By Emily Ledger
Colorado company, Highland Natural Resources have announced their plan to shift their focus to their CBD brand, Zoetic. The company’s oil and gas revenues remain the main source of income for the company. However, HNR bosses expect significant growth in the CBD industry.
In a statement from the company, it was announced the plans for all of Highlands’ discretionary expenditure will be diverted to Zoetic. The decision comes amid expectations that Zoetic will replace oil and gas revenues as the company’s largest source of income.
Robert Price, Executive Chairman, and CEO of HNR is expected to state:
“Whilst our oil & gas revenues from our East Denver project remain our largest source of income at present, there is every reason to expect that this will change in the coming months as Zoetic continues to grow.”
The company’s Annual General Meeting (AGM) which takes place in London today (19th August), will also see a number of other announcements. These include mainly cost-cutting measures, including reducing headcount, and freezing new hires. The measures are designed to increase investment in Zoetic.
Since the launch of Zoetic in April, the company has seen its products stocked in 44 stores across the US. It is expected that this number could be doubled by the end of September. Despite this, and the brand’s UK launch, Zoetic is yet to be made self-sustainable.
However, as a vertically-integrated Cannabis company, HNR believes that this will soon change. The US CBD market is currently estimated to be worth $5 billion and is expected to grow to $23.7 billion by 2023.
Highlands Natural Resources owns two CBD brands: Zoetic and Chill. Products such as vapes and vaping liquids, tinctures, capsules, chews, and smokeables are available across the two brands. Products available in the UK include their tinctures in flavours: peppermint, melon and blood orange. The products come in strengths of either 500mg, or 1000mg.