The sales of CBD oil and other CBD oil products has skyrocketed around the world, and statistics from the UK indicate that they have surpassed those of other traditional supplements such as vitamin C and D.
CBD is a compound found in industrial hemp and marijuana. Many health benefits, such as relief from chronic pain, insomnia and anxiety have been linked to the use of this cannabinoid.
CBD is legal in the UK on condition that it doesn’t contain any THC, the cannabinoid that makes users high. THC was outlawed by the 1971 Misuse of Drugs Act.
Currently, there is a shortage of scientific studies that provide conclusive proof of the benefits of consuming CBD, but this hasn’t stopped UK consumers from ditching their traditional remedies in favor of this new compound.
A testament to how much UK consumers have taken to CBD is the fact that the CBD market is now estimated to be worth £300 million ($371 million) each year and approximately 1.3 million people buy CBD on a regular basis.
This CBD market dwarfs both the market for Vitamin D ($179 million) and Vitamin C ($147 million). The growth rate of the CBD market is so high that the industry is expected to have an annual value of $1.2 billion by 2025.
To put that expected figure into context, the entire UK herbal industry market was worth approximately $1.2 billion in 2016, but just a single product is projected to command that market share in 2025.
However, the National Health Service (NHS) doesn’t seem to be too thrilled by this new kid on the block. The NHS website warns consumers to be wary of the “cannabis-based products” available for sale online. The government agency says that those products may be of questionable quality and their contents are unknown.
Manufacturers of supplements in the UK are urging the government to pass specific laws regulating the CBD industry since a lot of research is emerging showing how beneficial the products can be.
The manufacturers argue that once appropriate regulations are in place, those manufacturers will take greater care to bring to the market tested products that meet rigorous standards that are appropriate for a product that is consumed for health and wellness purposes.
It appears that the UK is in the same boat as the U.S., Canada and other countries that are finding it hard to develop CBD regulations.
Analysts are of the view that if industry players like Willow Biosciences Inc. (CSE: WLLW) and Youngevity International Inc. (NASDAQ: YGYI) are consulted a little more, they could be helpful on this journey of drafting regulations that protect consumers while allowing the CBD industry to thrive.
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