While Covid-19 continues to devastate the global economy, there are some businesses for which the pandemic has created opportunities rather than problems. One good example is the UK’s nascent market for cannabidiol (CBD) products, where entrepreneurs and small businesses report soaring demand since the crisis began.
Research published today by Alphagreen.io, the UK’s largest marketplace for certified CBD products, suggests that more than 8 million Britons are now buying CBD products, with spending exceeding £150m in the first four months of 2020 alone. That puts the market on target to achieve revenues of £450m over the year as a whole, which would represent 50% growth compared to 2019.
Alphagreen.io CEO Alexej Pikovsky explains that the marketplace commissioned the research after noticing a sharp spike in demand for CBD products in the UK from the beginning of March onwards, as the Covid-19 crisis began to bite. He said: “The key here is that with people feeling anxious, having trouble sleeping and, in some cases, feeling let down by the traditional health system, they have looked for alternatives.”
Alphagreen.io’s study, based on a survey of 5,000 adults, found that 8.4 million Britons had either bought CBD products this year or intended to do so. Some 42% of purchasers are focused primarily on relieving or managing pain, with 21% seeking to tackle their insomnia, and 19% hoping to address anxiety. The study also showed that 38% of purchasers were taking CBD products alongside conventional medicines.