Vancouver, British Columbia–(Newsfile Corp. – August 25, 2021) – Harvest One Cannabis Inc. (TSXV: HVT) (OTCQB: HRVOF) (“Harvest One” or the “Company“), a uniquely positioned global cannabis-infused and non-infused consumer packaged goods (“CPG“) leader, announced today that its Dream Water brand launched a new line for sleep gummies in the American market, which will hit Company distributors and retailers in September.
The launch of Dream Water TM Sleep Gummies will increase growth in the Company’s traditional distribution and retail channels, and improve overall channel penetration by leveraging the Company’s expertise in branding, marketing, and distribution. Gummies are a rapidly growing functional format across vitamins, infusions and other natural health products. The global gummy vitamins market size was valued at $5.7B in 2018 and is expected to grow to $9.3B by 2026, with a compound annual growth rate (“CAGR“) of 6.5%.(1) The U.S., the highest contributor to the North America gummy vitamins market, had a gummy vitamins market size of $2.3B in 2018, which is expected to generate revenues of $3.45B towards the end of 2026.(1) In addition, sleep products remain a growing category with North American sleep aids sales expected to increase to over $1.2B in the U.S. by 2024(2) and to $120M in Canada by 2023(3), with a 3% CAGR across these markets.(2)(3)
“We are pleased to launch our Dream Water TM line of Sleep Gummies, which is a natural extension of our portfolio of health and wellness products, and a significant opportunity for us to grow our market share in the sleep aid market,” said Gord Davey, President and Chief Executive Officer of Harvest One. “Our innovative Dream Water TM product and brand, with its differentiated market position, has resonated well with consumers and has established itself as a strong leader in the sleep aid category. We will continue to innovate, commercialize and educate the market on this category and look to build on this success in future years with new innovative product formats and line extensions.”
Responding to changing consumer needs, the Company will start shipping the Dream Water TM Sleep Gummies to grocery, drug, and mass retailers in September and also make them available on e-commerce websites, such as Amazon. This extension into a new functional format will allow the brand to satisfy more consumer occasions and appeal to a broader array of consumers across North America. The gummy format also provides a strong platform for future line extensions and cannabis infusions.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94273.
Powered by WPeMatico
