Apex Brands is debuting CBD products with Stem Holdings.
Apex Global Brands today revealed a multibrand partnership with Stem Holdings, the vertically integrated branded cannabis company, to produce CBD products through a licensing agreement.
“The selection process for a CBD partner was highly rigorous,” said Apex chief executive officer Henry Stupp. “We wanted to ensure that as we expanded into new types of licensing agreements that the values of the prospective CBD partner’s organization fit well with Apex’s own values and portfolio of brands. From the beginning of our discussions with Stem, the fit and benefits this partnership could offer our common consumers became more and more apparent.
A report from legal CBD and cannabis-focused research firm Brightfield Group predicts that the U.S. CBD market will reach $5 billion this year and $23.7 billion by 2023.
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