- New analysis by Cowen & Co. sees market for CBD products in the U.S. reaching $16 billion by 2025
- Dispensaries and health care practitioners included in expanded markets for ETST’s CBD line under new distribution agreements
- Cowen & Co. research projects that cannabis-based products will reach 10 percent of U.S. adults by 2025
Earth Science Tech Inc. (OTCQB: ETST), a biotech company focused on the nutraceutical and pharmaceutical fields, is expanding its full-spectrum cannabidiol (CBD) product distribution in wider markets as a new study by Cowen & Co. sees cannabis products reaching $16 billion in the U.S. by 2025 (http://ibn.fm/k7QKt). ETST’s larger market includes pharmacies, dispensaries, health care practitioners, athletic clubs, clinics and chiropractors throughout the United States (http://ibn.fm/WhXk1).
Cowen & Co.’s research shows that 6.9 percent of Americans say they are already using CBD. A January survey of 2,500 adults found that CBD use is highest among adults aged 18 to 34. Tinctures (liquid extracts) dominate the market and were named by 44 percent or respondents, followed by topicals at 26 percent, then capsules and beverages.
“This initial response piqued our interest considerably, as it was much higher than we would have suspected,” analyst Vivien Azer said in a news release. As a result, Cowen sees CBD use growing to 10 percent of U.S. adults, or 25 million consumers, by 2025, implying a $16 billion market opportunity, as noted by Azer.
ETST has reached agreements with CannaBiz and Desert Sun Distribution to sell its line to chiropractors, dispensaries, pharmacies, health care practitioners, athletic clubs and clinics in the United States, providing deeper reach into the market (http://ibn.fm/BUrRx). In a news release, ETST Chief Sales Officer David Burbash said, “We see tremendous synergy between our CBD line and the health care practitioner and pharmacy spaces.” ETST is also increasing the size of its sales team.
ETST’s full-spectrum cannabinoids offer analgesic pain relief and anxiety reduction, per company marketing material. ETST offers cannabinoids in the form of soft gels, tablets, liquids and other forms classified as food-based and permissible in all 50 states and some 40 countries.
For more information, visit the company’s website at www.EarthScienceTech.com
NOTE TO INVESTORS: The latest news and updates relating to ETST are available in the company’s newsroom at http://ibn.fm/ETST
