NBEV in China
On June 18, New Age Beverages (NBEV) announced that it will launch its CBD product portfolio in Hong Kong. The company calls this move its “first major international expansion.” Let’s look at what this expansion entails for the company.
What will it sell?
Starting June 18, 2019, NBEV will launch its CBD products under its brand name, ‘NHANCED CBD in Hong Kong. The brand includes products like creams, lotions, and oils. NBEV listed three specific products that it will offer initially. These include body cream, oil, and roll-on gel. These products will have a strength of 150 mg to 500 mg.
How will it sell?
NBEV is taking a direct-to-consumer sales approach to sell its products to customers in Hong Kong along with selling online through its dedicated website. NBEV plans to sell through “direct-to-consumer product consultants” and through the website. The company believes this approach will allow it to keep costs down, as it won’t have a physical retail location set up in the region.
At the end of last year, the US formally legalized the hemp industry through the passage of the Farm Bill. Hemp-based CBD products have paved the way for a new industry in the US and NBEV is one of those companies that has capitalized on the opportunity. The CBD-based products exported to Hong Kong will use hemp grown in the US.