CBD company CaniBrands may be known for its celebrity athlete endorsements, but it is more important to develop "products that work," CaniBrands CEO Chris Lord said.
CaniBrands' products can be found in NHL locker rooms and adored by Hollywood's celebrities. This helps create a "comfort level" for consumers as the company has a seal of approval from high-performance athletes and other notable figures, Lord said Thursday during Benzinga's virtual Cannabis Capital Conference.
This level of trust is very important for the CBD industry that remains in its very early stages, the CEO said.
A recent study conducted by Prohibition Partners found that more than 50% of consumers who bought CBD products in 2019 were new to the industry.
There are a lot of paid spokespeople in the CBD industry but none can be found talking about CaniBrands, he said.
This is "super important" for CaniBrands as it continues to expand its share above and beyond professional athletes.
They Didn't Bug Me
Dara Torres is a 12-time Olympic medalist and the first swimmer to represent the U.S. in five Olympic Games. She is now the Chief Lifestyle & Wellness Officer at CaniBrands but only after trying out the brand for herself.
"They sent [a sample] to me, they didn't bug me, I tried it and I realized how much it worked," she also said. "Then I contacted them back."
Hopefully, consumers can see the reality that "we actually believe in the product," Torres said.
2020 Expansion Plans
CaniBrands announced in late 2019 a plan to expand across North America and key international markets and these plans are still on the table despite the COVID-19 pandemic, the CEO said.
The company has some success stories in 2020, including the launch of a new partnership in Brazil.
"When the right time comes we are going to roll out some new announcements in the future," he said.