In 2020, consumer healthcare giant Perrigo invested $50 million in Colorado-based CBD producer Kazmira, taking a roughly 20% stake in the business. It was a significant vote of confidence for cannabidiol (CBD), the non-intoxicating cannabis compound that had become one of the most talked-about ingredients in consumer wellness, including women’s health.
At the time, the possibilities seemed enormous. Startups were developing CBD-infused tampons, oils and supplements targeting everything from menstrual pain to menopause symptoms. Consumers were enthusiastic, investors were taking notice, and the category seemed poised for mainstream adoption.
Yet six years later, the market looks very different. Perrigo has now recorded substantial write-downs on its Kazmira investment, valuing its stake at just $3.5 million at the end of 2025. The early excitement around CBD has quietened (I can’t remember the last time I received a pitch related to CBD into the FutureFemHealth inbox), while questions about clinical evidence, regulation and commercial viability remain.
So what happened to the CBD boom, and is there still a meaningful future for CBD in women’s health?
I spoke to Pulak Sharma, co-founder of Kazmira, and Valentina Milanova, founder and CEO of women’s health company Daye, to explore how the market has evolved, what they’ve learned and where they see the opportunities today.
Let’s go….
A $50 million bet that didn’t pay off
To understand what happened to CBD, it helps to go back to 2020. CBD oils, gummies and supplements were everywhere, promising benefits for everything from sleep and anxiety to pain relief. Consumer interest was booming, and investors saw an enormous opportunity.
But there was a catch. Although the 2018 US Farm Bill had legalised hemp production