ing social media activity, it should not be used as a proxy for market leadership. Publicly traded companies such as Charlotte’s Web, CV Sciences and Elixinol have established themselves as market leaders within CBD, based on distribution / market penetration, consumer awareness, and brand equity. Figure 2

ects a 153% YoY growth rate. Over the comparable timeframe, the company reported gross margin of 72%, reflecting over 300 bps of expansion. Elixnol. Elixinol (ASX: EXL; OTCQX: ELLXF) has a global presence in the cannabis industry, including hemp-derived CBD dietary supplements, food and wellness products,