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Effect Of Novel COVID-19 On CBD Industry
The novel coronavirus pandemic has impacted the economic growth worldwide and forced businesses belonging to different categories to shut down or suspend their operations for a period. But with the heavy fall in the economic growth and the strict lockdowns, the hemp industry is still having effective business progress.
Though the Novel COVId-19 has impacted almost every industry, the impact of COVID-19 on CBD/hemp industry growth is stable- the increasing demand of hemp-derived supplements could be seen among the consumers.
“Note: CBD industry clients and daily users spoke with several manufacturers of cannabidiol about the COVID-19 consequences for the CBD industry, and the majority has the same answer that COVID -19 effects on the CBD industry are not that high – the industry is growing in the sequence as it was on the track and now the consumers are more interacting with the hemp-topical and other products.”
Trade On Ice:
As per the research and the CBD/hemp manufacturers, CBD companies are now turning their focus more to online sales as social distancing is being followed around the world so the many retail stores closed their doors or reduced their hours of operation.
Facts To Know:
The next part where the COVID-19 consequences for the CBD industry are quite sore is the supply chain. Yes, it is the facts as many American CBD companies source their hemp domestically which simply shows that some supply chain had stopped their interaction due to the disrupted environment.
Change In Consumption By The Consumers:
Since Novel COVID-19 disrupted international affairs over the last month, consumption patterns in all industries have been rapidly turning down. However, the majority of consumers in Europe and North America focusing on maintaining and increasing their purchase of cannabis products in the coming months as per the reports- but it is not that effective as before.
Fact To Know:
Around 2,988 adult cannabis consumers aged between 16 and 65 in the US, Canada, and the UK were asked how they expected COVID-19 to affect their consumption rates over the next three months (March to June)- the answers were surprising as the revenue growth and the rate of consumptions were fluctuating to every individual.
The users who are consuming hemp at the medical level are on the standard path, whereas the non-medical consumers’ way of using the hemp/CBD is more switching between increase and decrease standards.
This reflects that the consumption of the products is relatively stable for the medical users, and the lifestyle of the non-medical consumers was highly impacted now!
CBD Industry perspectives of COVID-19 is different- as few of the CBD based companies have taken a quick move to react to the customers' needs, for example- many of the companies started offering immune-support- products.
As per the few CBD companies, they introduced the new hemp products to deal with the customers' demands which are now available on their website.
CBD Industry Might Collapse Or Boom:
It’s time to put down the curtail
Several stores and malls have closed which could simply impact the signature, and few companies switched their previous strategies but still, it is complicated to reach the clear cut result- as it depends how the legalization would help the CBD companies to recover their losses and start their market again. As per the data, legal cannabis is a $10.73 billion US industry that contributed to around 243,700 jobs, so if the legalization supports them after the pandemic impact then the market would hold a new boom.
So it is challenging to see a new move of CBD market after the hit of COVID-19- we will have to wait to see what happens the next after the COVID-19 chaos stops down.