What will be the future after COVID-19? Will sales of CBD Oil Products increase?
That is the main question which many people ask today, not because they are curious but because they already included the CBD Products in their everyday wellness routines.
From this so-called daily wellness routine in the current state of pandemic rise the question will sales of CBD oil products increase or not.
Sales of CBD Oil Products
While earlier projections showed a strong uptick in sales of CBD products for 2020, the uncertainty created by the outbreak of coronavirus places accurate forecasts into question, according to several observers of the emerging industry.
Part of the issue is while the run-up in sales of CBD oil in stores throughout the US and Europe during the outbreak are viewed as robust, the motives behind the surge were due to consumers being in fear that these establishments may close for long periods.
So they wanted to make sure they bought CBD products before they were locked out.
The longer term question remains, will these trends continue after the virus is mitigated, and does the industry have the internal strength or legs to grow after the pandemic.
According to Stock Market Press, ”Long term, CBD appears to be in a position to regain its footing and excel in the future. All signs were pointing to massive CBD growth in the future domestically and overseas. CBD companies were sourcing and acquiring subsidiaries for platforms and sales of CBD overseas. That will still happen, but perhaps not as quickly as first projected.”
One sure indication of continuing growth in sales for CBD following 2020 is the de-scheduling of several of its products in the US by the DEA and FDA, the main gatekeeper bureaucracies who legally clear medical claims for drugs, supplements and health-related procedures.
The case by case approvals depends on the companies involved jumping through the rigorous hoops and hurdles of the federal process.
The most recent example is GW Pharmaceuticals, confirmed in April 2020 it obtained a notice from the Drug Enforcement Administration certifying that its Epidiolex oral solution has been de-scheduled and is no longer a controlled substance.
“This notification from DEA fully establishes that EPIDIOLEX, the only CBD medicine approved by FDA, is no longer a controlled substance under the federal Controlled Substances Act,” GW Pharma CEO Justin Gover said in a statement.
So far, this official clearance extends only so far as using CBD to treat rare forms of Epilepsy, but it is a promising beginning.
This mark of approval will doubtless lead to other CBD products gaining wide acceptance, leading to more sales as a government recognized, legitimate health treatment.
On the negative side, during the quarantine, many states have ruled that businesses selling CBD products are non-essential.
More Google Searches
The virus outbreak has not stemmed the rise in inquiries being conducted online by consumers seeking to obtain or purchase CBD, or to learn more about the scientific basis for supporting its use.
In April 2019, the last month data were collected, there were 6.4 million CBD Google searches, and searches increased 160.4% in 2018 compared to 2017, according to the research published in the peer-reviewed JAMA Network Open. Going into 2020, nearly 7% of Americans are using CBD, a figure projected to grow to 10% of Americans by 2025, according to industry research.
The fast-growing market already generates as much as $2 billion in sales, which should remain robust enough to continue well past the COVID-19 quarantine period.
Among the most common ‘hits’ appearing search engine inquiries are articles on “How to obtain CBD oil,” or “The 11 best CBD oil products for pain” and similar guides.
More Varieties of CBD Formats
CBD now comes in the form of drops, caps, tinctures, gummies, creams, and another manner of formats.
This makes the oil more marketable as it becomes available to a more diverse set of tastes.
In addition, around the world, more governments have approved specific formats of CBD to be distributed in their market.
Brazil’s health authorities, for example, have authorized a THC-free oral CBD product, an important milestone for the cannabis industry in Latin America’s largest economy.
The oral solution is the first medical cannabis product authorized for sale in Brazil under rules created in December 2019.
A surprise factor affecting CBD sales during the pandemic has been the surprise savings realized by consumers due to staying at home.
Much of this money has been used to buy CBD in the interim.
According to the New Daily, “A nationwide stay-at-home order to curb the spread of COVID-19 has significantly reduced traffic congestion and saved people hundreds of dollars on everyday expenses. Worldwide border closures also have the potential to halve domestic aviation emissions, new analysis has shown. The benefits of locking down the country have been so great that experts want more people to brave the new work-from-home world even after the coronavirus outbreak has been contained.”
Towards a Framework
In sum, the prospects for CBD to survive the pandemic with continued strong sales appears to be real.
This has the industry looking to develop more international and economic protocols for dealing with the situation after the COVID issue passes.
The negotiations to develop the post-2020 global biodiversity framework, prior to the fifteenth meeting of the Conference of the Parties to the Convention on Biological Diversity, will be undertaken by a dedicated open-ended inter-sessional working group under the leadership of its two co-chairs, Mr. Francis Ogwal (Uganda) and Mr. Basile van Havre (Canada) and overseen by the Bureau of the Conference of the Parties.
As described in CBD.int, “The process adopted by Parties to develop the post-2020 global biodiversity framework contains a set of principles to guide its implementation, an organization of work and sets out a comprehensive consultation process, including provisions for global, regional and thematic consultation meetings. An information note on ways and means to contribute to the development of the post-2020 global biodiversity framework has been developed to provide background information and to outline various opportunities for Parties, other Governments, and all relevant organizations and stakeholders to participate.”