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CBD – a Global Marketing Trend

CBD is being pitched as an all-natural way to alleviate ailments including pain, inflammation, anxiety, and insomnia. Despite a paucity of science to back up such claims, CBD has become a coveted ingredient in a host of consumer products, from skin lotions to sparkling water to tinctures to dog biscuits. The surge in demand is fueling a global Green Rush, even in countries where a legal market for cannabis products was unthinkable just a few years ago. “We are getting phone calls from big pharma groups in Asia, all parts of the world: ‘Can you get product? Can you supply to us?’ ” says Glenn Davies, chief executive officer of industrial hemp grower CannAcubed Pte. The Singapore-based startup planted its first commercial hemp crop in May in China’s Yunnan province. “It’s all about hemp.”
One of the first plants ever domesticated, cannabis was used for thousands of years for fiber, food, and medicine. Yet for the better part of the last century it’s largely been traded on the black market, banned in many countries alongside cocaine, heroin, and other controlled substances. Much of that bad-boy reputation faded last year when Congress legalized CBD in the U.S.
Researchers estimate the market for CBD in the U.S. alone could be worth almost $24 billion by 2023. In Canada sales of legal cannabis may reach $4.7 billion by that time, up from about $570 million last year, according to BDS Analytics. Annual sales of CBD could potentially be larger than those of marijuana, analysts say, because of the large number of products in which it can be used.

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