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Wednesday, June 12, 2024

Why Did Domestic and Foreign CBD Manufacturers Enter Hong Kong Market?

Asia is almost the least cannabis-friendly region in the world. At the recent 63rd session of the Nations Commission on Narcotics (NCN), most Asian countries voted against it. Too conservative has led to relatively slow development of the Asian cannabidiol CBD Manufacturers market. However, Hong Kong is different from mainland China and many other parts of Asia. According to the Hong Kong Center for Food Safety.”

The illegal importation of cannabis or products containing controlled cannabinoids (like THC) is a crime.” Among them, CBD is not a dangerous drug. For drugs that contain CBD but do not contain dangerous drugs, “under the Medicines and Poisons Regulation, those products must be registered with the Administration for Pharmacies and Poisons before they can be sold or dispersed.” Hence, CBD is legal in Hong Kong.

It should be noted, however, that industrial hemp-derived CBD also generally contains small amounts of THC. In Hong Kong, only the tested CBD products without THC and CBN content are legal and approved for sale in the market. Although the policy is still a bit strict, it is very rare in Hong Kong, part of China, for pure CBD products to be legal. Because China’s cannabis policy has always been strict and careful. 

While the CBD market in Asia is slowly developing, there is no doubt that Asia is the market with the greatest potential. Especially in China, global manufacturers covet this huge market. However, it is known that only Yunnan and Heilongjiang provinces in mainland China allow approved manufacturers to grow and process industrial hemp. 

Currently, only the cosmetics industry allows hemp leaf extract to be added, while adding CBD to food and health products is prohibited. Are there other ways for overseas CBD manufacturers to enter the Chinese market since the guidelines and regulations are so strict in mainland China? Hong Kong is obviously a very suitable strategic interior. The Hong Kong market is also an excellent testing ground for local manufacturers.

The CBD Beer

From the beginning of 2020, domestic and overseas CBD manufacturers have successively introduced the CBD market to the Hong Kong market including food, beverages, cosmetics, etc. with all the corresponding products. For example, OH CBD Beer, a startup craft beer company in Hong Kong, took the lead in launching its first CBD craft beer in January 2020. This CBD beer is 330 ml per bottle, has an alcohol content of 3.5%, contains 20 mg of CBD, and costs HK $ 110. This beer was very popular when it was released and the first 2,000 bottles of beer sold out within ten days. The company then released the second and third batch of CBD beer. 

In June 2020, Joyce Beauty, a high-end Hong Kong beauty store, began selling CBD products, including three CBD brands, Natureofthings, Saint Jane and Treaty. The CBD products sold include not only skin care body lotion, face essence, skin whitening lotion and lipstick, but also sublingual tinctures for relaxing emotions and body ointments for relieving muscle pain, etc.

CBD Products

In August 2020, the Australian company Altum International opened its first CBD café at Hong Kong-Found Coffee. This cafe offers a range of CBD products, including oils, capsules, and balms. 

Additionally, the store offers a variety of foods and beverages with added CBD, including coffee, tea, kombucha, popsicles, cakes, bread, chocolate, etc. In November 2020, Canadian CBD company Pure Sunfarms launched Found Coffee and Lane Crawford worked together to bring fudge, chocolate, bath salts, and other creative CBD products to Hong Kong consumers. 

This is the first time the company’s CBD products have been launched in Hong Kong. In addition to the above companies, the Hong Kong market has also caught up with many other CBD brands. Among these, Gentle Bro CBD has its own US-made organic CBD products, including capsules, dog treats, gums, balms, creams, and oil drops. Cubed CBD offers its own CBD line of products, including oils that are used for psoriasis. Skin creams, lotions and body sprays for eczema; The American brand Born CBD offers three CBD oils of different strengths. 

In addition to CBD brands that have come to Hong Kong from overseas, there are also many locally grown brands such as the CBD skin care brand Dongjiye, which was jointly developed by the Hong Kong Longma Technology Group of the Heilongjiang Academy of Agricultural Sciences. and Guangzhou Qihua. Apparently, the Hong Kong CBD market has gradually shown a thriving trend since early 2020. 

What remains to be done for these manufacturers is that more people understand CBD and are willing to pay for CBD products. Hong Kong, an excellent catchment area for entering more Asian markets, has become a market accessible to domestic and foreign manufacturers. These manufacturers sit idly, testing and developing in Hong Kong, waiting for the opportunity to enter the larger market in mainland China and other Asian markets.

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