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we believe that a modest 2% share of the category is

U.S. bottled water generated just over $13 bn in 2018.

given the recent passage of the U.S. Farm Bill.

though should admittedly be smaller in scale

we believe revenues will approach the $1 bn mark.

with revenues more than doubling to $600 mm. Assuming

which shows that almost 20% of CBD users consume beverages

Including Muscle Freeze Figure 54 Curaleaf Hemp Lotion Priced On The Premium Side

this could reflect the large number of brands we see playing

the premium segment looks to be the narrowest

which we define as anything above $0.54 per mg of CBD. Of all

we would highlight the absolute number of

a market share between 12-17% is not unrealistic.

coupled with what we expect to be robust consumer

we believe that this is unlikely and view the floor at ~7%

the largest market share among all of the

which includes both OTC and rx offerings was ~$12.8

we expect the topical CBD market to grow to $1.5 bn (almost

we expect the topical CBD market to provide the largest

average retail price was ~$50 per offering