High hopes for future Canadian CBD market
With legalization arriving later this month, Canadian companies and consumers are increasingly embracing the therapeutic potential of cannabidiol (CBD) and cannabidiol-based products, especially as regulators warm up to the idea of easing restrictions. CBD products will be classified as a cannabis product after October 17th , and so, legal consumption will remain out of reach for consumers without medical exemptions. However, Health Canada had recently approved clinical trials for research into CBD to address pet anxiety and has previously talked about allowing the sale of CBD in Natural Health Products. Many companies outside of the cannabis industry are already looking to capitalize on CBD’s growing popularity, in anticipation of future regulatory changes.
Cannabidiol is a non-intoxicating compound that occurs naturally in our bodies and whose health properties has inspired numerous applications beyond pharmaceuticals, including cosmetics and skincare, arthritic and anti-inflammatory topical creams, food and beverages, to name but a few. CBD has not only shifted the health and wellness landscape but attracted the attention of large corporations, such as Coca-Cola. According to a recent report by industry analysts at Brightfield Group, the CBD market in the US alone is projected to outpace the rest of the cannabis market and could reach $22 billion by 2022. The trend away from treating cannabidiol as a scheduled substance by regulatory bodies and health agencies internationally will provide momentum toward homegrown consumer goods industry that is distinct from recreational cannabis and not restricted to sale through licensed cannabis dispensaries.
At Wildflower Brands, we learned early-on about the incredible health and wellness benefits of CBD. Indeed, Wildflower’s success in the US reflects our firm belief in plant-based healing and the market potential of CBD. Wildflower Brands will be well-positioned to establish ourselves as an industry leader in Canada by leveraging our experience, expertise, and various industry collaborations from navigating the US market.