About 40% of U.S. adults 21 and over are interested in trying CBD, according to a new study by High Yield Insights.
The study breaks ground in understanding the behaviors, products and format preferences and demographics of both current and potential CBD users. It found that the majority are 35 years or older (64%), are female (56%) and with college experience (79%).
Among current CBD users, approximately half are under the age of 34 and 54% have used CBD for less than one year. Some current users report using products containing CBD only, while others prefer medicating with products containing a mixture of CBD and the psychoactive compound THC.
Key motivations for trying CBD include easier access to products, availability of unbiased research and a physician's recommendation. Among products potential users might consider, accessible forms such as chocolates and baked goods rank high along with pills and capsules.
CBD could become even more accessible since Cresco Labs Inc. acquired Origin House, representing the largest cannabis-related acquisition in history and will allow Cresco to place its brands in over 725 dispensaries across the U.S. “The acquisition of Origin House is another example of our focused and disciplined approach to creating a meaningful presence in key cannabis markets through excellence in brand development and distribution,” said Cresco Labs CEO and Co-founder Charlie Bachtell. “It establishes Cresco Labs as the leading multi-state operator with one of the largest distribution platforms in California, which is projected to be a $7.7 billion cannabis market in 2022 by Arcview Market Research/BDS Analytics."
Additionally, both Walgreens and CVS Health revealed they would sell CBD products in some locations.
Walgreens will sell CBD creams, patches and sprays in nearly 1,500 stores in select states, the company told CNBC (Mar. 27). It will sell the cannabis-based products in Oregon, Colorado, New Mexico, Kentucky, Tennessee, Vermont, South Carolina, Illinois and Indiana. The company declined to specify which brands it would carry.
“This product offering is in line with our efforts to provide a wider range of accessible health and wellbeing products and services to best meet the needs and preferences of our customers,” said Walgreens spokesman Brian Faith.
As for CVS, the products include creams, sprays, roll-ons, lotions and salves which are available in eight states: Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland and Tennessee, reported CNBC (Mar. 20). The company specified that it is not selling any CBD-containing supplements or food additives.
"We have partnered with CBD product manufacturers that are complying with applicable laws and that meet CVS's high standards for quality," a spokesman said in a statement.
Though the drug stores won't be selling CBD food products just yet, other companies have been launching their own infused products.
The Jelly Belly candy bean creator is starting a new line of CBD jelly beans, reported Fox News (Mar. 24). David Klein, who founded the famous Jelly Belly name, has now created a new company called Spectrum Confections, which is adding CBD oil to 38 flavors including toasted marshmallow, pina colada, strawberry cheesecake and mango.
Klein told Cannabis Aficionado that he looked into CBD jelly beans after learning about its perceived benefits, finding a gap in a market that includes cannabis-infused gummies and chocolate. "The jelly bean is perfect for the proper dosage [of CBD]," said Klein. "We are putting 10 ml in each [bean]. If people want a small dose, they eat one. If they want 20 ml, they can eat two," and so on.
CBD is now being found more and more in drinks. Elev8 Brands Inc. is a holding company focused on commercial development of hemp and cannabinoid indused beverages, as well as an array of CBD topicals and tinctures. It recently launched two new CBD infused drinks: CBD Infused Iced Tea and CBD Infused Iced Coffee.
There have been about 30 acquisitions of restaurants or restaurant delivery/tech companies so far in 2019, in-line with the same time in 2018, according to Food Institute data, and the numbers appear to be going up.read more
Victoria writes for the weekly Food Institute Report and the daily news update, Today in Food. Victoria graduated from Montclair State University with a B.A in Journalism and has a background in Nutrition and Food Science. She can be reached through her email at Victoria.email@example.com.
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