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CBD Sales Have Skyrocketed Since The Pandemic For Many Health Reasons

The Covid years have been extremely beneficial for the cannabis industry. As per the cannabis market research company BDSA, worldwide legal CBD sales in 2020 were 45% more than in 2019, with different major cannabis companies mentioning the triple-digit increase in revenues in 2020 over last year. These included Curaleaf, Trulieve Cannabis, Verano, Green Thumb Industries, Cresco Labs, and TerrAscend.

Furthermore, the healthy prospects of the worldwide cannabis market were mirrored in the mergers and acquisitions (M&A) activity of the previous year. Two deals relating to the cannabis industry – Jazz Pharmaceutical’s acquisition of GW Pharmaceutical, and Trulieve Cannabis’ acquisition of Harvest Health and Recreation – showed multi-billion-dollar valuations. One of these bargains, Cresco Labs’ acquisition of Colombia Care, was worth at $2bn.

Like the majority of industries, the cannabis industry was not immune to the impact of the Covid-19 pandemic. Nonetheless, cannabis was specifically affected by the pandemic – possibly emerging stronger than previously.

 

Cannabis Consumer Trends

 

CBD sales

Fizzy CBD Tablets

 

During a year of immense stress, social upheaval, and hardship, millions of people adopted cannabis to deal with. Reasons varied from mental wellness, self-care, medicinal purposes, and recreation. It’s evident that since the pandemic, cannabis and CBD sales have skyrocketed.

Also Read: Does CBDA Get You High

Consumer-Led Industry Changes

2020 witnessed a boom in CBD sales, though 2021 noticed another increase. CBD sales jumped 41% in 2021. Even more, people are converging to cannabis. Following the initial market worries. The CBD industry also appears to be picking up and improved than ever, with a 15% increase in sales in 2021. Certainly, 9 million Americans attempted CBD for the first time due to the pandemic.

The trend of online shopping will also not go away. Even as pandemic restrictions ease, consumers keep on desiring the extra benefits of eCommerce. In 2021, online sales comprised 38% of the entire CBD market.

 

Sales Growth

It’s clear that 2020 was a big year for the cannabis industry. As against sales in 2019, 2020 noticed a 46% growth in sales. While 2021 witnessed a 41% rise. The hemp-sourced CBD industry saw greater disruptions initially. But presently, it keeps on growing as more consumers find new products and access the market.

Two themes have fueled the development of the cannabis market during the pandemic. The first in the rising wish among consumers for products that boosted their wellness and health. The second is the ongoing legalization of medical and non-medical cannabis, particularly in the US.

Also Read: Does CBD Help With Bone Health?

Cannabis Products Can Serve Consumers’ Wellness And Health Concerns

 

CBD Sales

CBD Sales

 

Numerous cannabis products align with the 3 major consumer preferences that are running the wellness and health trend, as recognized in GlobalData’s 2021 TrendSights analysis report on wellness and health. First of these is consumers’ worries concerning mental wellness, which has been hit strongly by the pandemic. Second is the growth in consumer interest in natural products. The third is the rising choice among consumers for plant-related alternatives, to which health issues contribute.

Cannabidiol (CBD) is a cannabis product that ticks all these 3 boxes. CBD appears to relieve stress and anxiety and enhance sleep. Additionally, it is non-psychoactive – so CBD does not directly attach to the cannabinoid receptors within the brain similarly as tetrahydrocannabinol (THC) does. So, CBD does not create the high brought about by THC.

Consequently, CBD, as usually advertised, can enhance consumers’ mental health and wellness without intoxicating consumers chemically as done by smoked cannabis. Coupled with the feature that CBD is a plant-sourced product and not generally produced synthetically, CBD fulfills all the appropriate criteria to attract well-being and health-conscious consumers.

CBD is also sought after during the pandemic due to its antiviral properties. Besides, it also aids with cancer, nausea, chronic pain, and neurological pain.

Also Read: How To Use CBD Oil For Arthritis?

Where To Buy Your CBD From

Hemp Depot cultivates custom, proprietary strains from which its entire products are sourced and handmade in Colorado to the most accurate standards. Being operated and owned without investor influence, Hemp Depot can ensure the safest and purest Hemp CBD product on the planet, free of phthalates, pesticides, additives, parabens, and preservatives. Hemp Depot’s lineup of CBD products includes tincture, softgel/tablets, topicals, and gummies and drinks.


Interesting Reads:

The Dynamic Duo Of CBD And Retinol For Your Skin

Know Which Rare Cannabinoid Is Best: THCV, CBN Or CBG

European Commission Takes Two Major Steps On CBD Reform

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