CBD’s Booming Market
CBD has opened an entirely new revenue stream for the cannabis industry. It’s multi-faceted properties enable a vast range of users to benefit from its unique effects. Multi-national pharmaceutical companies have taken note of CBD’s profound ability to relieve and potentially cure life-altering symptoms. What was once hardly noticed has now become the spotlight product of the marijuana industry.
By the Numbers
Canada has seen relatively positive, and a time, stagnant growth in the legal cannabis sector. The overall legal cannabis industry pulled in CAD 1.6 billion in 2018. The amount of CBD products bought are far lower than this amount, totaling only a fraction of this number.
Cannabis businesses in the United States have ramped up efforts to market CBD products towards a wide clientele. The New York investment group Cowen & Co. recently estimated that the American CBD market could soon be worth $16 billion by 2025.  2018 saw nearly $2 billion in CBD sales, thus raising the bar for CBD products 800%.
Who is Buying CBD?
Surprisingly, the primary consumers for CBD products are those under the age of 35. Next in line were those 55-years old and below, and lastly, 56-years and older. This statistic shows a reverse assumption that many would have believed considering CBD products are meant to reduce a variety of illnesses and disorders.
The main reason why adults 35 and younger are the primary consumers for CBD products could be because younger generations are actively dealing with common issues such as anxiety, depression, and insomnia.
Another reason could be because the younger generations are more aware of the potential benefits from CBD products compared to older generations that are accustomed to being prescribed pharmaceuticals from their local doctor.
Many older generations are more skeptical regarding CBD products because cannabis has been labeled as dangerous for the majority of their lives. Younger generations are more ready to accept that marijuana is in fact medicinal.
Although the demographics of users who are consuming CBD products the least are that of older generations, they are also the most significant demographic that’s consuming cannabis for its psychoactive effects.
Recently, Canopy Growth Co. made a significant step into the European CBD market by acquiring C3 (Cannabinoid Compound Co.) for a whopping $343 million. C3 is a known CBD producer from Germany that produces a synthesized CBD derivative – Dronabinol.
This casts a light on the growing trend for significant cannabis producers to begin positioning themselves for the broader CBD marketplace as many countries start allowing the use of cannabis-based products.
The Big Picture
Overall, it seems that increasing awareness of CBD products has only just begun. CBD has gained a wider acceptance compared to that of THC, and because of this, has made an incredibly profound impression on consumers and businesses alike.
The Medicine Box is a recreational Cannabis Dispensary in Kanesatake (Oka) that carries a huge amount of CBD products.