The CBD market has achieved a steady growth curve even during the pandemic. CBD or cannabidiol is a natural substance derived from cannabis, found in both marijuana and the non-psychoactive hemp plant. CBD is a non-psychoactive chemical compound and may alleviate things such as anxiety and pain, which is why it is used to create wellness products, such as oils, edibles, and functional beverages. The pandemic caused a shift in CBD sales to online channels. While this shift ensured that CBD products remained accessible to consumers, it did not fully compensate for the loss of education and brand awareness available at some retail stores. A survey by Brightfield Group from June 2020 found that 45% of CBD consumers and 54% of millennial consumers shifted to purchasing CBD online due to the coronavirus crisis. Charlotte’s Web reported that online sales grew 27% in 2020 to constitute 67% of the company’s total sales. A report from Statista added that In the United States, cannabidiol products generated sales of roughly five billion U.S. dollars in 2020.By 2025, CBD product sales are predicted to reach nearly 17 billion U.S. dollars in the United States.
420 Intel – Marijuana Industry News, 07/27/2021 20:00:00