Key Takeaways

• The top cannabis companies selling CBD products marketed for women's wellness include HempFusion, Charlotte's Web, CV Sciences, Elixinol, Joy Organics, Foria, and Lord Jones.

• Based on publicly available data and, the revenue of these companies range from $2 million to $4 million (Lord Jones in 2018) to over $95 million (Charlotte's Web in 2020).
• The larger and more profitable companies, like Charlotte's Web and CV Sciences, were more likely to offer more "standard" CBD products, like CBD oils, but also sell a small selection of products marketed for women's wellness, often skincare or sleep aid gummies.
• Smaller companies that focus primarily on female wellness, like Foria and Lord Jones, appear more likely to sell a wider range of skincare, beauty, and personal care products and focus their social media and website marketing on female consumers more.

Introduction

Top Cannabis Companies in Female Wellness Space

• According to industry reports from GlobeNewswire and Businesswire, The CBD Consumer Health market is poised to increase significantly in the next 6 to 7 years.
• Segments of the market that are expected to drive growth include skincare, beauty, hair care, personal care & cosmetics, sleep aids, and analgesic products, all of which are commonly marketed towards women to address health concerns they are more likely to have than men (i.e. chronic pain, fatigue, depression).
• Within the CBD wellness space, the GlobeNewswire report and Businesswire report highlighted various high-performing cannabis companies that are expected to be influential in the coming decade, including CV Sciences, Medical Marijuana Inc., Charlotte's Web, Endoca, and more. Companies that exclusively sell or market medicinal CBD or THC products in the form of drops, oils, vape products, or cannabis flowers and/or did not appear to market any products specifically for women or women's wellness were not included in this report.

Hemp Fusion

Products

• HempFusion is a CBD wellness company that sells sustainable CBD personal care and nutrition products including hemp-based skincare and pain relief topicals, as well as capsules for stress relief, energy, and sleep improvement.
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Revenue

• In its most recent annual financial report, HempFusion reported 2020 revenue of $3.82 million, an almost 27% increase on the company's 2019 revenue of $3.02 million.

Cannabis/Hemp Sourcing

• HempFusion allows consumers to track all products by their batch numbers to see their sourcing and certifications.
• All the company's hemp products are made with European agricultural hemp, which is validated before planting, after harvesting, and before CBD product manufacturing.

Retail Channels

• HempFusion sells and ships directly from its eCommerce website, but the company also sells at retailers across the US, including the Vitamin Shoppe, Sprouts Farmers Market, Hampton Natural Foods, and MOM's Organic Market, among others.
• As reported by Businesswire, HempFusion's topical products, which include skincare and analgesics, "ranked number one in both sales dollars and units sold at a major Food & Drug Mass (“FDM”) retailer according to a recent NielsenIQ share report."

Social Media Footprint

• HempFusion has active accounts on Twitter, Instagram, LinkedIn, Facebook, and YouTube.
• HempFusion has the greatest following on its Instagram, where the company has over 25,000 followers. The company posts almost daily using nature imagery as a backdrop for its products, and most posts receive between 50-100 likes and 1-3 comments, apart from a post about "The HempFusion Natural Selection Sweepstakes," which generated over 1,500 likes and almost 1,200 comments.
• With over 14,000 followers, Facebook is HempFusion's second-largest platform, but the weekly photo and video posts of products, as well as hemp farming, have very low engagement. Posts have fewer than 10 likes or comments on average since December 2020 and only 1 comment.
• The company appears to reserve its LinkedIn (over 3,300 followers) for recruiting efforts, which makes sense given its B2C model, while its Twitter account is updated multiple times per day a few days a week with product promo codes, general marketing, and updates about industry news relevant to consumers.
• HempFusion's YouTube channel appears to be used almost exclusively to host product media used in other marketing avenues.

Charlotte's Web

Products

•  Charlotte's Web, a certified B corporation, is a cannabis company that focuses on "[unleashing] the healing powers of botanicals with compassion and science."
• The company markets its CBD products, including sleep aid gummies, pain relief topicals, and skincare products as holistic health aids that can improve people's quality of life.
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Estimated Revenue

• According to the company's most recent financial report, Charlotte's Web's "total net revenue increased to $95.2 million vs. $94.6 million in 2019."

Cannabis/Hemp Sourcing

• The hemp used in Charlotte's Web's CBD products is cultivated by Stanley Brothers USA, a cannabis wellness incubator run by the seven brothers that also run Charlotte's Web. The hemp is produced in Colorado, California, and Florida.
• Specifically, the hemp for the CBDMedic line of analgesics is grown in Colorado and Oregon.

Retail Channels

• Charlotte's Web's products sell via the company's eCommerce site and at various retail pharmacies, natural foods stores, spas, chiropractic offices, and wellness centers throughout the US.

Social Media Footprint

• Charlotte's Web's official website links to four social media accounts: YouTube, Facebook, Twitter, and Instagram.
• The company has relatively strong social followings and engagement compared to its competitors in this analysis, especially on its Facebook and Instagram accounts, which have over 50,000 and over 77,000 followers respectively.
• Despite the high following on these accounts, Charlotte's Web has low social media engagement, although the ratios of followers to likes and followers to comments are relatively higher than those of its competitors. Posts on Facebook (a mix of product promotional shots, user-submitted content, and spokesperson features), generally have 3-5 shares, around 10 comments, and anywhere from 5 to 350 likes/reactions.
• Charlotte's Web's Instagram has higher and more consistent engagement levels, with most posts receiving a few hundred likes and 10 to 20 comments. The Instagram and YouTube page, which has videos ranging in views of around 70 to over 16,000 in the last six months, both feature personal customer stories about the impact of Charlotte's Web's products (and CBD in general) on their lives and overall wellness.

CV Sciences

Products

• In response to "consumers’ burgeoning interest in natural, plant-based alternative medicine and self-care products," as described by CV Sciences CEO Joseph Dowling, the brand launched several product lines marketed as holistic health products with CBD in 2020.
• CV Sciences sells CBD personal care and skincare items like balms, roll-ons, lotions, creams, and serums.
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Revenue

• As reported in the company's annual 10-K filing, CV Sciences had a 2020 revenue of $24.4 million, representing a 55% decrease from the 2019 revenue of $53.7 million.

Cannabis/Hemp Sourcing

• In July 2019, CV Sciences "announced the commencement of its domestic hemp sourcing initiative, including a commitment to more than 500 acres of U.S.-based hemp production for 2019...extracted through CV Sciences’ domestic supply chain partners and refined at the Company’s San Diego production facilities."
• However, according to the company's website, CV Science's hemp is still currently grown in Europe from "EU certified hemp seeds."

Retail Channels

• In 2020, CV Sciences sold its products from over 7,300 retail stores, a 32.7% increase from the 5,500 stores in 2019.
•  CEO Dowling also indicated that expanding CV Sciences' eCommerce B2C platform was a major priority and helped drive sales in 2020.

Social Media Footprint

• CV Sciences has low engagement across all of its 5 social media platforms, with around 3,000 followers on both Facebook and LinkedIn, over 1,800 on Twitter, and less than 900 on Instagram. The CV Sciences Pinterest page, also listed on its website, has no content or followers.
• The company posts regularly (around 3 times per week) on all its social accounts except for Instagram, which has the lowest engagement levels. CV Sciences' Instagram posts regularly have fewer than 100 views for video content, 50 or fewer likes, and less than 5 comments on posts, and the last post was made almost a year ago, posted in June 2020.
• According to GlobeNewswire, CV Sciences reinvested in its website content and design as of late 2020, which is reflected in the wealth of content on its connected PlusCBD website. Here, CV Sciences and PlusCBD post a significant amount of content in the form of articles, videos, and podcasts, which are often repurposed and adapted for CV Sciences' social media accounts.

Elixinol

Products

• Elixinol is a global CBD brand that sells CBD gummies, oils, capsules, and topicals, including sports gel, hemp balm, and lip balm products.
• Elixinol advertises its products as helping with sleep, stress, comfort, mood, and daily balance. The company website provides a product guide and a product finder quiz to recommend CBD products for issues like exercise-induced inflammation, stress management, immunity support, and sleep quality.
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Estimated Revenue

• Per the company's most recent financial report, Elixinol's 2020 revenue was $15.0 million, a 51.3% decrease from its 2019 revenue of $30.8 million.

Cannabis/Hemp Sourcing

• Elixinol sources all of its hemp from hemp plants grown in the US.

Retail Channels

• The company's sales are broken down into 5 channels with the following margins in 2020: Hemp Foods Australia (around 30% of sales), Elixinol eCommerce (around 30%), Elixinol retail (around 30%), bulk sales (around 7-8%), private label sales (around 2 to 3%).

Social Media Footprint

• Elixinol has over 12,500 followers on Facebook, over 11,500 on Instagram, and over 4,000 on LinkedIn.
• The content posted across these three platforms is fairly similar, mainly consisting of informational infographics about products, healthy habits, and photographs that incorporate themes of nature. Engagement on all three accounts is also consistently low, with little to no comments and less than 10-15 likes per post.

Joy Organics

Products

•  Joy Organics markets its premium CBD products as a way to deliver sustainable wellness products that improve people's quality of life.
• The company sells a variety of CBD products for holistic wellness, including tinctures, soft gels, gummies, salves, bath products, and sports creams.
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Estimated Revenue

• According to Dun & Bradstreet, a corporate credit reporting agency, Joy Organics generated $7.8 million in 2019.
• As reported by the company founders, as of July 2019, Joy Organics was generating $1 million in revenue per month. Based on this information Joy Organics was generating an estimated revenue between $7.8 million and $12 million ($1 million / month * 12 months/year = $12 million/year).

Cannabis/Hemp Sourcing

• According to the company website, all hemp used to create Joy Organics' CBD products is grown in the US, and the CBD oil used in products is made in Colorado, where Joy Organics is headquartered.
• Additionally, the hemp used to make the newest line of tinctures and salves is USDA Certified Organic.

Retail Channels

• Joy Organics sells its CBD products via its eCommerce site in retail and bulk packaging.
• The company also offers wholesale pricing for retailers, private label CBD products, and in-person shopping at third-party retail locations in Wyoming, Colorado, and New Mexico.

Social Media Footprint

• Joy Organics' Twitter account has less than 150 followers and almost no engagement on a majority of its recent posts, which primarily feature sale promotions.
• Despite having over 31,000 followers, the company's Instagram account receives little engagement by way of comments or likes on its frequent posts, with less than 200 likes on posts of mainly promotional photographs.
• Compared to other brands in this analysis, Joy Organics does receive a relatively consistent number of comments on its Instagram posts, generally ranging from 5 to 25 in the last six months. The two posts featuring product giveaways had hundreds of comments but a normal amount of likes.
• Over 5,000 people follow Joy Organics on Facebook and over 1,800 on LinkedIn, and engagement levels (likes, comments) on each account are similar to that of the company's Twitter account.

Foria

Products

• Foria is a cannabis brand focused on women's sexual and general wellness and sells CBD products only, as the company to temporarily stop producing its THC products in March 2021.
• The company markets its products as part of a "holistic approach" to sexual health and wellness that heavily emphasizes sustainability.
• The company sells three categories of products: its intimacy collection, its wellness collection, and its relief collection.
•  Foria's product lines include CBD and THC skincare, sexual/personal care items (i.e. intimacy oil, lubricant, suppositories), bath products, menstrual pain relief, and gel capsules.
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Estimated Revenue

• Foria CEO Jon Brandon reportedly told Digital Commerce 360 that Foria tripled its revenue from 2017 to 2018.
• The company's surge in business and website visitors (up to 3000 to 4000 per day) came before Foria even sold its products online, due to coverage from media outlets.
• According to Dun & Bradstreet, a corporate credit reporting agency, Foria generated an estimated $118.56 million in revenue in 2019.
• Overall, CEO Brandon reported to Beauty Independent that "from 2016 to 2020, Foria’s sales grew at a compound annual rate of 89%, and its total revenue has jumped 170% since 2018." And as of October 2020, the company is potentially seeking an investment of between $5 million and $10 million to grow the brand further.

Cannabis/Hemp Sourcing

•  Foria sources "hemp from Hudson Hemp, an organic, biodynamic, and regenerative family farm."
•  Hudson Hemp is a sustainable industrial hemp grower based in New York State.

Retail Channels

•  Foria primarily sells its CBD intimacy and wellness products online through its eCommerce site for shipping across the US. ECommerce sales represented around 70% of Foria's sales in 2018.
• The company also offers wholesale pricing for approved retailers.
•  Foria's THC formulas are exclusively available for in-person purchase in dispensaries in Colorado and California.

Social Media Footprint

• Foria has over 6,000 followers on Twitter, where the company varies its daily posts between product promo and sexual wellness tips for women. Most of Foria's original Tweets have fewer than 5 reposts, replies, or likes.
• The company's Facebook page has over 20,000 followers. The content is very similar to what is posted on Foria's Twitter account but often sees no interaction at all from users, whether in terms of likes, comments, or shares.
•  Foria's YouTube channel has just over 900 subscribers. While its video views and likes often exceed its subscriber count, the channel has not had new content added in over a year.
•  Instagram is by far Foria's most successful social media platform. The account has over 113,000 followers, and Foria adds posts daily. These posts, which feature vivid product imagery, evocative graphics related to sexual health, quotes, screenshots of Tweets, and images of models, staff, and customers, have fluctuating engagement since December 2020.
• While some posts only receive several hundred likes and a few comments, others receive tens of thousands of likes and dozens of comments. Posts in which Foria 1) references trending pop culture topics, 2) incorporates user-generated content, or 3) features artistic representations of the female body tend to have higher engagement.

Lord Jones

Products

• Lord Jones markets its products as premium or luxury lifestyle and wellness items with the goal of "[transforming] personal wellness from routine to ritual."
• Its product lines include CBD skincare, bath products, gumdrops, chocolate, as well as tinctures and supplements.

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Estimated Revenue

• Marketwatch reported the most recent publicly available estimate of Lord Jones' revenue. In 2018, Lord Jones generated revenue between $2 million and $4 million.
• In late 2019, "Cronos Group Inc. bought U.S. CBD startup Lord Jones for $300 million...equal to 75 to 150 times the young company’s 2018 revenue."

Cannabis/Hemp Sourcing

• According to its official website, Lord Jones uses "whole-plant formulas derived from carefully selected hemp cultivated in the USA" in its products.
• More detailed information about the privately held company's sourcing does not appear to be publicly available; however, the company does state, "Lord Jones finished goods are tested and traceable on our site through a lab batch code."

Retail Channels

• Lord Jones ships and sells its CBD products online to some US states and does not ship internationally.
• The company's products can also be found at certain retailers in Southern California, including Sephora, Lassens, White's Mercantile, Blackbird General Store, Larkellen, and Beauty Collection, among other locations.

Social Media Footprint

• Lord Jones has large followings relative to its age and size on its Instagram and Facebook accounts, which have over 97,000 and 7,000 followers, respectively.
• Both the Instagram and Facebook accounts feature highly stylized graphics and product photos, similar to what is on the official website. Engagement on the Facebook account is consistently low (less than 10 likes and usually 0 comments), while the Instagram posts receive a few hundred likes each.
• The Lord Jones YouTube channel has only 5 videos available, just over 200 subscribers, and less than 7,000 total views.

Research Strategy