Increasing Growth, Acceptance Move CBD Market Toward Mainstream - Seite 2

A Rising Global Market

The growth of the CBD market has so far come mostly out of North America, where the likes of health and wellness company Wildflower Brands Inc. (OTCQB:WLDFF) (CSE:SUN) have marketed a wide range of CBD products. This geographical focus is thanks mostly to questions of legality, as CBD is extracted either from cannabis or from its nonhigh-inducing form hemp. Though legalization of cannabis remains variable in the United States, hemp is now legal at a national level in both the U.S. and Canada, with cannabis growth widely permitted.

As a result, the North American cannabis market, including that for CBD, has grown in spectacular fashion. The market was worth $9.2 billion in 2017 and is predicted to reach $47.3 billion by 2027. It's this market that has proved so fruitful for the likes of Wildflower Brands.

The European CBD market has seen less expansive growth. Within the EU, the range of processed products that can be made incorporating cannabis is more limited, and there's been less of a concerted push towards legalization for both CBD and cannabis products. Consequently, market growth there has been less impressive.

But that may be about to change, according to analysis from market intelligence firm the Brightfield Group. The company recently predicted 400% growth in the European CBD market from 2018 to 2023, a massive rise in a short five-year span. It looks as if the CBD boom may be set to go global.

Sports and CBD

Of course, the CBD market hasn't only been shaped by years of cannabis prohibition; contributing factors also include society's acceptance of cannabis and CBD. The rules of organizations not normally associated with cannabis can provide a hindrance to companies such as Wildflower Brands. But as the legal market develops, those institutions are shifting their attitudes as well.

The world of sports is an ideal example. During the war on drugs, many teams, leagues and professional organizations took a firm public stance against cannabis, laying down rules that prevented their players from indulging. The NFL, for example, has strict rules against cannabis consumption. Currently, however, former players are campaigning for a change to those rules, not just to allow players access to the same experiences as other people but to tackle issues specifically related to sports.