After a quick walk through any LaGuardia Airport terminal, you will have seen vending machines from Best Buy Co Inc. (NYSE:BBY) selling headphones, automated mini-pharmacies from CVS Health Corp. (NYSE:CVS) selling Advil and Bandaids, and down jacket dispensers from Uniqlo, a wholly-owned subsidiary of Fast Retailing Co. Ltd. (OTC:FRCOY) (OTC:FRCOF).
With the U.S. hemp-derived CBD market estimated to top $20 billion by 2020, it’s only logical that vending machines may soon become a larger piece of the CBD supply chain.
CBD Vending Machines Already in Brooklyn
Recently, One Step Vending, Corp. (OTC:KOSK) announced successful installations of CBD vending machines in convenience stores around Brooklyn offering CBD infused products to adults including “gummies, capsules, CBD oil, drinks, coffee and tea.”
One Step Vending President David Garfinkel commented:
“We’re very pleased with the warm reception of the vending machines in our merchant network stores and we currently work closely to promote the first products, support the customers and make available the best products in the American CBD market through our vending machines.”
In compliance with recently passed Farm Bill legislation, “all products sold via KOSK’s CBD Kiosks are THC-free” and sourced solely from U.S.-based suppliers.
Increased Adoption of Vending Machines
A recent report from Global Market Insights, Inc. shows that worldwide vending machine demand is steadily on the rise, and is expected to grow at a compound annual growth rate of around 16% through 2024.
Not only do vending machines have a smaller carbon footprint compared to traditional retail operations, but their wide variety of logical applications ranging from public transport hubs to shopping malls allow sellers to increase their consumer reach tremendously.
Additionally, they can help in “accelerating the shopping process with a detailed product overview and various payment options. The incorporation of such smart solutions in stores is driving the sales and profitability of the retail businesses, thereby accelerating the market demand.”
Conclusion
One Step Vending Corp. just installed their first CBD vending machine back in December, but they’re already penetrating the New York City market with 15 machines. We’ll be watching closely to see if competitors pop up. Be sure to subscribe to updates here so you never miss an important update.
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