Leading Canadian cannabis producer Canopy Growth Corp. is celebrating its entry into the ever-growing CBD (cannabidiol) vape market. The company plans on distributing its cannabinoid-containing products at Circle K locations across the U.S.

Confirmed on Tuesday, September 14 the deal will enable Canopy to showcase and sell its range of CBD vapes at 3,000+ locations as of October 1. All of the company’s CBD is created from U.S.-cultivated hemp and is sold in 200-milligram pods.

“We want to empower consumers to quickly achieve focus, calmness or prepare for sleep with a modern CBD solution that is fast-acting and can fit seamlessly into anyone’s daily routine,” Canopy’s vice president (VP) of global vape business, Andy Lytwynec, expressed in a statement.

About Circle K’s foray into the CBD space

Founded in Texas in 1951, Circle K is owned by the Canadian multinational Alimentation Couche-Tard. This retail network is headquartered in Laval, Quebec, Canada and it currently operates approximately 9,900 convenience stores across the North American landscape. Of that amount, around 5,900 convenience stores can be found in the U.S., with the remainder being scattered around Canada.

Aside from the Circle K stores that are located in North America, the company also licenses or operates convenience stores in 22 other global countries. This international chain of Circle K convenience stores is gradually melding with the CBD space to present shoppers with an opportunity to purchase smokable hemp, vapes and topical CBD-infused solutions.

Circle K will focus exclusively on the sale of Canopy Growth’s CBD products. Canopy, which is headquartered in Smiths Falls, Ontario, can be found trading on the Toronto Stock Exchange under the ticker “WEED” and on the Nasdaq under the ticker “CGC”.

The CBD market is growing at a rapid rate

The global CBD market is estimated to soar in value to USD$2,740 million this year. Analysts predict that it will grow at a compound annual growth rate (CAGR) of approximately 51 percent between the years 2021 and 2030. Examples of some CBD-based products that make up the diverse market include capsules, dried cannabis, liquid solutions and oils.

Although further research into the non-psychotropic cannabinoid is needed to fully understand its medicinal qualities, existing research points to CBD’s anxiolytic, analgesic, anti-inflammatory and neuroprotective properties.

The CBD market’s exponential growth has already had a ripple effect across the rest of the world, which is gradually starting to embrace the cannabis plant and its therapeutic, non-psychotropic element. Plus, with over 100 cannabinoids having already been identified, it’s likely that consumers will soon gain access to a plethora of other cannabis-based therapies that don’t induce the “high” that the green plant is renowned for.