Retailers Take Note U.S . Consumers Opinion of CBD Infused Products is Increasingly Positive
Today 8:45 AM ET (PR NewsWire)Print
A well-respected purveyor of cannabis industry reports, the Brightfield Group, is not shy about making projections. Not only do they comment on projected revenues, they also look at where the industry is going and how it will get there. They have recently pointed to a previously closed vertical. They said: "that retailers big box retailers, are "Going after CBD" Hard! If you read their report its easy to see why a recent report said: "New Report Predicts CBD Market Will Hit $22 Billion by 2022. A new analysis estimates that the CBD market could explode -- and outpace marijuana." The company also said on its website that: "CBD is growing faster than cannabis in the U.S. and will soon be a $22 billion industry. Its been flying under the radar but is set to explode having profound impacts on CPG and Pharma. We detail the category growth rates, leading brands, product innovation by segment. Big Box is ready confirms another source: "since CBD for medical use is legal in 46 states and CBD derived from hemp rather than marijuana (it, CBD) is legal in all states. Recently, this past month of March, CVS announced that it will: "begin selling hemp-derived CBD products in eight states. The national drug store chain will be marketing the topical cannabidiol products, such as creams, sprays and roll-ons, as "an alternative source of relief," CVS said in a statement to NBC News. CVS will also be partnering with a company to test and verify the quality of the CBD topicals sold in its drug stores." NBC News reported that: "CVS to sell CBD products in 800 stores in 8 states. We are carrying hemp-derived CBD products in select states to help meet consumer demand for alternative care options," said CVS Health Spokesperson, Mike DeAngelis. The items will be sold in Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland and Tennessee." "It's a way to reduce the stigma for a product that really doesn't deserve to be stigmatized," said a nutritionist and cannabis practitioner. Active Companies from around the market with current developments this week include: The Greater Cannabis Company (OTC: GCAN), CBD Unlimited, Inc. (OTC: EDXC), Aphria Inc. (NYSE: APHA) (TSX: APHA), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), Valens GroWorks Corp. (CSE: VGW) (OTC: VGWCF).
Consumers are interested in CBD and that interest is growing and retailers are noticing. A recent opinion poll said: "three-fourths (of respondents) associated (CBD) with at least one health benefit." The poll went on to show: "As consumers' opinions become increasingly positive, they are exploring other compounds of the cannabis plant, including CBD. Fifty-eight percent of survey respondents said they are somewhat, very, or extremely familiar with CBD, while only 14% had never heard of it. Men are more familiar with CBD than women, with 65% reporting at least some familiarity compared to 51% of women. Adults in age cohorts 25-34 and 34-44 are the most aware, with 70-71% in each group reporting at least some familiarity. Survey members living in the Northeast reported the highest level of awareness of any region, followed by the West. Of respondents who have tried CBD, 48% used an oil extract. Vape pens was the second most popular CBD-infused product at 37%, followed by edibles (36%), and capsules/pills (29%). Among adults in age cohort 18-24, vape pens were the most popular form of CBD use, whereas oil extracts were most popular for all other age groups.
