UK CBD market will be worth almost £1 billion (~â
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Posted On: 07/02/2019 5:34:29 AM
UK CBD market will be worth almost £1 billion (~€1.1 billion) per annum by 2025
Key market research findings
Delving into the world of the UK CBD market, the CMC and YouGov found the following:
The size of the UK CBD market is between 3-6 times larger than previous well quoted estimates. The CMC research estimates that 1.3 million consumers are spending over £300M per year on CBD products. For comparison the CBD market is larger than the total UK Vitamin D (£145M) and Vitamin C market (£119M) combined; Approximately 6 million adults have used CBD in the UK; 11% of the population had consumed a CBD product in the last year; Usage was higher on average among females (13%) than males (9%); Three quarters of respondents agreed that UK hemp farmers should be able to process hemp flowers and leaves to supply CBD market. Currently all CBD source material sold in the UK is imported; and Support for legalisation of cannabis among CBD users (75%) is higher than that of the total population (47%).
In addition to recommendations related to regulation, the CMC calls upon the UK Government to support a thriving UK CBD market, currently reliant on imports. By allowing farmers to legally cultivate hemp for the commercial purpose of harvesting the flowers and leaves to extract CBD.
However, the first step would be to protect consumers, Blair Gibbs, CMC Policy Lead, explains: "Protecting consumers means mitigating risks. It also means providing accurate information to inform choices of what to purchase and how to consume, and it also means suppliers meeting well defined quality standards. In respect of risks to human health, an under-regulated market could mean cannabidiol is in danger of being guilty by association.
"While no evidence exists of harm to human biology by CBD consumption, the manner in which CBD products are supplied complicates this picture. All consumers in the UK need and deserve to be safe, informed and lawful when they choose a CBD product."
https://dailylocalnews.org/health/calling-uk-...m-82680480
Key market research findings
Delving into the world of the UK CBD market, the CMC and YouGov found the following:
The size of the UK CBD market is between 3-6 times larger than previous well quoted estimates. The CMC research estimates that 1.3 million consumers are spending over £300M per year on CBD products. For comparison the CBD market is larger than the total UK Vitamin D (£145M) and Vitamin C market (£119M) combined; Approximately 6 million adults have used CBD in the UK; 11% of the population had consumed a CBD product in the last year; Usage was higher on average among females (13%) than males (9%); Three quarters of respondents agreed that UK hemp farmers should be able to process hemp flowers and leaves to supply CBD market. Currently all CBD source material sold in the UK is imported; and Support for legalisation of cannabis among CBD users (75%) is higher than that of the total population (47%).
In addition to recommendations related to regulation, the CMC calls upon the UK Government to support a thriving UK CBD market, currently reliant on imports. By allowing farmers to legally cultivate hemp for the commercial purpose of harvesting the flowers and leaves to extract CBD.
However, the first step would be to protect consumers, Blair Gibbs, CMC Policy Lead, explains: "Protecting consumers means mitigating risks. It also means providing accurate information to inform choices of what to purchase and how to consume, and it also means suppliers meeting well defined quality standards. In respect of risks to human health, an under-regulated market could mean cannabidiol is in danger of being guilty by association.
"While no evidence exists of harm to human biology by CBD consumption, the manner in which CBD products are supplied complicates this picture. All consumers in the UK need and deserve to be safe, informed and lawful when they choose a CBD product."
https://dailylocalnews.org/health/calling-uk-...m-82680480
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