But with the threat of Brexit in the UK and other complications further afield, it can be difficult to get a sense of where we’re truly headed in the years to come. So, where is the future for CBD and what is it going to be like for the decade ahead of us?
WHAT DO THE MARKETS SAY?
Surprising no-one, when it comes to a product that carries a number of word-of-mouth benefits and is undergoing extensive study, business is absolutely booming. VC’s report highlights that the European market has huge opportunities for growth – expanding from a €270m value in 2018 to a staggering projected €1.4bn value in 2023 with a proposed CAGR of 42%. Coming in at the second largest market for CBD after North America, this shows a clear trend that CBD is not only here to stay but shows clear potential to play a number of roles.
While there are still no medically proven benefits to the substance, many bodies have their eye on CBD to the role it could potentially play in a number of healthcare situation. There have been a number of high-profile cases – such as the Epilepsy Society and British Paediatric Neurology association making recommendations for CBD and highlighting the need for ongoing research. The remainder of this decade will likely see the trials continue and the results affecting the popularity of the substance.
As opinions are clearly changing, many are right to be cautiously sceptical and take a disciplined approach to its production and sale. But with a large amount of the population using the substance, it’s important to understand its legal situation and how it sits throughout the UK and further afield.
WHERE ARE WE LEGALLY?
While the specific benefits of CBD are yet to be fully confirmed, Europe has broadly declared the substance legal with some exceptions. However, this status was not awarded without some exacting requirements. The longest ongoing battle throughout the sector was European Food Safety Authority designating CBD as a novel foodstuff – with CBD requiring a maximum concentration of 0.2% THC to be considered legal for sale. For those in the UK, this required a formal application before any product could legally make its way to the market. requires the following of strict production methods – with the 31st March 2021 set as the formal deadlines for applications to be submitted.
HOW ARE THINGS SHAPING UP
For the UK, the future remains uncertain. While Brexit potentially promises to clear some of the red tape involved, it also runs the risk of creating further problems. For the rest of the EU, things are still up in the air. While countries such as Switzerland, Germany, and Austria have proven to hold the most significant markets for the product – differences in legality remain in eastern European countries such as Slovakia, Lithuania, Moldova, Albania. Likened to growing pains by many, the industry has inarguably secured a foothold and is likely to move from strength-to-strength throughout the 20s.
The cultivation of THC low hemp will likely prove to be a significant opportunity for many businesses, with research resulting in a clearer picture of the true potential that CBD represents. But with a projected €450m potential market that’s set to expand by a staggering 400% over the next three years, there is the will and opportunity to achieve consensus about the product.
With so many options, it is still essential to ensure that any CBD products you purchase or consume are produced to the highest standards and sourced through a reliable provider. While there is a great deal of positive word-of-mouth, it is vital to ensure that you consult your doctor before taking any products, especially if you are currently taking medication that may be synergistically affected. This can help secure new products, make access easier through supply chains, and deepen our understanding of CBD throughout 2020 and the potential role it can play in our daily lives.
If you want to learn more about CBD and how it can potentially become part of your daily routine, our team at Vsavi are here to help you find the right product to suit your tastes. You can view our regularly updated list of CBD oil products from here.
If you have specific questions or queries, you can get in touch directly and let our in-house team know exactly what you need.