Sales are expected to more than double, with demand reportedly increasing due to stress and uncertainty caused by the pandemic. The cannabis revolution with countless cannabis products fires the imagination.
Sales of cannabis products to consumers have boomed during the pandemic, which will see the popularity of cannabinoids surpass the market for vitamins B and C combined, industry groups say. The industry estimates that the market for products containing cannabis extracts will reach £690 million this year, more than double the £314 million in sales in 2019. The stress and uncertainty caused by the pandemic has been attributed to a growing interest in cannabinoid and cannabis products.
Legal cannabis revolution
Due to the popularity of products containing cannabinoids, such as CBD (cannabidiol), it is United Kingdom now the second largest consumer market after the United States. Such products include CBD oil, which is hailed and touted by retailers for its soothing and moisturizing effects. In a new report, the Association for the Cannabinoid Industry and Center for Medical Cannabis the government to take action to seize an economic opportunity.
Cannabis laws are lagging behind
They argue that the legislation has not kept pace with the growth of the market. Currently, the Food Standards Agency regulates CBD products, while the Home Office is conducting a trial to assess acceptable levels of THC, ie the psychoactive chemical found in cannabis.
But restrictions on the cultivation of hemp, a relative of the cannabis plant that also contains cannabinoids, mean that most of the profits go abroad. That's because the Interior Ministry only grants licenses for cultivation for two reasons: as a raw material for industrial use, or for pharmaceutical clinical trials or the production of licensed drugs.
Yet the cannabidiol extracted from the plants has never been a controlled substance and the market for that product is much larger than for those two uses. That means it can be sold in the UK, even though the plants it is extracted from cannot be grown here - unless there is a change in law.
Economic importance of cannabis market
Steve Moore, co-founder of The Association for the Cannabinoid Industry (ACI) & Center for Medical Cannabis (CMC) said: “With new government support, allowing CBD and cannabis products to be available on every shopping street in the UK, the cannabis revolution for consumers could become permanent. This can create hundreds of new businesses and thousands of jobs and earn billions of pounds in exports. ”
Read more news.sky.com (Source, EN)