Unilever, one of the largest consumer goods parent companies in the world, is breaking into the booming CBD industry.
It's subsidiary natural skincare brand, Schmidt's Naturals, acquired by the multinational brand in 2017, says it will soon bring to market deodorants made with CBD and hemp.
CBD--cannabidiol--can be derived from either hemp or marijuana plants. But unlike THC from marijuana, CBD does not have psychoactive properties. Its become highly regarded for its anti-anxiety and stress-reducing benefits as well as its ability to reduce inflammation. It's also hailed as a powerful tool in preventing seizures.
"CBD is probably the most powerful ingredient that we're going to see over the next decade in the personal care market,” Michael Cammarata, chief executive officer of Schmidt’s Naturals, told Bloomberg.
A growing number of companies are breaking into the CBD category. Leading drug store chains Walgreens and CVS both announced plans to begin offering CBD-infused skincare items in stores this year.
Lifestyle guru Martha Stewart will also be bringing to market CBD products for pets in a partnership with Canada's largest CBD producer.
Country music legend Willie Nelson -- long known for his love of marijuana -- is now in the CBD industry as well, selling coffee infused with the compound.
Stewart and Nelson's foray into the CBD market makes sense; a recent survey found Baby Boomers are increasingly interested in using CBD to manage chronic pain and sleep issues and report feeling better when they do use the products.
Unilever's new deodorants will launch in Target stores later this year in select states.
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