How CBD Companies Are Profiting Due To Covid-19 | The Covid-19 pandemic took the world by storm and changed its scenario and functioning drastically. People became confined to their houses for months, which soon became their workspaces. In such situations, the stresses of Covid-19 have tested people all around the world. There have been several reports by doctors about anxiety cases being on the rise during this lockdown.
In such circumstances, CBD emerged as a relief for numerous people for maintaining stress and pain relief against other chronic ailments. The skyrocketing sales of CBD testify to the magnum use of CBD. As the North American countries like Canada and the USA have the highest CBD users globally, the government gave legal status to the element owing to its therapeutic properties. Although illegal on a federal level, CBD dispensaries were declared essential businesses in most legal states, further boosting credibility for the sector.
CBD oil in Canada is widely available in several forms, like oils, tinctures, and ointments/lotions. The companies dealing with CBD incorporate the element into these products, widely used by consumers worldwide. The medicinal and therapeutic effects of the element have upsurge the use of CBD globally, which leads to a magnum profit for the companies and organizations dealing with it.
What is CBD?
CBD or Cannabidiol is one of more than 60 active natural compounds found in the Cannabis plant. However, unlike marijuana, CBD generally either does not contain the psychoactive chemical of THC (Tetrahydrocannabinol, which gives the high) at all or only has it in minimal amounts. Cannabis is well known for its anti-inflammatory features and is rich in Omega-3 and Omega-6 fatty acids and antioxidants. Thus, it has become the new and emerging solution to naturally deal with and relieve stress, pain, help insomnia, and provide relief for cancer patients.
CBD as a Healer
Even as cannabis is an ancient medicine for several years, researchers explore medicinal purposes for CBD and other cannabinoids relatively recently. While higher research is still required, there is increasing evidence regarding CBD’s positive mental health effects, including stress, anxiety disorders, and depression. Additionally, it may also be therapeutic for other conditions such as Alzheimer’s disease, Arthritis, Inflammation, Diabetes, Pain, Psychosis, Cardiovascular disease, Infection, Multiple sclerosis, and Nausea, as suggested by The World Health Organization.
Apart from the above-mentioned mental health benefits, CBD also possesses many beneficial properties for the skin. Because of its anti-inflammatory properties and antioxidants, it may potentially help to cure or at least ease out acne and other skin problems like eczema and psoriasis. CBD is also beneficial for healing dry skin, acne, and other skin conditions.
CBD Industry Growth
The Farm Bill Act, passed in 2018, has legalized the farming of industrialized hemp and CBD. Consequently, new farms, processors, and stores pervaded the country within a few months. The CBD business immediately rose to a billion-dollar trade in 2019, with an estimated $20 billion by 2024. There have also been several testimonies of CBD users that suggested noticeable differences in their everyday lives. The testimonials highlight that people experienced better and healthier sleeping durations through CBD without over-the-counter sleep aids. Additionally, they also noticed better mental clarity throughout the day with less stressed-out episodes and more focused work.
CBD is also a safer option for any pain management as it offers a more natural alternative to the other available painkillers whereas providing the same relief. Of late, CBD-based medicines are widely used by many people. Meanwhile, there is an ever-growing variety of sustainable products created using hemp to replace many other materials, from plastics to textiles to building materials and even fuel.
Although the COVID-19 pandemic effects on the CBD business were initially uncertain, sales started to increase drastically. With substantial growth overall, there has been an upwards trajectory of 300% for specific products. Dispensaries started providing online ordering with pickup or even delivery that can potentially help shift the demand from the unlawful market to legal providers throughout the pandemic.
Market research reports predict the CBD Oil Market to witness growth at a rate of 31.90% for the forecast period of 2020 to 2027. During the pandemic situation, many dispensaries observed an increase in sales as regulars began to stock up on products to limit the number of trips they would have to make and still reap the product’s benefits.
However, one constraint in this increasing domestic CBD market’s increasing growth has been FDA approval’s slow rate. Positive claims cannot be made without FDA approval; nevertheless, customers testify various benefits from CBD.
Without any known side effects, countless people incorporate CBD as a natural alternative to over-the-counter and potentially addictive prescription drugs. During the pandemic, people’s issues align with the reported benefits of CBD, which further support the hefty increase in its sales.