Casper jumps on the CBD bandwagon with sleep gummies

Dive Brief:

Mattress brand Casper on Tuesday forged into a new product category with cannabidiol — or CBD — gummies, according to the company's website.
In partnership with edibles startup Plus, Casper created a product that combines both CBD and melatonin designed to "help you sleep better," the company said.
The products are available for purchase on Plus' website and retail for $35 for 14 gummies.

Dive Insight:

CBD has infiltrated several aspects of consumers' lives, from ice cream to beauty products. Drugstore retailers like CVS and Walgreens, and mall-based retailers like Barneys New York, American Eagle and Abercrombie & Fitch have all jumped on the CBD bandwagon — and for good reason. The global cannabis market — both legal and illicit — has reached $150 billion, but Euromonitor International expects legal cannabis will encompass 77% of the market (or $166 billion) by 2025.

And while Casper helped lead the mattress disruption through its bed-in-a-box model, the brand hasn't been shy about venturing outside of its original product category. Since its launch in 2014, Casper has released bed frames, bedding, dog beds and a smart nightlight, among other things. The latest launch adds to the notion that Casper isn't just in the market to sell consumers the tools necessary once you fall asleep, but rather it wants to be pegged as a total lifestyle brand centered around sleep.

"We're always exploring new ways to improve sleep across the entire sleep arc — from sunset to sunrise," Neil Parikh, co-founder and chief strategy officer at Casper, said in a statement. "Like PLUS, we believe sleep is a key part of the wellness equation. Partnering with their team of experts to introduce CBD sleep gummies brings a new way to relax and rest to those who need it."

Adding products outside of the mattress space may be a strategic move for the brand as the category gets more saturated from other DTC brands like Nectar, Leesa and Parachute, as well as traditional players like Neiman Marcus. It's also a strategy that DTC brands in other spaces have pursued, with Away announcing plans for apparel, wellness and lifestyle categories, and footwear brand Allbirds recently expanding into socks.

Casper in March achieved unicorn status after raising $100 million in a funding round, pushing it to reach a post-money valuation of $1.1 billion.