CBD Life Sciences (OTCMKTS:CBDL) on August 30, 2021, announced applying for an Agriculture Hemp License in Arizona through its wholly-owned subsidiary, LBC Bioscience Inc.
Analysts view this as a robust step towards growth as well as higher revenues as it will enable it to not just grow Hemp but also store it accordingly. President & CEO Lisa Nelson said that it is a fantastic opportunity for the firm to expand its products and explore various avenues including edibles, flowers, and oils. Nelson added that it is on the correct path for good outcomes and hopes to give an update to its customers and shareholders.
Hemp can provide benefits to millions of people as it is estimated that there are more than 25,000 different uses for hemp, including building supplies, food, textiles, skincare products amongst others. The market for CBD globally is expected to grow to $13.4 billion by 2028, a growth of 21% in the next seven years.
The company is aiming at 3rd retail location in addition to a recreational marijuana facility. CBD has several benefits including helping with behavioral/neurological complications such as ADD/ADHD, bipolar, OCD, epilepsy, Parkinson’s amongst others. It can also be beneficial towards gastrointestinal benefits as well as complications such as anorexia, diabetes, and nausea.