FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Initial Retail Market Testing of Taat Hemp Cigarettes Yields Excellent User Feedback and Reorders from Over 75% of Retailers.”
TAAT LIFESTYLE & WELLNESS LTD. (CSE: TAAT) is pleased to announce the successful completion of the first phase of initial retail market testing for Taat hemp cigarettes, which resulted in especially positive responses from users of the product. Beginning in early May 2020, “test” versions of Taat hemp cigarettes were offered for sale at more than 50 retail locations in Nevada and Southern California with an objective of soliciting feedback from users. Over the duration of this phase, users consistently gave testimonies about Taat hemp cigarettes that reflected their satisfaction with the product as an acceptable replacement for legacy tobacco products. This feedback was corroborated by a high rate of repeat purchases, which resulted in a reorder rate of more than 75% from participating retailers whose supply of Taat hemp cigarettes sold out during this first phase.
Taat Herb Co., the flagship brand of Taat Lifestyle & Wellness Ltd. is an early-stage life sciences company based in Las Vegas, Nevada innovating nicotine-free and tobacco-free alternatives to traditional cigarettes. With a unique proprietary blend of all-natural ingredients and meticulous engineering of the user experience, Taat hemp cigarettes are designed to emulate every aspect of legacy tobacco products with no significant difference to the user. Enhanced with CBD, a non-psychoactive derivative of hemp, Taat hemp cigarettes provide benefits that include mitigation of tobacco withdrawals, and reduction of tobacco dependency. With an expert-led go-to-market strategy, the Company’s objective is to position itself in the US $814 billion (2018)1 global tobacco industry to capitalize on the growing worldwide demand for better-for-you alternatives to traditional cigarettes.
While the CBD market is still relatively new in many regions of the world, it has already experienced dramatic innovations over the past few years. The U.S. passed the Farm Bill in late 2018, which legalized the commercialization of hemp-derived CBD products and catalyzed the market. Entrepreneurs then began to develop new methods of consumption of CBD-based products, such as concentrates, extracts, edibles, beverages, tinctures and cigarettes. Overall, CBD became popular as more researchers began confirming that it offers a number of therapeutic benefits. For instance, researchers noted that CBD can alleviate minor medical conditions such as headaches or soreness as well as potentially suppress symptoms associated with severe conditions such as cancer, epilepsy, Alzheimer’s, and chronic pain. As a result, the global hemp market is projected to grow by 23.1% during the forecast period between 2019 and 2025, according to data compiled by QYR Consulting.
Perhaps not surprisingly, hemp and CBD products are potentially stealing market share from other markets, such as tobacco for example. According to data provided by the Brightfield Group and published by Hemp Industry Daily, a survey of more than 5,000 CBD users in the U.S. reveals that 24% have used it to help quit smoking and quitters are often replacing cigarettes with either smokable hemp or vaping. And, 41% of quitters have entirely replaced tobacco with hemp CBD. “It’s not going to be addictive. A lot of the problems we have with tobacco is if you smoke enough of it and you’re pre-disposed, you’re not going to stop. That’s unlikely to happen with hemp since there’s nothing in hemp that we’re aware of that makes people dependent,” Dr. Jordan Tishler, a medical expert at Green Flower Media and the President of the Association of Cannabis Specialists explained to FOX Business. “If you asked me would I rather have my teen smoke hemp, smoke tobacco or vape a Juul, I’d rather have her do none of the above, but the hemp cigarette seems like the least dangerous of the three because it has no nicotine.”
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