CBD beauty brands are facing an ominous future as Lord Jones’ beauty line shuts down. The cannabis-based beauty brand announced it’s shutting down shop in the U.S. and will remain exclusively in the Canadian market. Lord Jones was bought by its parent company, Cronos Group, in 2019 for triple its revenue earned in the year prior. But due to low earnings and leaving the shelves of beauty stores like Sephora, it was decided that the smartest move for the business would be to navigate away from beauty-focused CBD products, which are on the decline in the U.S. due to federal limitations on THC. Cronos Group explained that to save the future of the cannabis company, they will wait to reemerge into “the U.S. THC market when the necessary changes in U.S. regulatory conditions occur.” YPulse’s Personal Care & Beauty report data shows only 11% of Gen Z say they are interested in trying CBD / weed-infused beauty products. (Glossy)
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