Home Business Insights & Advice The booming business of CBD oil market in the UK

The booming business of CBD oil market in the UK

by John Saunders
29th Oct 19 5:49 pm

It is undeniable that CBD or cannabidiol is becoming more popular across the globe. The consumer’s interest in CBD has risen rapidly and has continued to grow fast. As one of the countries under legalised CBD since three years ago, many companies in the United Kingdom have to jump through some hoops to ensure that their transactions are legal. However, the question remains: will the CBD industry boom in the UK, or will it only serve as a fad?

The popularity of CBD in the UK has been difficult to gauge, but it had reached a new level of penetration, which is unlikely to melt into thin air. The consumption of CBD is not only evident to trendsetting millennials but also across age groups and classes. Aside from the recreational use of CBD, the growing market of CBD relates to the consumer’s curiosity with its health and well-being potential.

What’s the reality behind the CBD’s hype?

One of the largest industries in Europe is the CBD market in the United Kingdom. However, it is only from a raw ingredient produced elsewhere in Europe — not one harvested domestically. Generally, you can buy CBD oils and CBD products on e-Commerce retailers and dispensaries. There are dozens of these online stores in the UK alone, and they function as a shop for a particular brand or a CBD oil marketplace selling CBD oils for several companies.

There have been several clinical trials and studies which relaxed the laws on CBD. Experts believed in the potential of CBD products when it comes to treating epileptic seizures, chronic pain, sleep disorders, acne, smoking problems, and even cancer. The promising possibilities of CBD have stirred both the British and the world market. While some people see potential in the effects of CBD in the human body, others are taking a more wait-and-see approach. New studies regarding CBD products are taking place, but some believe that it is not necessary to throw money into the CBD business.

The future of CBD in the UK: will it hurl towards a crash?

The prohibition of cannabis itself and the limited availability of legally-prescribed medicinal cannabis products are also a factor in the rising demand for CBD in the country. Although the CBD business may toss into uncertain future times, experts and consumers alike expect the CBD market to continuously boom. However, the growth and success of CBD in the United Kingdom depend on the ability of the country to overcome critical challenges in the future. These challenges are similar in several jurisdictions, which require an open dialogue between officials from the government, regulators, the industry, and consumers to reach the goal. Some disputes might include improving the education of the consumers and facing the stigma problem as the general population conflates with the effects of CBD and other cannabis products. Addressing the poor practice and promoting CBD oils and other products responsibly will need proper self-regulation and compliance and public efforts.

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