The past couple of years have seen cannabidiol (“CBD”), a hemp extract that’s said to be filled with potent medicinal properties, become immensely popular in several territories across the world. Most countries with legal CBD markets legalized the hemp extract within the past decade, and as a whole, the industry still hasn’t been properly regulated. The United Kingdom’s CBD market is underregulated and over restricted, mirroring the legislative situation in most CBD markets around the world. However, around 6 million people in the UK have used CBD in some form, and the market is poised for explosive growth as even more people turn to CBD thanks to its medical applications.
So what can industry stakeholders and consumers expect from the UK’s CBD market in the years to come? For starters, we will likely see legislative reform of some sort as the market grows. Underregulated as it is, the CBD market has attracted unscrupulous companies looking to make a quick buck without any regard for their customers’ health. Regulation would clean up the industry, getting rid of the unethical players and their products while legitimizing the young CBD industry and attracting customers who would have otherwise avoided CBD. The recent Novel Foods legislation was a great start in regulating and legitimizing the CBD sector.
We can also expect regulations for the marketing of CBD products. Currently, CBD firms cannot directly advertise their products to consumers, meaning public awareness of CBD is pretty low. As the CBD market becomes more regulated, we will most likely see marketing regulation reform that will finally allow CBD companies to market their products to the public. This would in turn increase public awareness and attract more customers. The recent brand campaign by Cannaray CBD featuring Claudia Winkleman is an example of what CBD marketing could evolve into.
Personalized consultation may also become the norm. Just as America’s state-legal cannabis sector has “budtenders” who will answer customer questions about cannabis, UK’s CBD space will likely see an increase in consultation-dependent retail. CBD is a mystery to many people, and even for thos who are aware of it, knowledge is limited. Consultation and real-life sales support will be integral to helping customers understand CBD and its potential risks and benefits. This could result in the development of a countrywide network of CBD experts, healthcare professionals, scientists and general practitioners.
Product innovation will also become the norm. By its very nature, the CBD space is quite innovative with companies constantly working to develop high-quality CBD products. As such, there are now innumerable CBD-infused products, including pet care products and clothing. As the industry develops and matures, and customers learn more about CBD and its benefits, we can expect more product innovation and an increase in retail sales.
A number of parallels can be drawn from the CBD sector in the United Kingdom in comparison to the market in North America where companies such as Simply Sonoma Inc. are currently operating.
NOTE TO INVESTORS: The latest news and updates relating to Simply Sonoma Inc. are available in the company’s newsroom at https://cnw.fm/Sonoma
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CNW420.com
Do you have questions or are you interested in working with CNW420? Ask our Editor
CNW420 is part of the InvestorBrandNetwork.