CBD has evolved in the last more than five decades from a toxin no one cares about into the miracle element it is now. It has busted out of the cannabis stigma to become a stand-alone cannabinoid. Human beings are now suffering thousands of new illnesses that were non existent many years ago. This is hugely attributed to the fast-paced lives that make it harder for our bodies to fight against illnesses.
CBD is now used to manage more than 50 known illnesses. There are many more uses outside illnesses. Research and studies are underway to discover more uses for CBD.
Survey on Use
HelloMD is a virtual community of medical practitioners and patients. A survey was conducted on HelloMD where it was found that 55% of the CBD users are women. It was also found that the women are more likely to replace their traditional medication with CBD. It was found that the men favored a more THC approach.
The most common uses were insomnia, depression, anxiety, and joint pain. 42% of the CBD users had stopped their traditional medications in favor of CBD. 80% said that it was very effective. Only 3% reported experiencing no effect whatsoever or just a slight change.
CBD is really taking root, the first ever CBD summit was held by Natural Products Expo West in the first quarter of 2018. The goal of the summit was to give a full dimensional view of the potential of CBD products. An official was even quoted saying that it was the hottest element in the history of natural products.
Exponential Growth
An analysis of the market was done and experts believe that the market will grow 700% by 2020, just two years from now! It is estimated that the market will grow to $2.1 Billion by then with only $450 Million being attributed to hemp CBD. This is a testament to the growing embrace for cannabis. Hopefully, human kind will continue to unravel the untapped opportunities cannabis holds.
To fully grasp the quintessence of the market, it is essential to do a sort of mock SWOT analysis. This is a look into the strengths and weaknesses of the cannabinoid. There should also be a look into the opportunities the future holds and the threats that could deter stakeholders from grasping those opportunities.
Strengths
Benefits
The uses and advantages attributed to CBD are definitely the biggest strengths. CBD has been mentioned in cancer therapy. It has been said that not only does it mitigate the side effects of traditional cancer therapies; it also works to kill the cancerous cells.
CBD has also been mentioned in treating epilepsy. The CBD-epilepsy connection was made by Professor Mechoulam, who is credited for being the father of CBD discoveries. CBD has also been found to be helpful in anxiety disorders. In addition, CBD can effectively manage autoimmune diseases, especially those that come with bad inflammation.
The diversity and versatility of CBD is truly the biggest strength there is. It could be used to treat multiple illnesses and prevent another handful.
Natural
The issue with prescription drugs is that they are for the most part chemicals. These harmful chemicals can bring about heartburn and other horribly inconvenient side effects. On the other hand, CBD does not have that problem, as it is a natural element.
People have overdosed and died from their prescriptions and over the counter medications. There have been no fatalities that have been reported from overuse of CBD. Only slight side effects have been noted. Otherwise, a slip up would not end with the person in at the ER waiting to have their stomach pumped.
Non-Psychoactive
Each cannabinoid has its own set of characteristics. The two most prominent cannabinoids are THC and CBD. However, THC and CBD have one distinct difference, THC causes mental excitation while CBD does not.
CBD does not alter behavior in the way THC does. This makes it safe to use even when driving or working with heavy machinery. This quality makes it a favorite and suitable for children.
Weaknesses
Expense
During the HelloMD survey, it was found that 8% of the CBD users did not know whether they had used hemp or marijuana CBD. Those who did all agreed that marijuana CBD was incredibly expensive. This is presumably due to the fact that marijuana CBD is essentially illegal. Marijuana is a schedule 1 drug and by extension so is CBD.
There are costs that come with development of marijuana CBD products. These costs of course have to trickle down to the consumer. These problems are not experienced in the case of hemp CBD products because hemp is perfectly legal. Hemp CBD products can be imported and purchased freely in all US states.
Lack of Education
When you decide to use CBD, you have to take it upon yourself to research. You will have to find information about how CBD can help your specific situation. More often than not, the physicians choose not to get involved but it is always a good idea to consult with your doctor! This is especially true if you live in a state that has not legalized yet.
The internet is buckets full with information. However, you can never really tell what is true and what is not. If you choose to look at the studies on NIH or other scientific websites, the medical jargon can just confuse you.
The same problem faces the issue of dosage and method of administration. Online dosage calculators make the dosage thing easier, however this becomes a problem when the manufacturer has misrepresented information on their packaging. This was actually rampant until the authorities dished out a few warnings.
Legality and Damper on Research
Cannabis remains to be a schedule 1 drug. It is also subject to many other legal hurdles that are not common to the other schedule 1 drugs.
However, earlier this year the DEA announced an effort to streamline the process of gaining license to research schedule 1 drugs. They moved the process online, but while this is progress for sure, it is a small step in a thousand mile crawl. This will barely make an impact on cannabis research, research that is integral to ensuring CBD reaches the masses.
Opportunities
New Targets
In March of 2018, the Marijuana Company of America made a move into convenience stores and other places that would give them a chunk of the impulse buys. The company collaborated with another to bring tinctures, topical and edibles to the market in one, two, and 30 day doses. This is a great idea, one that would open up doors to larger markets, an idea that would provide a larger pool of users to further the CBD agenda.
The internet has become a cornerstone of commerce throughout this decade. E-commerce was attributable for more than 10% of the global retail trade in 2016. Online trade is popular for its ability to support two avenues of business: Business-to-Business (B2B) and Business-to-Customer (B2C).
Approval of Epidiolex
A drug by a European company, GW Pharmaceuticals, was fast tracked for approval by the FDA. It was recently recommended and was approved. It is the first purely CBD drug in the US market. Epidolex will open up doors for more life changing CBD drugs to dip their toes in the water. There will be a lot to learn from the hearing and the process GW went through to get to this point. As it is, Epidiolex is the first ever CBD drug to get this far in the process of FDA approval.
Research Beyond Borders
The Hebrew University of Jerusalem has been especially prominent in the advancement of CBD. There is still more research underway, research into new uses, research into more benefits, and research into any possible side effects that may have remained hidden thus far. These studies dig into the mechanism of action of CBD and science is trying hard to ensure CBD remains the gift that keeps on giving.
Threats
Stringent Actions on Research Efforts
Though CBD has been proved useful, there is still need for clinical evidence. As far as the authorities are concerned, all the stories and studies provided might as well be hearsay without proper clinical evidence to back it all up.
However, getting this clinical evidence is difficult. This is because companies have to get approval from three separate entities. Getting a license is tedious and costly. This already locks out the smaller research outfits.
This issue significantly narrows down the amount of research possible. A decision by the bigger companies to fund the expensive process will most likely be based on business.
Hesitation from Investors
The cannabis legalization issue is one riddled with political interest. This makes it a red button for investors who would rather seem neutral to the whole issue. The risk of never getting desceduled also leaves the future of CBD a bit uncertain.
Bloom in the Gray
In the wake of the GW Pharmaceuticals Epidiolex-approval news, the shares of the company rose by more than 11% to an 11-week high. This was the reaction in the stock market upon the news of a possible approval. This right here is evidence that even though there is a shade of uncertainty, CBD is still slated for a very bright future.
