Following enactment of the 2018 Farm Bill, the popularity of hemp-based products has skyrocketed in the U.S., with hundreds of new brands coming to market. The Brightfield Group projects that the hemp CBD market will be worth $23 billion by the year 2023, and expects food & beverage products to be the fastest growing segment of the market.
Sträva Craft Coffee, Inc., the U.S. manufacturer of hemp infused specialty coffee (CBD coffee), has signed a distribution agreement with BettermentRS, a leading health and wellness category manager and distributor. "We've known the BettermentRS team for a while now," says Andrew Aamot, CEO of Sträva. "We share a common vision for the future of hemp-based wellness products, and are extremely proud to be working together to provide Sträva's 'Peace & Wellness' CBD Coffee products to consumers in many of their favorite retail locations around the U.S."
Following enactment of the 2018 Farm Bill, the popularity of hemp-based products has skyrocketed in the U.S., with hundreds of new brands coming to market. The Brightfield Group projects that the hemp CBD market will be worth $23 billion by the year 2023, and expects food & beverage products to be the fastest growing segment of the market.
Consumer preferences are changing; they're elevating their standards. "Sträva is one of the originals," notes Aamot. "We introduced CBD coffee to the market in 2016 and we remain true to our passion: roasting amazing coffee and delivering the absolute best CBD coffee available." Asked how the industry is evolving, Aamot states, "We're observing a shift in consumer behavior as hemp products become more available in established retailers – consumers are seeking out traditional products enhanced with hemp cannabinoids rather than the specialized niche products which have characterized the industry for years." The Brightfield Group concurs, finding that although tinctures have dominated the hemp market in recent years, comprising 25% of the market, their popularity is giving way to more mainstream consumer products.
Through this distribution deal, Sträva and Betterment anticipate availability of products in over one thousand new retail locations by the end of 2020, with more to come in 2021 and beyond.
About BettermentRS — BettermentRS is a health and wellness company based in West Des Moines, Iowa. The company is laser-focused on providing clients with thoughtful sourcing and distribution of top-tier and emerging hemp brands and offers a complete portfolio of services to both suppliers and retailers, including comprehensive brand management, logistics solutions and education. BettermentRS's clients include a growing list of large national chains, regional retailers/distributors, and many specialty and nutrition retailers.
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