Christiana, Tennessee-based Volunteer Botanicals, which provides manufacturers with consistent, versatile hemp-based ingredients for use in a wide variety of consumer products, is nearing the completion of a new research and development headquarters to help meet the growing demand for various medicinal products derived from the plant.
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 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, 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 various cannabinoids in enjoyable form factors will set brands apart.
As science and technology merge with the hemp plant we will see a new spectrum of products that are so much more dynamic than typical oil-phase products. New cannabinoids are showing promising results in medical trials as more universities and scientists work with the plant.
“The market is growing, and we need to reach beyond those consumers who are willing to use oil-based products like tinctures,” said Dave Neundorfer, CEO of Open Book Extracts. “In order to connect with customers, we must go to market with products that meet mainstream preferences.”
According to Neundorfer, the company is currently partnering with Volunteer Botanicals on two new products to address these consumer needs: A 50-milligram, broad spectrum CBD instant release tablet with an “immunity blend” of nine terpenes, and a 1:1 oral dissolving tablet with 5 mg of CBD and 5 mg of CBN (an alternate compound with a tendency to stimulate, rather than suppress, appetite). Each unique in their own way, 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 in Christiana 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.
Volunteer Botanicals was started by three MTSU graduates who feel Tennessee is a perfect place for emerging hemp technologies. The company supports many different farmers, extractors and brands by providing a book of services that expands the untapped potential of hemp extract.
“If we can help farmers move extract to the product creators that need it, in the form that they need it, we all win,” explains Odette. “We play a small but important role in the supply chain. Our services are open to all customers. When you work with Volunteer Botanicals you are able to access all of our technology and services without having to make that investment. We are here to help.”
For more information, contact Volunteer Botanicals at volunteerbotanicals.com or 1-833-CBD-TABS.
