk for developing diabetes and obesity? Sleep deprivation is believed to lead to an increase in mistakes and accidents, as it can actually affect the prefrontal cortex in the brain, which greatly affects the ability for one to make logical and practical decisions. To put it mildly, sleep deprivation can directly and indirectly affect your life, for the worse.
CBN continues to gain market traction
Consumer appreciation of the compound's potential benefits is growing. Some people are saying CBN functions somewhat like a strong version of CBD, with a little THC sprinkled in. CBN interacts with our body's endocannabinoid system in a remarkable way.
Even though there has been some successful product launches with CBN, there is still a great opportunity for other brands and companies to disrupt the market with new and innovative products, like Hero Brands Honey Chamomile CBN Gummies.
CBN infused edibles were practically unknown to consumers a year ago, with most products being located in California. Nowadays, sales of CBN products have grown dramatically within the regulated THC markets in multiple states.
Nevada, particularly Las Vegas and Reno, seemed to be primed to experience hyper growth in cannabis sales as COVID restrictions ease up around the world. Unlike other states, Nevada is unique in that it has a very focused high-spending tourist consumer market that comes to the state to seek relaxation and entertainment, creating the ideal target customer for CBN products. 42.5 million tourists travel to Nevada each year, which means there is enormous potential for CBN to make an impactful introduction to new consumers.
Edibles, like CBN gummies, and tinctures tend to be the most common types of products, but get ready to see a huge wave of new and innovative product development. We are starting to see brands infuse beverages and topicals, and they're getting more creative with custom cannabinoid blends which include CBN amongst the other minors. The Hero Brands Honey Chamomile CBN Gummies include 10mg of CBD, 2mg of CBN, raw honey, and chamomile. Expect to see more brands follow suit.
Conclusion
Market gains for CBN products throughout the first half of 2021 clearly indicate that CBN is the next big wave hitting the cannabinoid market. With growth trends remaining strong, and with additional companies launching products every month, we anticipate a surge of consumer demand in CBN as cannabis sales typically increase throughout the back half of the year. Given this backdrop, it is likely that CBN product retail sales will exceed $100M in 2021 solely within the regulated recreational cannabis markets which would definitively establish CBN as the most sought-after minor cannabinoid.
