CBD is all the rage these days. But despite the high interest just about everywhere, the market is still rather hazy in Canada compared with the United States, for example.
Kay Tamillow, director of research for the Brightfield Group, attempted to lift the fog on the much-ballayhooed cannabinoid during a recent session at the MJBiz International conference in Toronto.
CBD from cannabis is legal in Canada
In Canada, “we have this broad legalization of cannabis, which includes CBD,” Tamillow told attendees of the session, CBD Deep Dive: A World of Regulations and Where to Start.
But you have to buy it at a legal dispensary or retailer
In Canada, she said there seems to be reticence among some consumers to buy CBD products through cannabis retail environments. “CBD is still part of the cannabis or the marijuana supply chain. So, while CBD is legal in Canada, there’s a much higher barrier to entry for the consumer because they still have to go into that cannabis retail space and there are some people who are just not willing to do that,” she said.
Some regions are more open to plant-based medicines
Populations in certain parts of Asia may be more open to certain cannabis-related products, but certainly not all. “Even though THC is not legal and there are a lot of barriers there, there’s a history of hemp in that region,” Tamillow said. “So you can see openness to alternative, holistic medicines, plant-based medicines. That creates an easier barrier to get over with consumers or even doctors.”
The price needs to be right
Whatever the region, consumer interest in trying CBD products will likely be trumped by a consumer’s ability to pay. “Are people spending their money on healthcare? Are they interested in wellness?” Tamillow asked. “We kind of consider CBD in that realm because it’s mostly, at this point, addressing” conditions such as “chronic pain, depression, insomnia, but also skin conditions or just general overall wellness,” she said.
Being open to cannabis usually means being open to CBD
“If you have more people using cannabis, they’re probably more open to using CBD as well because they’re more open to the cannabis plant in general,” Tamillow said.
In the U.S., “as we get more into the mass market for CBD and we’re seeing more kind of general consumers come online, they’re looking for something that’s more familiar,” she said. Formats like capsules and lotions are “a really easy thing for consumers to start doing”.
Authored By: The Growth Op Article category: Marijuana Business News Recreational Marijuana News Regional Marijuana News: Ontario
READ MORE: https://420intel.ca/articles/2019/09/10/five-things-i-learned-about-cbd-recent-mjbiz-conference-toronto