A religious book company called CBD has chosen to change its name because of the popularity of cannabidiol
Ray Hendrickson set up Christian Book Distributors with his brother more than 40 years ago. The firm, based in Peabody, Massachussets, sells home schooling products and books and over the years became better known by its initials.
But the company know has re-branded as ‘Christianbook’ to stem the confusion arising from the popularity of cannabis derivatives
“It’s really just something where that product is going to win the day on that term,” Hendrickson told the Boston Globe
“I very much wish that they chose different initials. It stands for a very, very long word, and I’m like, ‘Gee, why couldn’t you have picked some different letters?’
He added: “41 years ago we would not have expected to have had our three letters… become synonymous with this.
Mr Hendrickson says his employees’ CBD-emblazoned uniforms were raising eyebrows since the explosion of CBD products and the rising public awareness of it
He also described how he hoped CBD would simply be a short-lived fad and business would resume as normal afterwards.
But as New York-based investment bank Jefferies Group LLC estimates the current legal cannabis market is valued at US$12.3 billion, that appears to be a forlorn hope.
In May 2019 market research and consulting company Grand View Research produced a report stating the global legal cannabis market size is expected to reach US$66.3billion by the end of 2025.
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