With the legalization of hemp in Canada, startups and mature companies alike are scrambling to get a foot in the door of one of the largest untapped investment industries in modern history. Enter The Yield Growth Corp. (CSE:BOSS) subsidiary Urban Juve Provisions Inc., a lifestyle wellness brand – stemming out of Vancouver – that is looking to grow itself into an international wellness brand.
“We have big aspirations when it comes to revenue. The market is huge; the international market is more than $3.7 trillion, and the appetite for wellness products is growing,” said Penny Green, CEO of Urban Juve Provisions and co-founder, CEO and president of the Yield Growth Corp. (CSE:BOSS).
Urban Juve specializes in the development, marketing, licensing and sale of an “Ayurveda inspired wellness line of topical and therapeutic consumer products.”
The Yield Growth team consists of Green, whose extensive resumé includes working as a lawyer for more than 20 years – called to the bar in both B.C. and the state of Washington – and whose experience is priceless in an industry that is mired in legal red tape; Amy Frankel, VP of licensing and general counsel for The Yield Growth Corp. and Urban Juve; and Sandi Lesueur, president of Urban Juve.
Wellness philosophy Urban Juve’s philosophy of wellness is based on Ayurveda – a belief that the body and the mind are connected and that stresses the importance of healing and dietary herbs in wellness. Urban Juve’s products combine the practice of Ayurveda with Sativa Hemp Oil and essential oils, which are tailored to help nourish the body and maintain an allaround healthy body aura.
“Hemp has been used as a traditional medicine for 5,000 years,” said Green. She also added that only recently have scientists and doctors started to discover the health benefits of using hemp-based products. It’s a wellness movement that is new and also accessible for the first time.
With the legalization of hemp in Canada, Sativa Hemp Oil is now legally allowed to be sold as a consumer product; however, other hemp-based products containing THC or CBD are not. Green said that Urban Juve is not looking to enter into any “grey areas” when it comes to what is legal to sell and what is not. “It’s extremely complicated and the law changes almost on a daily basis, but it’s changing in the right direction. It seems like every day a new market opens up to us, or a new ingredient opens up to us in an existing market.”
Currently, the company offers two products: an anti-aging serum, made with Sativa Hemp Oil, and an Ayurvedic hemp oil lip balm. It will also have a deodorant available soon, and the plan is to have more than 50 products available over the next year. In the long term, Green hopes the Urban Juve brand will have its products available worldwide. As legalization progresses, along with the rules surrounding what sort of hemp products can be sold, Urban Juve also hopes to market CBD-based products. Potential = profit in an untapped market Although the #findyourjuve movement is based out of Vancouver, B.C., Urban Juve is already exploring business in the U.S. and around the world. “We are looking at the international opportunity, as we are right away going into various territories around the world,” said Green. She added that the brand has already targeted areas such as Italy, parts of the European Union and parts of the U.S., and is even looking at the possibility of expanding into China.
Yield Growth went public on December 14 with a valuation of approximately $40 million, but Green said there’s still lots of potential for the company to grow. This year alone, the company has already generated $2.5 million in revenues. Given that Americans tend to spend upwards of $40 billion a year on hemp, there is no ceiling on the potential expansion and profit Yield Growth could see. But it’s not all about the profit for Green and Urban Juve; there’s something much bigger brewing, and Green hopes Urban Juve will lead the beauty wellness industry in a completely new direction. “We are in the middle of a wellness revolution. We are at the very, very early stages of the science of hemp and what it can do for us.”
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