Modern-day pressure may cause individuals to panic, feel depressed and anxious about the future. A study said that there are eight in 10 Americans who are afflicted by stress. And thus, no wonder, that CBD received a warm welcome from Americans of all walks of life. This is the very reason why CBD received a warm welcome from Americans of all walks of life–because of its healing, anti-inflammatory, and relaxing properties.
According to a study, cannabis users buy cannabis products for three major reasons: for relaxation, stress relief and to reduce anxiety. Others want to improve sleeping patterns, other health problems, or simply to enjoy the experience and to join the media hype.
There is only one thing that the survey wants to say: Because they are stressed and anxious, Americans turn to CBD for wellness and better health. This is why the wellness and industry are growing super fast in that more and more companies jump in the wagon as they showcase their own line of CBD wellness and beauty products.
“Cannabis and other alternative wellness products today resemble the tech industry 25 years ago. The opportunities are broad and consumer adoption is expanding rapidly. We currently operate in California and Nevada, two states at the forefront of adoption and demonstrable growth. This makes perfect sense for the company to pivot product offerings given the positive regulatory environment and our existing assets, ”Michael Flanagan, newly appointed CEO of BoxScore Brands, stated.
BoxScore Brands, Inc. (OTC: BOXS) is a developer and distributor of cannabis and cannabis-related products in North America. It has recently announced that it will take a new direction of opportunities focused on CBD and other wellness products.
BoxScore Brands is just one of the companies joining the trend. Other companies Canopy Rivers Inc. (TSXV: RIV) (OTC: CNPOF) also invested in the industry. Canopy Rivers Inc. (TSXV: RIV) (OTC: CNPOF), for example, invested an estimate of US$2.5 million of shares in High Beauty. Ovation Science Inc. (CSE: OVAT) (OTC: OVATF) is also busy in the launching of its new topical skincare product line infused with hemp-derived CBD called ARLO Beauty. iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCQX: ITHUF), meanwhile, came up with an agreement with Urban Outfitters to launch the CBD for Life products in select Urban Outfitters stores later this month.
It is estimated that the cannabis and CBD trend will be compounded at $16 billion by 2025. One of the factors that may have caused this boom is the growing consumer awareness with at least 25 million US adult consumers expected by 2025. This statistics is just a rough estimate of what could become a giant industry in the future.
In Cowen’s January consumer survey, it was found that among 2,500 adults, 6.9 percent of them use CBD as a supplement. Most of the consumers have ages between 18 to 34. Products that are highly used include tinctures (liquid extracts) (44%), topicals (26%), capsules (22%) and beverages at (19%).
“This initial response piqued our interest considerably, as it was much higher than we would have suspected,” the researchers stated.
Meanwhile, Europe’s cannabis and cannabidiol (CBD) markets are also expected to grow in leaps and bounds in the next few years–the weed sector at 2400% and CBD at 400% by 2023. The CBD market in Europe is expected to rise to $416 million in 2019 and nearly $1.7bn by 2023.
This growth is attributed to the support of global health and government authorities like the UN, and the European Union’s Novel Foods Act (health and safety regulations). Their approval will open the gates for more business opportunities for CBD “eventually permitting for CBD to be sold like other ingestible products on the mainstream market.”
The second reason would be Europeans’ “tremendous spending power” and the locals’ dream to seek alternatives to tobacco and pharmaceutical use