Cannabis Market Research

What is CBD

CBD is cannabidiol, which is a chemical in the Cannabis sativa plant. This plant is also known as cannabis or hemp. Marijuana and hemp are the two types of cannabis, with marijuana having a lot of THC and little CBD. Scientists breed hemp to remove most of the THC. The chemical structure of CBD does not give you a “high” exactly. It affects the body in other ways. That “high” comes from the ‘THC’ compound. In contrast, CBD slows down the body’s responses, and it soothes and relaxes the user. Many use CBD as an anti-inflammatory and an antioxidant.

The global CBD market had a value of US$553.7 million in 2020. Experts expect it to increase tenfold over the next few years.

The FDA recently approved Epidiolex. This medicine is the first to be derived from cannabis. It also contains CBD. Retailers sell CBD in oils, oral sprays, and creams. You also find it in pills and edibles.

More people are getting into the use of CBD. They seek the benefits without the ‘high.’ Many parents, ‘boomers’ and white-collar workers use it. CBD is already legal in many states of America. This fact makes the CBD market an important one in the world.

Why Cannabis is a Growth Industry

The cannabis industry is one of the fastest-growing in recent times. It has also received much support. Renowned investors and government officials alike are touting its benefits. The plant serves both medicinal and recreational purposes. The Covid-19 pandemic with its lockdowns caused sales of cannabis to increase to a great extent. Another reason for the runaway growth is the fact that more persons are consuming cannabis than ever before.

The cannabis market had a value of about US$20.5 billion in 2020. Experts expect it to quadruple very soon. The growth of this industry is also due to the increase in the legalization of cannabis. The herb is now legal in most states. Most cannabis users have jobs. A working consumer base is sure to keep the industry growing.

Cannabis is also a growth industry because it is new. One does not need to do much to get into it. Schools are teaching students more about cannabis, and the industry is creating more jobs. It is a stable industry that is not going anywhere soon.

What are Adaptogens

Adaptogens are delicate plants. Nature designed these plants to help with emotional and physical stress. It comes from Asian culture. They slow down body systems that have sped up. They also speed up these systems when they are sluggish. There are many different adaptogens, but we will focus on cannabis. Although not exactly seen as an adaptogen, it shows the same properties.

Cannabis helps patients deal with PTSD from traumatic events. It does this by controlling the fight or flight response of our bodies. It is also a safer option for persons with drinking problems. Cannabis helps to reduce to chances of developing Alzheimer’s. The plant also fights diabetes, cancer, glaucoma, depression, and chronic pain.

People are moving away from the cannabis stigma. Cannabis is not only for ‘stoners.’ They are starting to see the lifelong benefits of cannabis, a plant that has been around for centuries.

Legalization

Cannabis legalization has been a trending discussion for many years. Many are for it, and many are against it. Most view the legalization of cannabis as a reason for its possible abuse. Legalizing cannabis for both recreational and adult-use has its benefits. It increases job growth, investments, and tax revenues.

The legalization of cannabis is also essential for scientists. They believe that it could help develop cannabis-based medical treatments. This legalization also helps the judicial state. It saves money to tackle serious criminals. It also decreases jail time for these non-violent crimes. Besides, it drives cartels and street gangs out of business. It reduces the violent actions caused by these groups. It also helps the cannabis industry to flourish.

Only a few countries have made the use of cannabis for recreation legal. Still, the penalties for its usage and sale have decreased. It makes it easier to set up more cannabis businesses and trade. Investors are also taking note of this.

Why Market Research is Important

Companies wishing to enter the cannabis industry will need to carry out market research. It is a new industry. There are still many problems within that have to be fixed. There is also a need to educate investors about the benefits and risks of the industry. Investors need to know their consumer base. It is the only way to ensure the success of a business.

Do you need insights into the CBD industry? We provide Qualitative, Quantitative, and Strategy Research. We also offer Focus Groups, Interviews, and Surveys. Contact us today for a consultation.