The initial product line is to go onto the European market in a joint venture with Dupetit Natural Products, however, the company says that it is developing the line of skin creams as well as nutraceutical and cosmetic products for the international markets as well.
In fact, its scientists are said to be currently working on a Pre-IND Application that focuses on the use of CS-S/BCC-1 topical cannabis-based preparations for the treatment of basal and squamous cell carcinomas, to put forward to the FDA.
Oil derived from the hemp plant has long been used for its moisturising properties in creams, cosmetics and the anti-perspirant market. However, there has been a notable influx of product launches across the globe in the last few years.
Tight regulations in the US have withheld hemp cultivation, with legislation lagging behind other countries in terms of differentiating between hemp production for recreational and industrial use. It is the only industrialised country where it is illegal to grow hemp freely.
Despite this restriction, the US is one of the biggest producers of cosmetic products manufactured with hemp seed, alongside the UK and Germany.
According to Robert Kane VP Investor Relations; “What we hear from our investors is that they are excited that we are a global company because of the growth opportunities outside the US market.”
“I see potential in the Canadian, European, and Australian markets that we expect to have a positive impact on our bottom line and P&L, in addition to our United States market projections,” he adds.
Hemp becoming popular..
Hemp extract has become a focus for many cosmetic manufacturers, who are are increasingly drawing on more innovative ingredients in a bid to shake up the over-saturated natural and organic market.
With consumers increasingly searching for cosmetic products that are both sourced from the natural environment and are innovative in nature, manufacturers to constantly create product ranges that cater to their demands.