What will be the impact of COVID-19 on the CBD Market? So far numbers say that the whole CBD Industry is getting more boost in pandemic outbreak than decreasing the speed of sales.
Low or High Impact of Covid-19 on the CBD market
The year 2020 has influenced the CBD Product Market worldwide in terms of the store or other offline sales, and in terms of the reception given to alternative health products in general.
The impact of Covid-19 on the CBD market it’s huge and yet still we will need to see the consequences and results.
The COVID-19 pandemic and lockdown activity, in particular, saw an unfortunate trend towards some supporters making currently unsubstantiated claims for the effectiveness of CBD oil, which was seized upon by critics to attack the reputation of the emerging CBD industry.
But there were also signs that online commerce relating to CBD remains largely unaffected by the controversies related to products brought by “coronavirus cure” claims.
“Coronavirus has impacted global in-person events, from concerts to business conventions,” according to Marketwatch.
“To the CBD market — roughly 70% of sales are made online — so the main impact is felt in stores, dispensaries and other locations where potential customers must make in-person purchases.”
This implies the internet-based consumer is increasingly more informed as to the beneficial aspects of cannabis-derived products, to the point where they are resistant to negative reports about the abuses of some vendors in making their own choices about using them.
The supporters may have become more educated on the subject by using the stay-at-home time to review more information on these products, and this influences the results and impact on COVID-19 on the CBD Market.
As a result of the trend, despite the more skeptical atmosphere created by the virus outbreak, industry observers expect sales of CBD health items to reach 2.1 billion through 2020.
The Government Response
The chief area where the higher critical scrutiny of the health products have taken a toll on its growth is in the governmental response—as of mid-year, some 975 cannabis-related bills are moving through state legislatures and Congress for 2020 sessions.
The public is somewhat supportive of the bills, as their acceptance of CBD has been accompanied by calls for more standards to confirm the value and bio-availability of CBD products.
The demand for greater harmonization in confirming the ingredients per product, follows from the CBD consumers wanting more assurance they are getting the effective amounts of the substance based on the information they’ve received about its benefits over recent years.
This is also why consumers want to see more clinical studies—the public increasingly wants to see the projections made about its medical use verified, in order to move on from the debates about its therapeutic value.
The flap over certain claims as to administering CBD to treat or remedy coronavirus infection s had certainly fueled these concerns.
The upshot of the public’s support for the legislation, and the effect of the COVID-19 outbreak, has been to refuel efforts by the FDA and related agencies in the US to re-discover a way to regulate the CBD industry.
Since CBD is a food product, not a chemical-pharmaceutical, the drug industry cannot patent it, and bureaucrats have no current basis for jurisdiction over its marketing or use, as per the 2018 Farm bill.
At best, these would- be gatekeepers have tried to represent CBD oil as being potentially “unsafe” if taken in one form or another, so as to enable them to make the case for regulating them anyway.
The “safe” versions of CBD could then be manufactured by the drug companies on a monopoly basis.
The “CBD can cure COVID-19” controversies have been exploited by advocates for Big Pharma to create a case for regulating it as a therapeutic drug, which would limit its affordability and availability.
According to “health freedom” advocates like Ethan Huff, this would defeat or run an end-around to the Farm bill, and needlessly limit its use despite much anecdotal and general evidence of its value for supporting consumer health.
“With no known side effects or psychoactivity, CBD oil has become a go-to for millions of Americans trying to ease pain, quell anxiety, get better sleep, and minimize seizures. There’s also a growing body of evidence to suggest that CBD is anti-cancer and that it could help people with Alzheimer’s disease and other forms of dementia. “
As time moves on from the COVID-19 emergency, defenders of CBD should have the upper hand in fighting off attempts by the conventional health establishment to control its distribution.
Supporters should emphasize the safety of it compared to drug chemicals, and the increasing evidence from science about its efficacy.
The elements of that defense should include:
CBD oil comes from a plant, it is a 100% natural product whose toxicity is not proven.
We can say that cannabidiol is devoid of side effects and that its consumption, even daily, is safe.
The only toxic substances that could be found in cannabidiol-based products would come from the mode of production (pesticides and other chemicals), just like fruit and vegetables.
It is therefore recommended to choose a CBD oil produced in good conditions, without potentially toxic chemicals.
And to favor end products sold by professionals who carefully select their goods and only source from the most virtuous manufacturers.
To date, no one has reported notable side effects.
In high doses, CBD oil can limit the production of saliva and generate a feeling of dry mouth, but that’s it.
However, keep in mind that each organism is different and likely to react in its own way to the consumption of cannabidiol.
This is particularly the case for people who are more sensitive than the average to the CBD molecule, and who may experience increased drowsiness.
It is, therefore, a question of remaining vigilant, even if these rare side effects do not represent any danger as such.
Finally, most CBD companies have not made inflated claims.
The marketers or sale agents for a particular product have at times made ill-advised statements about impact of COVID-19 on the CBD market, but these claims do not reflect the more careful approach taken by the new industry.
In response to current marketing event cancellations brought on by the stay-at-home advisory, the trend towards advocating for CBD oil through internet platforms should accelerate, which will encourage more thorough and evidence-based presentations of the medical implications of cannabidiol to health consumers.