The 29th of June is an important day for Clifton Flack. It’s the date that he officially founded CiiTECH Ltd and established its flagship brand Provacan CBD.
This year CiiTECH turns 5 and it’s worth a BIG CELEBRATION. It’s been a stormy two years of the pandemic, followed by war, crashing markets, inflation, and now a looming recession. None of which bode well for small(ish) but a market-leading company like CiiTECH. The CBD market is volatile, for better and for worse, and CiiTECH is right in the middle of it.
Alongside the pandemic-geo-political upheaval, CBD companies also had to contend with the FSA Novel Food applications, a process that has been a rocky road and has taken longer than expected. This has either stunted the growth or has put many of the 700+ CBD UK companies out of business. It has been a stormy time though and now is a good time to reflect on the last year of business and the state of the UK CBD market.
- Established companies like CiiTECH have been unable to introduce new products and formulations they have been working on.
- Businesses contracted for retail-dependent companies as retailers remained unsure of what products can legally be sold.
- CBD companies looking to break into retail chains were unable to move the needle as buyers put new contracts on hold.
- 2021 saw the successful listing of multiple cannabis companies on the LSE and AQ but the hype was short-lived and those companies have not had million wiped off their valuation.
- Cannabis stocks are in freefall globally and while they will surely recover, there is a long road ahead and there is a lot to prove.
The UK CBD industry has been hit particularly hard in the markets. CiiTECH was midway through an IP process but pulled the plug during Omicron, just as the war in Ukraine was lingering. In hindsight, while this was an incredibly tough decision to make, it was the correct one based on current circumstances and a determined forward-thinking attitude.
Now seems the time to reflect on what could have been and to share with the community what’s next for CiiTECH. We have a lot to be thankful for, with a strong team dedicated to providing the best CBD products and best services.
We are back focusing on our customer’s health at a time when they need us most.
We believe wholeheartedly that pulling out of the RTO was the correct decision for us.
We have 6 months of stable sales behind us, allowing us to focus on our new growth strategy.
We are supplier confident with products NF listed under 4 different contract manufacturers.