As the year 2021 approaches its final few months, it’s time to look back at some of the top stories of the year. This year has been particularly dynamic for the CBD industry.
The CBD industry is still quite dynamic and going through lots of exciting changes regularly. The number of products is increasing; manufacturing technology is evolving. So, these are fascinating times for the CBD industry.
It is the most relevant news of the year. It is not to incite some kind of fear. Food Standards Agency (FSA) came up with new regulations for the CBD industry. Thus, one either had to comply with these regulations by March 2021 or pull off their products from the market.
It is one of the most considerable changes in the last few years. UK and EU regulatory agencies now classify CBD as a novel food. It means that although it is recognized as safe and any food additive, there is a need to keep a close eye on how it influences people’s health on prolonged use.
FSA also had other recommendations like telling pregnant women to avoid CBD use due to a lack of safety data. Or FSA recommends that adults should avoid taking CBD above 70 mg a day.
For manufacturers, it means going through a complex process of registering the product, preparing dossiers, supporting their products with various studies and data.
These were the first Olympics in which athletes were legally allowed to use CBD. The use of CBD is on the rise among various sportspeople. This Olympics demonstrated that athletes are under intense pressure to perform, and they have multiple mental issues. Therefore, they are always looking for novel and legal ways for managing their mental and physical health.
However, it has also raised a fair number of controversies. Some blamed athletes for wrongly promoting CBD. On the other hand, there are stories of athletes being disqualified for using marijuana.
Not all experts agree with the ban on THC. Some think that THC should also be legal in sports, as it does not boost the physical performance of the untrained body.
We may see many tobacco giants going out of their traditional business of making tobacco cigarettes and instead offering CBD products in the near future.
Be it British American Tobacco company or Phillip Morris; all have announced their intent to move away from their traditional business. Instead, they are appointing people from the CBD industry in their higher management, signing deals with various cannabis makers.
It is expected that some of these companies may completely go out of the business of producing tobacco or nicotine-based products. So soon, people may see Marlboro cigarettes going off the shelves of supermarkets and seeing CBD products instead.
It is not just an overnight decision. These giants of the tobacco industry have already seen their turnovers plummet, and CBD brands making huge gains and at quite a faster pace. So for them, it is a do or die moment.
Everyone expected some reduction in CBD sales in the UK due to the introduction of novel food regulations. Moreover, some thought that the market is already competitive enough and there is little chance of any boom in the market. However, contrary to various beliefs and expectations, the CBD market is expected to almost double in 2021.
This increased demand for the CBD market is fueled by uncertainty and higher stress levels caused by the pandemic. People are increasingly relying on CBD for health issues. It means that the industry expects that sales would increase from £314m in 2019 to £690m in 2021.
All this news clearly show that the CBD industry is quietly going through a revolution. We may hear more exciting news in the coming times, as it is clear that the CBD industry is booming, and we will continue to experience CBD’s increased use in coming years.