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Thursday, Sep 21, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Nuveev launches cosmetic-quality CBD topicals in Canada

The line of skincare products is created in partnership with Israel-based Nextage Therapeutics

Nuveev launches cosmetic-quality CBD topicals in Canada
Image via Nuveev

Some of the first regulated, cosmetic-quality CBD skin products are now available to Canadian consumers.

This week, wellness brand Nuveev launched its line of cosmetics and other topical products.

The beauty and skincare products are now available in Manitoba, Saskatchewan and Ontario, with further expansion due in B.C. by the end of the year.

The initial launch includes a facial moisturizer, a hand cream and a 25-milligram CBD drink.

Nuveev says a cleanser, facial mist, body lotion and giftable packs will soon follow.

Based on total cannabinoid topical sales of $6.4 million in 2020, the company expects the segment to grow 60 per cent to an estimated total of $10.2 million in 2021, and to grow an additional 25 per cent to $12.7 million in 2022.

Specifically the creams and lotions categories are projected to grow the most.

If Canada passes regulations that allow CBD goods to be sold as health products outside of cannabis retailers, the segment could grow even more.

Read more: Cannabinoids can inhibit aging process of the skin: study

Read more: Canada’s cannabis health product advisory committee lacks ethnic and professional diversity

The products are the result of a partnership with Israel-based Nextage Therapeutics, which assists Nuveev with research and development. Nextage holds a “first of its kind” licence from Israel’s Ministry of Health for the development, testing and GMP-certified manufacturing of cannabis products.

According to a spokesperson, a base formula is produced in Israel that’s shipped to HydRx Farms Ltd. in Canada. The latter company serves as the licensed producer for Nuveev.

“Together with our partners at Nextage, we see limited innovation and unlimited potential in the wellness and beauty segment of the Canadian cannabis industry,” Nuveev CIO Chris Lund said in a statement. “The team’s experience in the beauty, cosmetics, and consumer packaged goods industries will introduce consumers to a new system that expands the incorporation of CBD into their self-care routines.”

The legacy of cannabis prohibition is apparent in the CBD beauty products available in Canada, with the segment largely restricted to balms, bath bombs and ingredients inspired by development in the underground, says Samantha Marchione, Nuveev portfolio manager.

“We’re bringing the best of cosmetic innovation, and infusing it intelligently with CBD, to introduce the ‘canna-curious’ to the beauty and wellness powers of cannabinoids.”


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