The MJBiz International Conference was recently held in Toronto, Canada and unlike previous editions, a lot of attention was paid to CBD. The following key lessons can be gleaned from the different panel discussions that took place about this cannabinoid that has taken the world by storm.
Cannabis-Derived CBD is Legal in Canada
The law that legalized marijuana throughout Canada was broad and included various cannabinoids, such as CBD. However, since all products that fall within the cannabis value chain are sold through licensed retailers or dispensaries, adults have to visit such a retail facility in order to buy CBD. This means that the products that one can buy from grocery stores and other places aren’t regulated by Health Canada, so you are on your own if you develop problems after using such a product.
Some Regions Are More Comfortable With Plant-Based Medicine
When the world is divided into regions and the attitudes of the populations in those regions are assessed, a clear trend emerges that some areas are more welcoming to CBD and other plant-based treatments than others are.
For example, the Asian region has had a history of using the cannabis plant as a food or medicine over thousands of years, so the population there doesn’t see CBD remedies or other plant-based treatments as something novel. This means that CBD businesses that operate in such regions don’t have to do a lot to win over consumers and members of the medical community.
Pricing is Critical
However interested a consumer may be in trying a CBD product for their health or wellness, the price at which that product is offered will be the determining factor in driving consumption. CBD products normally find more willing buyers among communities where people are willing to spend on healthcare and overall wellness. If this mindset isn’t present, no CBD product will sell however good or effective it may be. It has to be priced just right for the target market.
Attitudes to Cannabis Dictate Attitudes to CBD
Another interesting observation coming out of the MJBiz International Conference is that the extent to which a community is tolerant to the cannabis plant determines whether the people there will be willing to try CBD or not. This point is clearly driven home by what is happening in states like Texas and other conservative areas in the U.S. where law enforcement is engaged in running battles with businesses selling CBD products and yet the law doesn’t permit them on the market.
The main takeaway is that each market is unique and the CBD businesses that thrive will be the ones that take the time to understand each market they enter and tweak their approaches to suit the specific conditions in that market. Analysts think players like VPR Brands LP (OTCQB: VPRB) and Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF) have extended their reach by mastering such market analysis.
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