Editors Note: This story was written by Gina Larson.
CBD, the popular cannabis-derived cannabinoid, has its own national day coming up on August 8th. First designated in 2018, the day may not be as well known as the unofficial cannabis holiday – 4/20 – but it does show that the compound has come a long way in gaining recognition all on its own.
In 2020, it seems that CBD can be found everywhere from cosmetics to confections to dog products and beverages. According to New Frontier Data, about 28% of American consumers have tried a CBD product. It begs the question of whether CBD is just the latest fad. But Jushi Holdings Inc. (OTC:JUSHF) Co-President and Board Member Erich Mauff doesn’t think so. The U.S. Food and Drug Administration’s approval of the prescription medication Epidolex to treat epilepsy shows that the cannabinoid holds great therapeutic promise.
“As we’ve seen with Epidiolex, I believe we are only beginning to scratch the surface when it comes to unleashing CBD’s full medicinal value,” said Mauff. “On the frontlines, our Medical Advisor is seeing a sizable uptick in the number of healthcare professionals exploring CBD as a way to help patients manage a wide variety of conditions. At the same time, the cannabis sector is starting to formalize the way it collects data, standardizes research and develops new products and formulations, which I believe will help cannabinoid therapies continue their entrance into the mainstream.”
CBD claims to help various conditions, everything from such as helping sexual dysfunction, improving cardiovascular health, reducing acne, moisturizing skin, soothing inflammation, calming anxiety, among others. Yet, with the exception of Epidolex, the FDA bans companies from making health claims when marketing CBD products. This leads to a lot of confusion and uncertainty in the market. To help guide consumers, Ganja Goddess founder Tara Wells launched CBD Goddess.
“There’s a new wave of consumers entering the CBD market, but often they are overwhelmed due to the sheer number of products available, which differ widely in quality and ingredients. We launched CBD Goddess as a resource for consumers, who are taking charge of their health and wellness, so they can easily order high-quality products online and have them delivered to their doorsteps,” said Wells.
Despite its popularity, the CBD market – like nearly every other CPG sector – has had a rocky year. Due to impacts COVID had on retail, The Brightfield Group adjusted their forecast down for the industry, projecting that CBD sales would only rise 14% this year compared to 2019 rather than the 30% originally projected. Store closures, a continuing rise in unemployment, and inaction by the FDA to provide additional guidelines and regulations are all contributing to a sluggish market.
Regardless, brands are hoping that more consumers will be tempted to try CBD as the 3rd CBD Day is celebrated with attractive sales already in full swing. Nira, a line of physician formulated CBD products, is offering 50% off all their products. Kat’s Natural, founded by herbalist Kat Merryfield, is giving customers 25% off their signature topicals through Sunday and giving away a free Kat’s Naturals hemp t-shirt with every order placed on CBD Day. Wyld, a maker of gummies, is offering 25% off their 250 mg and 500 mg four packs.
Sales like these are proliferating across the web this weekend. If you haven’t tried CBD – what are you waiting for?