Some of the top names in cannabidiol (CBD) and wellness are expanding into Caribbean and Central American markets.
Companies including cbdMD, Marley CBD and Secret Nature will bring their products to the new international locations thanks to WB Canna Co. & Wellness, one of the first new companies in the region that are focused on distributing top-quality products, a press release said.
"Looking at the rapid growth of CBD and wellness brands, I've never before seen that level of consumer enthusiasm for new brands and categories," said Andy Consuegra, CEO of Miami-based WEBB Banks and WB Canna Co. & Wellness. "This is a big industry that will only continue to evolve, and we have the experience, market knowledge, and relationships to bring these products to market – not to mention, we're launching with truly fantastic brands. We understand the importance of brand and category training and activations, and we know how to navigate complex compliance regulations in a constantly changing environment, so this expansion of our product portfolio was the ideal place for us to grow our business."
WB Canna Co. & Wellness is the top distributor of wines and spirits throughout Central America and the Caribbean. It is a subsidiary of WEBB Banks.
The company will launch the CBD portfolio in Puerto Rico, the U.S. Virgin Islands, Aruba, Jamaica, and Bermuda, which will get its distributions from the company's warehouse in Miami. In areas like Central America and Caribbean, which have duty-free markets, they will implement a wellness portfolio.
New Frontier Data shows that the CBD industry growing rapidly and is expected to reach approximately $1.3 billion in sales next year. It is also estimated by BDS Analytics and Arcview that sales will reach nearly $20 billion by 2024.