Thinly-traded nano-cap OTC stock Life on Earth LFER surged Thursday after the company announced two CBD additions to its brand of calming drinks JustChill.
Life on Earth said it will introduce two categories to its JustChill brand of beverages aimed to reduce stress and improve focus due to their proprietary blend that includes SunTheanine, an amino acid that can promote focus and calmness.
The first category includes Organic CBD-infused High Alkaline Waters and the other is Organic Hemp-Infused Drinks. The CBD-infused waters will be available in six flavors. It will come in 16.9 fl oz PET bottles and contain 10mg of CBD. The Hemp-Infused beverages will be available in five flavors.
Why It's Important
The legalization of hemp and hemp-derived CBD has created a major opportunity for beverage makers to tap into a new market. Canaccord estimates the market for CBD-only beverages could reach $260 million by 2022.
In this way, a number of companies announced their entry into the CBD beverages market last year. New Age Beverages Corp NBEV 0.3% announced its portfolio of CBD drinks last year and earlier this year announced its expansion with Bob Marley-branded offerings following a partnership with Docklight Brands. Youngevity International YGYI 1.01% also added two CBD beverages to its line of hemp-derived CBD products HempFX.
Life on Earth said it's in the process of finishing arrangements with supply-chain partners and plans to release the products into the marketplace by summer.
The OTC stock traded up 31 percent at 58 cents per share Thursday afternoon.