Cannabidiol (CBD) has been legal in the United Kingdom since 2016, and it is recognised as a medicine.
Companies have to jump through some hoops to make sure they are doing everything legally, but CBD companies have been sprouting up ever since. But the question remains as to whether the CBD business will boom in the UK, or is it simply a fad?
Since 2016, multiple laws and cases have relaxed the laws on cannabidiols. CBD products have been particularly promising when it comes to epileptic seizures, but there have been promising clinical trials done showing CBD can counter anxiety, chronic pain, acne and a whole host of other ailments.
The promise of CBD has caused a stir in both the British and the world market. Large companies including Coca-Cola have expressed interest in producing CBD products. Once the CBD oils and products go more mainstream then early adopters hope to reap the benefits of taking a risk in the early market. Companies such as nordicoil.eu are making their intentions to enter the UK market clear.
Currently, cannabidiol faces an education and stigma problem as the general population conflates CBD with the effects of other cannabis products. However, most CBD products do not contain THC or contain a very small amount, so users do not get high as if they were using other marijuana products. In the UK, the legal limit of THC in CBD products is 0.2%. Therefore, a large push to make CBD more well known to the general population is taking place, and companies are putting are attempting to separate CBD from marijuana.
While some are convinced of CBD’s positive health effects, some businesses are taking a more wait-and-see approach. Long-term studies into the effects of CBD products are taking place, but according to some, there is less information than necessary to throw money into a CBD business.
But many entrepreneurs and businesses have gone full-in on CBD, and if you were to join now you might be late to the party. In America, analysts have predicted that the CBD market will total $22 billion(£16.8 billion) by 2022 and be bigger than the rest of the cannabis industry. This is largely due to America’s recent legalization of hemp production, and some states already voracious appetite for CBD products.
Most CBD industry analysis is done on the American market, but there is reason to expect British and global growth. Research from the Cannabis Trades Association found the number of CBD oil users doubled in 2017 and now sits over 250,000 regular users. It has also been named one of the fastest growing industries in the United Kingdom.
While the business world may be tossed into uncertain future times, CBD business is expected to continue to boom. The mainstream growth may not occur in 2019, but CBD is an industry that those following the business world should keep an eye on. The unparalleled expected growth will mean new entrepreneurs will be made, and large multinational corporations will also try to capitalize on the hype surrounding cannabidiol.