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What is the Potential of CBD Products Market, and Who are its Customers?

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Reports suggest that there is an increasing trend of using CBD-based products in the United States of America. According to a recent report from Acosta, “The CBD Effect: A Rapidly Emerging Consumer Trend”, almost a quarter of the United States of America customers are using cannabidiol (CBD) products.

Among 28% of consumers, 19% of them are using CBD-based products depending upon their need and 9% of them daily. Acosta also predicts revenue of $20 billion through CBD-based products by 2024. 

The consumption of CBD products is getting popular across the globe because of its health benefits. It is one of the constituents of the hemp plant along with tetrahydrocannabinol (THC).

Colin Stewart, vice president at Acosta, says that the increasing sales of CBD-based products depict the consumer’s trust in it. As individuals from all age groups try to avoid chemicals when it comes to their health, CBD products provide a perfect alternative to cure certain diseases. 

 In comparison, customers usually think positive regarding CBD-infused products. According to an interesting study from Acosta, 55% of the users are of the say “CBD oil is a miracle medication”, while only 11% of them consider these products just a hype. 

Top barriers and Farm Bill

Some top barriers of consumer’s mistrust on CBD products are limited research (29%), moral issues (18%), cite pricing (7%), limited regulation (7%) and lack of faith in the product’s claim (29%). The users mostly consume these products to diminish joint pain, relieve anxiety and general wellness. 

After the ratification of Farm Bill in the USA last year, the central administration had changed the categorization of cannabis. It eliminated industrial hemp from the classification of marijuana in the Controlled Substances Act of the United States.

Hence, the production of hemp is legal in the United States of America now. On the other hand, marijuana is still a Schedule I drug on the list of FDA. 

Under the United States Food and Drug Administration (FDA), both THC and CBD cannot be mixed with food. Also, they can’t be sold under the category of dietary supplements. The FDA regulates products including cosmetics, food, and drugs that have THC or CBD as an additive. 

The retailers have shown a great interest in CBD products as well

The popularity and the potential of CBD-infused products have attracted a great deal of both small and large scale retailers including Kroger CO., which is the substantial supermarket operator of the country. Other small scale retailers including Dierbergs Markets and online retailers like Thrive Market have also shown a great interest in CBD products. 

Till now, CBD products are available in more than 1,300 stores of the Kroger across 22 states of the USA. It includes Fred Meyer, King Soopers, Pick ‘n Save, and QFC. Kroger also has balms, oils, and creams of CBD in its stores of the Houston division. Additionally, it also provides customers with the facility to shop online. 

According to Stewart, the sales of CBD-infused products would be larger than the current sales of gum, mints, and candy combined annually by 2024. The research also indicates that one in 10 owners of the pet purchase CBD-infused items for their pets. 

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Cannabis

Cannabolish, a liquid vapor to absorb and remove bad odor from air

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The first ever licensed cannabis restaurant, Lowell’s Original Cannabis Cafe, is a top destination in Los Angeles and to minimize the smoke, they use an air purifier that keeps the odor in and around the restaurant away. Cannabolish is a liquid vapor that is used in the cafe which keeps the smoke away.

Cannabolish addresses scents by using a science-based formula to absorb and remove odors without using toxic ingredients. Because the vapor bonds to the odor molecules, the spray neutralizes scents emitted from the cafe, rather than simply masking them. The owner believes in being good neighbors and uses safe and effective methods to solve cannabis scent concern. Lily Estanislao, General Manager of Lowell Cafe said  “We chose a commercial-grade system that utilizes Cannabolish because it completely eliminates odors and is non-toxic for people and pets in the area.”

According to Dr. Laura Haupert, other places that allow smoking use carbon filters, which are less effective, more expensive, and require time-intensive installation and maintenance. She is the Director of Research and Development at OMI Industries, the parent company of Cannabolish. She further commented, “Cannabolish’s patented formula is unique because it completely removes odors and can be used safely both indoors and out. We’re proud to partner with Lowell Cafe to help them provide an enjoyable experience for customers and neighbors.”

Cannabolish is a science based blend that is safe, biodegradable, and eliminates and absorbs cannabis and tobacco odors. Cannabolish’s parent company has nearly 30 years of experience creating products that safely remove odors across a variety of industrial, commercial, and consumer markets. Cannabolish is available in over 1,000 retail locations across the U.S. and Canada, including Amazon, Bed, Bath & Beyond, MedMen, LivWell and London Drugs.

Cannabolish is available for personal use. Sprays and candles can be purchased at Cannabolish.com

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Misuse of Marijuana among teens in legal states, Research finds

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A new research, conducted by the NYU Grossman School of Medicine and Columbia University Mailman School of Public Health found out that misuse of cannabis among teens and adults doubled after legalization of recreational use of cannabis. The study was conducted in JAMA Psychiatry on both use and abuse of cannabis. Many states have legalized marijuana for recreational and medicinal use.

The researchers found that misuse of cannabis among teens aged 12-17 was 25% higher in comparison to states without legalization of recreational use. Frequent use increased by 23%, while problematic use increased by 37%. There was no difference found in frequent or problematic use among people aged 18-25.

The study’s main author Magdelena Cerda said that there are many benefits of legalizing cannabis use. He suggested  “Our findings suggest that as more states move toward legalizing marijuana for recreational use, we also need to think about investing in substance use prevention and treatment to prevent unintended harms—particularly among adolescents.”

Cerda and colleagues analyzed data from the first 4 states to legalize recreational use of marijuana before and after legalization. They compared the results and examined the use and misuse in the past month and over the past year. The respondents were classified by symptoms based DSM-IV criteria.

Silvia S. Martins, Associate Professor of Epidemiology at Columbia University Mailman School of Public Health, and senior author of this study said that prolonged use of cannabis in early age can lead to long term consequences on health. The researchers also conducted a sensitivity analysis as higher potency cannabis products are available in the illegal market. It was concluded that more research needs to be done. Silvia S. Martins explained “Given our findings on problematic use across age groups, legalization efforts should coincide with prevention and treatment. The general public should be informed about both benefits and potential harms of marijuana products to make informed decisions.”

 

There were limitations in conducting this study. The first one being that not all the people who use marijuana came forward. The second being frequent use of cannabis and use disorders are only 2 aspects. According to Cerda and colleagues, further research should be conducted to find THC potency in marijuana products and a more comprehensive assessment should be done.

Cerda and Martin’s team of researchers include other highly qualified people Christine Mauro, Ava HamiltonNatalie S. Levy, Julian Santaella-Tenorio, Deborah Hasin, Melanie M. Wall,  and Katherine M. Keyes.

Funding for the study was provided by the National Institute on Drug Abuse grant.

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Medical Cannabis Brand Aphria bags Top Canadian Cannabis Award

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Aphria, all of their medical and recreational brands, as well as Broken Coast Cannabis named Head Grower were recognized at the 6th Annual Canadian Cannabis Awards hosted by Lift & Co.

A panel of experts awarded Broken Coast’s Head Grower Kevin Anderson ‘Master Grower’ and Aphria’s Solei’s CBN Renew Oil ‘Innovation of the year’ title. The company won 7 awards in total. With the vote of over 31000 Canadians, the adult use brands Solei, RIFF, Good Supply, Broken Coast, and the medical brand Aphria received top honours in each category.

Aphria Inc. is a leading global cannabis company headquartered in Leamington, Ontario. It has been setting the standard for the low-cost production of high-quality cannabis at scale, grown in the most natural conditions possible. They focus on introducing latest technologies and innovation to the global cannabis market. Aphria Inc. drives sustainable long-term shareholder value through a diversified approach to innovation, strategic partnerships and global expansion, with a presence in more than 10 countries across 5 continents.

Irwin D.Simon said: “We are thrilled to have not only all five of our brands across our medical and recreational portfolios – Solei, RIFF, Good Supply, Broken Coast and Aphria – recognized by thousands of Canadians but to have our Solei Renew CBN oil win ‘Innovation of the Year’. These awards speak to the quality of our products and strength of our brands, as well as our commitment to innovation and continuously setting the bar higher to deliver products we believe meet the needs of our patients and consumers.”

Simon further showed his appreciation and gratitude to the hard work of Kevin Anderson who is a Head Grower at Broken Coast honoured. “Broken Coast’s superior craft quality is just one reason why it continues to receive accolades and remains one of the most sought-after brands on the market; another key factor is Kevin’s expertise, leadership and direction. We congratulate Kevin, and the teams in British Columbia and Ontario for the award-winning work they continue to deliver. Aphria’s success will continue to be driven by our incredible employees, and compelling and differentiated portfolio of brands and products.”

The company won 2 awards in the ‘Judged Category’
Innovation of the Year – Solei Renew CBN Oil by Aphria

‘Top Master Grower’ – Kevin Anderson, Head Grower, Broken Coast Cannabis
In the ‘Consumers’ Choice’ category, the honours achieved by all five of the Company’s brands are as follows:
Top Hybrid Flower – Ruxton (Sour OG) by Broken Coast Cannabis
Top High CBD Bottled Oil – CBD 25:1 Oil by Aphria
Top Sativa Dominant Pre-roll – Jean Guy Pre-roll by Good Supply
Top Indica Dominant Pre-roll – Subway Scientist Pre-roll by RIFF
Top Hybrid Pre-roll – Sense Pre-roll by Solei

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