Millennials are avid users of CBD, with 50% of CBD users between the ages of 21 and 40. Many CBD users are regular users, with 50% saying that they use CBD two or more times a week.
CBD users are using CBD as a natural alternative to treat a variety of ailments including anxiety, chronic pain, depression and insomnia. Nineteen percent of CBD users are “daily symptom attackers” who are using CBD to manage chronic conditions such as multiple sclerosis, endometriosis and chronic pain.
SB: Where do you see hemp- CBD products in the next five to 10 years?
VL: In the likely case that the FDA creates a regulatory framework for CBD usage in supplements, food and drinks, and the mainstream market continues to embrace hemp-derived CBD, the U.S. CBD market is expect-ed to grow exponentially, reaching $24.3 billion by 2025.
Over the next five years, we expect expansion of CBD products — beyond topicals and skincare products to include supplements (tinctures, capsules), food and beverages, pet products — across both pharmacy and grocery as well as into mass merchandisers, gyms, chain pet stores and other big-box retailers.