Better Plant Sciences: Why is this Hemp Stock Down 50%?

Despite the pandemic, the plant-based market has been booming with no signs of slowing down. Veganism is the new trend and since the pandemic as about 23% of Americans now have switched to plant-based diets. Better Plant Sciences Inc. (OTC: VEGGF) is a Canada-based seller of plant-based health and wellness products. Formerly known as The Yield Growth Corp, this hemp stock is currently about 50% down from it’s all-time high – but why is Better Plant Sciences down 50% and will this stock recover?

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Better Plant has two brands in the hemp space: Urban Juve, a line of skincare products that incorporate potent cannabis sativa hemp root or hemp seed oil as the star ingredient, and topical brand Wright and Well that uses THC-infused topicals for health-conscious customers seeking alternative ways to improve their wellbeing.

Huge Market Potential for Better Plant Sciences

While hemp based products are core offerings for this hemp stock, the case for Better Plant Sciences is actually coming from its Jusu juice portfolio. Recently the company added eight new Jusu juices to its product portfolio. The juices are currently available in British Columbia but the company will make it possible for customers to buy them online as well.

As per Technavio’s market research report, the global cold-pressed juices market is expected to grow by $237.77 million, progressing at a CAGR (compounded annual growth rate) of about 6% during 2020-2024. This gives Better Plant sufficient room for growth. It also stated the North American region had dominated the juice market followed by regions like Europe, APAC, South America, and MEA.

Better Plant Sciences: Improving Customer Retention

Retaining old customers can be challenging in highly competitive markets. As per a KPMG report, 81% of millennials are likely to spend more in companies in which they are members of some loyalty programs and 78% prefer switching to companies that offer better programs.

Better Plant has launched a program called “Insider Rewards” to reward the customers of the Urban Juve skincare line. The said plan will reward the customers with points that can be redeemed to collect free products and would also provide access to exclusive promotions.

Insider Rewards will support the e-commerce platform as well and help in amplifying the efforts of the marketing team in making customers feel valued along with keeping track of customers spending for increasing repeat customers.

Its mobile-optimized referral tools can help the company in gaining new customers and this reward program will be available for all the brands of the company. Apart from that brand engagement activities like signup for e-mails, reviewing products, and following on social media are also there. The strategy looks promising right now.

Better Plant Sciences: Helping to Build an Obesity-Free Nation

Obesity is a global epidemic killing at least 2.8 million people every year. It is the mother of serious illnesses like cardiovascular diseases, musculoskeletal disorders, diabetes, and so on. As per the World health organization as of 2016, about 39% of adults were overweight while 13% of adults were obese.

Psilocybin has been identified as a key ingredient that can promote weight loss and control food cravings. Better Plant’s majority-owned subsidiary, NeonMind has obtained Health Canada’s approval for a pre-clinical trial on research on psilocybin. It has engaged the University of British Columbia to conduct the trial.

While Better Plant has solid projects in hand, the stock has been highly volatile and the company has been struggling for profits. As of now, Better Plant hasn’t given hemp stock investors strong reasons to buy into its growth story. The company is experimenting with a host of programs. It would make sense to wait a while before sinking your teeth into this potentially juicy hemp stock.

Better Plant Sciences: Why is this Hemp Stock Down 50%?

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Better Plant Sciences: Why is this Hemp Stock Down 50%?