CBD Company - PlusCBD Oil (CV Sciences)

 

Ranking and Market Share

#2 - 6.5% of overall market. 2019 sales: $157 million; 2018 sales: $70 million

Product Portfolio

Softgels and capsules, topicals, tinctures, sprays, gummies and edibles (snack bar)

Distribution Channels

Natural food stores, mass grocery and pharmaceutical retail chains, medical and alternative care offices, independent pharmacies, online

Positioning

Nutraceutical products primarily in supplement capsule format, designed for the average consumer - particularly one with a chronic condition - who is most comfortable with traditional products (capsules/softgels/balms) and looking to replace or supplement medications

Strengths

Competitive Advantages

Dominating presence in natural food stores; First-mover advantage in various mass retail channels; Packaging reminiscent of OTC medicines, vitamins, supplements - appealing to mainstream nutraceutical market.

Core Competencies

Uniquely clean and medically-oriented products (precisely-dosed softgels and capsules) have seen enduring success; Highly effective in positioning products as nutraceuticals and getting them onto diverse retail shelves.

Making the most money on

Softgels, tinctures, topicals

Doing well

Maintaining and growing presence in brick-and-mortar retailers - beyond natural food stores, now successfully targeting mass retailers, where most industry players are aiming to better-establish themselves today. Top competitor in capsules/softgels arena.

Opportunities

Beneficial trends

Well-positioned to continue capitalizing on health-and-wellness trends with low- and precisely-dosed products geared toward more conservative users interested in nutraceutical side of market - drawn by capsules, softgels packaged in familiar, trusted ways.

Niches competitors are missing

CV Sciences has placed itself at the forefront of older and more conservative user markets, as well as drawing in hesitant new users, by offering an array of low-dose, approachable products in formats familiar to a mainstream audience.

New needs of customers

Customers drawn by clean, simple packaging and products that are right at home in the vitamin aisle, instead of having to turn to unfamiliar tinctures or stigmatized edibles.

Additional growth opportunities

CV Sciences' core products have built trust among consumers, but incoming competitors (particularly legacy supplements brands) will be more competitive than past market players in softgel and capsule markets, thus diversification and further specialization of the product line, leveraging the company's market position, would be advantageous. CV Sciences is well-positioned for additional growth in natural foods and chain stores, as well as internationally.

Aspirations and Results

Who do they want to be?

Become the go-to CBD supplements manufacturer in independent and major chain retail stores around the U.S.

Desire to be known for

Nutraceutical and supplement market leader, brand quality, trustworthiness and approachability

Priorities

Diversifying product menu. Developing relationships with major retail chain stores, national and regional broker networks and major distribution companies to grow reach in food, drug and other mass consumer markets

Results/milestones aiming to achieve

Expanding brand awareness, especially among nutraceutical consumers in mainstream channels. Product line and retailer innovation and expansion. Ramping up domestic production and pushing for improved industry guidelines/standards.

Chief competitors

CW Hemp (CBD-only); Irwin Naturals, Garden of Life, Barlean's, NaturesPlus (supplements)

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