CBD brand TRIP sums up investment round at US$12M, expanding geographical market reach
24 Aug 2022 --- Supported by entrepreneurs, investors and business leaders, the UK-based cannabidiol (CBD) brand TRIP landed US$12 million in its latest investment round. The financial injection will go toward developing the sphere for mental health products “amidst a global mental health crisis.”
The funding aims to support the brands’ growth in the US and on a global scale, utilizing the investment by “expanding its retail footprint” in the US through partnerships. The brand will become the global exclusive CBD supplier to Soho House & Co and Erewhon, the Los Angeles-based retailer.
“Over the last few years, the world’s attitude toward the importance of mental health has changed dramatically. Since discovering the power of CBD through personal experience, our mission is to share calm in the everyday chaos with next-generation well-being products to power consumer lifestyles and help care for mental health,” says Olivia Ferdi, co-founder at TRIP.
Mental health awareness
A global CDB demand is on the rise, while countries are facing different regulatory challenges.
The area of mental well-being has recently been in the spotlight, especially during the COVID-19 pandemic due to uncertainty, anxiety and high-stress levels, paving the way for an increased interest in sleep and relaxation supplements.
Trip recently announced its debut in British retailer Boots, amid increased consumer demand for CBD products because of their relaxing effects, highlighting stress relief as the main driving factor.
With the increased mental health awareness, research and dietary guidelines have stepped up. One recent five-year-long study showed that diets should be personalized based on age and gender to optimize mental health.
CBD across borders
Different formats and products are taking on accelerated consumer interest in the UK, and the government aims to ensure safety and educational guidance on the topic, such as through an approval-pending list of safe products and knowledge spread.
In the US, the industry is expanding as well. However, the US Food and Drug Administration recently revealed a large issue of mislabelling CBD products nationwide, as 76% showed misleading information.
Japan is also seeing an increased interest in CBD as industry members previously told NutritionInsight on positive prospects following the potential legalization of medical cannabis.
Edited by Beatrice Wihlander
