CBD oil has gained a lot of traction in the last couple of years. In this blog we want to get you up to scratch with what the CBD market looks like, what you should look out for when deciding on your CBD products and how to make sure that the CBD you are getting is right for you, legal and purchased from a reputable company.
There is a lot of misinformation and general confusion surrounding the CBD market at the moment and Lucid Hemp has you covered on what you need to know about the CBD market.
Top 3 things about the CBD market YOU need to know:
1. The CBD market is expanding rapidly
Many people hear that the CBD market is expanding, but what does this actually mean in quantifiable terms? The CBD market has experienced a huge growth in interest over the last two years. In 2017 to 2018, there was a 96% rise in search terms used for CBD; this is supported by financial estimates, which suggest that CBD is expected to account for $1.8 billion dollars in US markets alone by 2022. In the UK, the CBD market is currently estimated to be worth about £300 million pounds, with CBD use doubling in just the last year alone. Global CBD turnover is expected to be around $2.1 billion dollars by 2020.
As our readers are predominately based in Europe and the UK, we’re going to focus on the UK market and what this explosive growth means for the UK. Market research commissioned by the Centre for Medicinal Cannabis (CMC) estimates that the CBD market is currently one of the fastest growing wellbeing product categories in the UK. At the current rate of growth, the CMC estimates that the CBD market will be worth almost £1 billion per annum by 2025. Additionally, it was found that the CBD market was actually larger than previous well quoted estimates.
For a comparison, the CBD market is larger than the total UK vitamin D & C market combined!
2. Be wary of untested products
Untested products are a big no no if you want to ensure a high-quality CBD product. Lab reports, or ‘Certificates of analysis’ break down the contents of the CBD you are consuming, so you know exactly what is in your CBD product. This is important for a few reasons: firstly, you need to know whether the CBD you are taking is legal – in the UK, the law stipulates that CBD products cannot exceed more than 0.2% THC. THC is sometimes included in CBD products to ensure a complete cannabinoid profile and to ensure the efficacy of the “Entourage effect” (You can read our blog on this here), but you should ensure that it is only trace so that it is legally compliant and that you don’t get any other nasty side effects.
The second reason you should care about what is in your CBD product is because the cannabinoid profile is a big indicator of the quality of the CBD oil; inefficient extraction methods can damage or weaken the cannabinoid profile, so it’s important to know that you are getting a high quality CBD, which is rich in Cannabinoids. At Lucid Hemp, we rigorously screen all of our CBD products using an independent lab which analyse our supplier’s batch directly. We also don’t believe in using any nasty ingredients, which is why we keep it simple and organic by only using two ingredients: CBD extract and organic olive oil – that’s it!
3. Beware of unscrupulous CBD companies that make medical claims
You might find it strange when you have a question about CBD and only some CBD companies will give an answer or write about the topic. Make no mistake, it is not legal for CBD companies to make medical claims about their CBD products; no matter how promising they make their oil, you should not be tempted by miraculous promises that currently have no legal status, and are in fact illegal to make.
The reason for this is because CBD is sold as a food supplement; to imply or state that there is a psychological/physiological impact means that it would be classed as a medicinal product, which would require a medical license to sell. Do not be fooled – CBD companies do not have these licenses. At Lucid Hemp, we believe in transparency, which is why we won’t make unfair or illegal promises about our CBD oils – we can vouch for their quality, our extraction methods to create a premium blend and back it up with lab reports to tell you exactly what is in our oil, but ultimately whether you use our CBD products and why you use our CBD products is a decision only you can make.
Learn more about CBD oil from Lucid Hemp:
Hopefully, the facts above give you an idea of things to look out for in the CBD market at the moment. Stay in tune with our CBD talk blogs to keep updated on the latest news, developments and facts about CBD!
If you have any questions, drop us a message at firstname.lastname@example.org