vertically integrated CBD life sciences company and a multi-state operator of medical health & wellness clinics
With a patient count of 165,000
Message: INDUSTRY BULLETIN: CBD Demand Soars With a Growing Number of Uses
NEW YORK, Oct. 15, 2019 - As the medical industry continues to evolve, researchers are actively looking for innovative remedies and treatments for patients. Notably, cannabis has become the topic of discussion after numerous researchers and institutions highlighted its therapeutic benefits. However, despite medical advancements throughout the cannabis industry, most federal regulators around the world have not yet moved to fully legalize cannabis for medical applications because of the psychotropic effects associated with it. Nevertheless, several regulators have decided to legalize cannabidiol, or CBD, a compound found within cannabis. CBD is a derivative found within the cannabis plant, however, unlike its tetrahydrocannabinol, or THC, counterpart, it does not induce psychoactive effects. Consequently, regulators became more inclined to legalize CBD. Primarily, the CBD industry is being accelerated by the healthcare segment.
Specifically, countries such as Australia, Canada, France, Germany, Italy, the U.K. and the U.S. have all adopted CBD-related legislation. Overall, the therapeutic grade segment dominates that overall CBD market because of increasing demand from innumerable applications. The segment accounted for 58.6% of the overall CBD market share and is expected to continue its dominance. In particular, the healthcare segment is expected to account for a total of USD 10.28 Billion of the CBD market by 2026. Moreover, the food and beverage industry is also expected to witness exponential growth. And while the U.S. and Canada are the primary drivers for the global CBD market, other international markets are also expected to greatly contribute. For instance, the Asia Pacific market is anticipated to reach USD 3.1 Billion by 2026 and exhibit a CAGR of 29.5%, while the European market is projected to grow at a CAGR of 28.9%. As a result, the global cannabidiol market is expected to grow from USD 1.04 Billion in 2018 to USD 16.32 Billion by 2026 while registering a CAGR of 27.7% during the forecast period, according to data compiled by Reports and Data.
The pharmaceutical segment of the CBD industry is expected to witness significant R&D investments to accelerate deployment and meet the medical needs of a number of diseases. Specifically, researchers have uncovered that CBD can treat a variety of diseases such as chronic pain, anxiety, depression, and cancer. And while most of these conditions would likely require a prescription from a medical practitioner, there are over-the-counter or OTC products that consumers can easily purchase at their local convenience stores in the U.S. or Canada. Consumers can purchase CBD-based products such as tinctures, topicals, patches, capsules, foods, and beverages. Typically, most OTC products are marketed as health and wellness products that are aimed to relieve minor ailments. For instance, many health and wellness retailers promote CBD as a way to stimulate relaxation or relieve small headaches. Notably, major pharmaceutical retailers such as CVS or Walgreens have also decided to add CBD products to their shelves. The two corporations added CBD products in order to provide consumers with cheaper and alternative care products. "It really does help normalize this. If Grandma can go to the store and get it, now the conversation about cannabis is going to be very different," said Michele Ross, PhD, MBA, Research Director at Decriminalize California. "CBD business is already huge. But normalizing the culture around taking these products is going to open the door for more people to feel comfortable investing in these types of businesses. It opens up the possibility for them to be sold in more stores."
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