Vancouver, British Columbia--(Newsfile Corp. - August 25, 2021) - Harvest One Cannabis Inc. (TSXV: HVT) (OTCQB: HRVOF) ("Harvest One" or the "Company"), a uniquely positioned global cannabis-infused and non-infused consumer packaged goods ("CPG") leader, announced today that its Dream Water brand launched a new line for sleep gummies in the American market, which will hit Company distributors and retailers in September.
The launch of Dream Water TM Sleep Gummies will increase growth in the Company's traditional distribution and retail channels, and improve overall channel penetration by leveraging the Company's expertise in branding, marketing, and distribution. Gummies are a rapidly growing functional format across vitamins, infusions and other natural health products. The global gummy vitamins market size was valued at $5.7B in 2018 and is expected to grow to $9.3B by 2026, with a compound annual growth rate ("CAGR") of 6.5%.(1) The U.S., the highest contributor to the North America gummy vitamins market, had a gummy vitamins market size of $2.3B in 2018, which is expected to generate revenues of $3.45B towards the end of 2026.(1) In addition, sleep products remain a growing category with North American sleep aids sales expected to increase to over $1.2B in the U.S. by 2024(2) and to $120M in Canada by 2023(3), with a 3% CAGR across these markets.(2)(3)
"We are pleased to launch our Dream Water TM line of Sleep Gummies, which is a natural extension of our portfolio of health and wellness products, and a significant opportunity for us to grow our market share in the sleep aid market," said Gord Davey, President and Chief Executive Officer of Harvest One. "Our innovative Dream Water TM product and brand, with its differentiated market position, has resonated well with consumers and has established itself as a strong leader in the sleep aid category. We will continue to innovate, commercialize and educate the market on this category and look to build on this success in future years with new innovative product formats and line extensions."
Responding to changing consumer needs, the Company will start shipping the Dream Water TM Sleep Gummies to grocery, drug, and mass retailers in September and also make them available on e-commerce websites, such as Amazon. This extension into a new functional format will allow the brand to satisfy more consumer occasions and appeal to a broader array of consumers across North America. The gummy format also provides a strong platform for future line extensions and cannabis infusions.
To view an enhanced version of Figure 1, please visit:
1. Data cited is based on: https://www.alliedmarketresearch.com/press-release/gummy-vitamins-market.html.
2. Data cited is based on: Passport, Sleep Aids in the US, Euromonitor International October 2019.
3. Data cited is based on: Passport, Sleep Aids in Canada, Euromonitor International October 2018.
About Harvest One
Harvest One is a global cannabis infused and non-infused CPG leader that develops and distributes premium health, wellness and self-care products with a market focus on solutions for sleeplessness and pain, resulting in the reduction of fatigue and anxiety. Harvest One is a uniquely positioned company in the cannabis space which is commercializing both cannabis-infused and non-infused products. Harvest One has established an impressive track record in product innovation, branding, marketing and distribution through its portfolio of CPG brands. Harvest One and owns and operates two subsidiaries; Dream Water Global and LivRelief. For more information, please visit www.harvestone.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, among other things, statements with respect to the anticipated benefits of the Dream Water Sleep Gummies, the magnitude of growth of the Dream Water Sleep Gummies amongst distribution and retail channels, the potential size and growth of the gummy market, future expansion plans, initiatives and strategies of the Company, and the Company's performance, growth initiatives, profitability, production capacity and gain in market share.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: implications of the COVID-19 pandemic on the Company's operations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the cannabis markets where the Company operates; changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; employee relations and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution, and sale of cannabis and cannabis-related products in the markets where the Company operates. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Additional information regarding this and other risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's annual information form dated as of March 2, 2021, for the year ended June 30, 2020, and under the heading "Risks and Uncertainties" in the Company's Management's Discussion and Analysis dated October 28, 2020, for the year ended June 30, 2020, filed under the Company's profile on SEDAR at www.sedar.com.
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