NATICK, Mass. -- A pioneer of the electronic-cigarette market is taking an aggressive stab at a new venture in a burgeoning category.
Miguel Martin, the former president of Logic Technology Development LLC, has jumped into the trending CBD (cannabidiol) market, purchasing Reliva CBD LLC with a team of “retail and wholesale industry veterans.”
CBD is a nonpsychoactive compound found in hemp and cannabis. It does not provide a high. It is, however, found to be beneficial in providing relief from pain, anxiety and insomnia. As a result, CBD-based products, such as oils, creams, lip balms and gummies, have been trending in recent months. That growth is expected to escalate on the heels of the 2018 Farm Bill, which legalized growing hemp, removing a hurdle to CBD production.
“With the passing of the 2018 Farm Bill, Reliva is excited to be one of the first companies to bring high-quality CBD products to retail at approachable price points,” said Martin, who will serve as CEO of the Natick, Mass.-based company. “While other major categories are declining, CBD done right presents retailers with a unique opportunity to achieve 40% margins and capitalize on explosive category growth.”
Reliva is the marketer of CBD-based edibles, topicals and shots. The products are produced in the United States, contain 0% THC (tetrahydrocannabinol, the chemical in marijuana that gets a user high) and come with batch-specific certificates of assurance, according to the company.
Martin is a veteran of the tobacco category. The former senior vice president of Altria Group, Richmond, Va., the marketer of Marlboro and other well-known cigarette brands, Martin joined Logic Technology in 2013, just as the product category was beginning to peak. Tokyo-based Japan Tobacco Inc. acquired Logic in 2015. Martin left the company in January 2018.