Functional Remedies inks partnership with Market Performance Group
Vertically integrated hemp company Functional Remedies has inked a partnership that it said would help boost its growth into mass retail. The Denver-based company is partnering with independent strategy consulting and sales management services company Market Performance Group, which specialized in helping CPG companies grow their distribution into major retail channels.
“MPG has done their homework in the hemp oil/CBD space and understands the market from all aspects — consumer and retailer needs and the ever-evolving regulatory environment — which sets them apart,” said Functional Remedies chief revenue officer Matt Poli. “This partnership will allow us to accelerate our retailer partnerships and our commitment to category growth. We look forward to collaborating on the right plan to educate consumers — key to carrying out our mission of bringing lives into balance with products that consumers and retailers can trust 100%.”
The CBD industry currently has few third-party validators, which leaves retailers to develop their own requirements — which the companies said MPG is familiar with.
“We know what retailers are looking for in new products and the types of hurdles to clear for CBD and hemp oil products,” said MPG founder and managing partner Marc Greenberger. “Functional Remedies is one of the few brands that check all the boxes for retailers including vertical integration, making our jobs easier. We are excited to work with them in carrying out their consumer mission and lead the category growth of hemp oil.”
MPG joins Functional Remedies’ other distribution partners, including acupuncture supply distributor Lhasa OMS, who the company said are supporting its expanding reach and preparations for mass retail as such chains as Walgreens, CVS Pharmacy, Rite Aid and Bartell Drugs begin to offer CBD and hemp oil products.