Murfreesboro facility to serve growing demand for cannabinoid ingredients among nutrition supplement and pharmaceutical manufacturers
MURFREESBORO, Tenn., Sept. 22, 2020 (GLOBE NEWSWIRE) — Tennessee-based Volunteer Botanicals, which provides manufacturers with consistent, versatile hemp-based ingredients for use in a wide variety of consumer products, recently broke ground on a new research and development headquarters to help meet the growing demand for its miscible and “flowable” cannabinoid ingredients.
A 2019 market research study conducted by BDS Analytics and Arcview Market Research projects the market for CBD sales to surpass $20 billion by 2024 in the United States alone. This anticipated growth will not just be fueled by CBD products from hemp producers, but by traditional manufacturers as they recognize the value of adding cannabinoids to more mainstream products. According to the BDS/Arcview report, general retail stores will soon take over the majority of CBD product sales from cannabis dispensaries, where they currently occur.
“The day is rapidly approaching when CBD and other cannabinoids become ingredients, not just products,” said Derek Odette, CEO and Co-founder of Volunteer Botanicals. “The potential for cannabinoid ingredients in nutritional supplements, nutraceuticals and over-the-counter medications is tremendous. Our new headquarters will provide us with the room to accommodate these and other developing opportunities.”
The current challenge for the industry is developing products that fit modern consumer preferences, according to Odette. As the market moves from dispensaries to mainstream retailers, customers will be seeking familiar delivery methods they feel comfortable using. The ability to provide cannabinoids in enjoyable form factors will set brands apart.
“Oil-based tinctures are a vestige of this market’s cottage industry origins,” said Dave Neundorfer, CEO of Open Book Extracts. “To accelerate broad scale adoption of cannabinoids, we need to arm the market with products that not only work but also meet the preferences and behavior of mainstream consumers.”
According to Neundorfer, the company is currently partnering with Volunteer Botanicals on two new products to address these consumer needs: A 50 mg broad spectrum CBD instant release tablet with an “immunity blend” of terpenes, and a 1:1 oral dissolving tablet with 5 mg of CBD and 5 mg of CBN. Each unique in their own ways, these products are geared directly at this newly emerging, mainstream consumer.
“The ability of Volunteer Botanicals to meet the potency requirements we desire with consistency and precision is what drew us to work with them,” he said. “They are one of the few labs that is putting the pieces together on how cannabinoids can work for manufacturers and consumers.”
Construction of the new facility is partially funded through a $25,000 grant awarded to Volunteer Botanicals earlier this year from the Tennessee Department of Agriculture’s Ag Enterprise Fund (AEF). The Ag Enterprise Fund is designed to enable agriculture-related companies to grow and positively impact rural economies in Tennessee.
About Volunteer Botanicals
Volunteer Botanicals develops precise cannabinoid formulations, providing manufacturers with consistent, versatile hemp-based ingredients for use in a wide variety of products that meet specific demands of product creators inside and outside the hemp industry. The company’s products provide the building blocks of miscible and “flowable” powders suited for food, beverage, supplements, nutraceutical and pharmaceutical products. Through innovation and technology, Volunteer Botanicals is taking cannabinoids mainstream. For more information, visit https://volunteerbotanicals.com.
About Open Book Extracts
Headquartered in Roxboro, N.C., Open Book Extracts is a cGMP-certified manufacturer of premium plant-based cannabinoid products, aiming to be the industry’s true north by delivering premium products, exceptional service, and industry-leading transparency. With control of the entire supply chain, a state-of-the-art extraction campus near North Carolina’s Research Triangle, proprietary refinement and conversion methods backed by a growing IP portfolio, and a team of PhD chemists and seasoned business leaders, OBX is positioned to be the trusted partner for global brands seeking to enter the marketplace. OBX Asia, with its headquarters in Hong Kong, provides strategic guidance and on-the-ground support for our Asia customers. For more information, visit www.openbookextracts.com.