Live Verdure has successfully registered its 13 Seeds brand with the US Food and Drug Administration (FDA), a requirement for the sale of its hemp-based products in the US where specific labelling of products is required.
Sales of its hemp-based nutraceutical gel capsules in the US have begun, the company said yesterday.
Started in Melbourne in 2016, Live Verdure develops and sells hemp-based food, nutraceutical and skin-care products such as hemp seed oil, seed oil capsules, infused manuka honey, drinking chocolate, muesli and protein powder under the 13 Seeds and 8 Seeds brands. It makes its all-natural hemp products from 100 per cent Tasmanian hemp sourced from local Australian farms.
Nutraceuticals are food-based substances consumed for the potential prevention or treatment of illnesses and diseases. In the wake of the COVID-19 pandemic, concern for health and wellness has grown and nutraceuticals are increasingly incorporated in people’s diets.
Live Verdure managing director, Ran Vaingold, said: “The US nutraceutical market is the biggest in the world and the launch of our ‘13 Seeds’ brand in the US marks a huge step towards achieving global expansion. Consumers worldwide value high-quality products and our 100 per cent Tasmanian hemp seed oil is top of its class.”
The global nutraceutical market was valued at US$382.51 billion in 2019 and is expected to expand at a CAGR of 8.3 per cent to US$722.5bn by 2027.
Live Verdure chose the US as its first international market as the US is the largest consumer of nutraceuticals globally. The US is also the world’s largest market for medicinal cannabis products.
Live Verdure intends to push further into the US by tying up with more distribution partners and US-based global online marketplaces, on top of leveraging social media.
After North America, Japan and China are the next largest nutraceutical consumers. Together, these nations make up 78 per cent of the world’s nutraceutical market.
Although both hemp and marijuana are part of the cannabis family and the two plants share many similarities, they differ in that marijuana contains high levels of THC, the compound in cannabis that gets users high. Hemp, however, contains only trace levels of THC. Because of this, it has been approved for food use in countries such as India, China, Australia and New Zealand.
Live Verdure made sales of $145,000 in the quarter ended 31 March 2021, up 6 per cent year-on-year.