Crowdfunded start-up Greenfield MC is set to launch a range of hemp seed cosmeceutical products to drive alternative revenue in a “saturated” medicinal cannabis market.
The company has concluded consumer trials on three skincare products it aims to bring to market in September, under a brand called Vela Days.
Described as “high-end luxury”, Greenfield said it will fill a gap in the market for locally manufactured, “science-backed” cosmeceutical skincare products.
Chief executive Amelia Gartner said the launch will cement Greenfield’s position as a cannabis and wellbeing company, rather than one purely focused on prescription medicinal cannabis.
Speaking to Cannabiz, Gartner revealed how Greenfield diversified after concluding the medicinal cannabis market was too congested for the number of prescriptions being written.
“We decided last year to pivot the vision for Greenfield to be a cannabis/wellbeing company and that made us able to diversify and that’s essential in Australia,” she explained. “We are in a saturated market, all vying for a tiny piece of the pie. So diversification is key.
“With something like 150 cannabis products in the Australian market now, it’s also going to come down to price.”
Greenfield imports two CBD isolate products into the Australian market – 16.7mg/ml and 100mg/ml – both through the UK distribution centre of US-based Mile High Labs.