As medical and recreational legalization of cannabis continues to make cannabis products more mainstream, more consumers are shifting their views on the plant, and retailers are taking notice. Cannabis — and, in particular, cannabidiol (CBD), is poised to become one of the most popular and financially successful sectors of consumer processed goods. An article by Weed Maps says that most experts project its potential well into billions of dollars. The article stated that: “As CBD continues to rise in popularity, more over-the-counter (OTC) retailers are getting on board — and shifting their strategies to accommodate this new market. “A lot of the products that are widely available in OTC stores have been available for 10 to 15 years, so [CBD] brings new solutions to the space and…new interest, which has been well received by the retailers,” said Dustin Sullivan, chief operating officer of (a CBD industry company) and a veteran retail business development professional.” The article continued: “It’s only been very recently that CBD products, such as topicals and tinctures, have been sold at over-the-counter retailers… it’s a welcome change — and consumers are embracing the shift towards hemp-derived CBD products, particularly when it comes to using CBD for medicinal purposes. Mentioned in today’s commentary include: HEXO Corp. (NYSE: HEXO) (TSX: HEXO), Rapid Therapeutic Science Laboratories, Inc. (OTCPK: RTSL), cbdMD, Inc. (NYSE: YCBD), CBD Unlimited, Inc. (OTCPK: EDXC), Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF).
As CBD becomes more widely available at over-the-counter retailers and legalization becomes more likely, consumers are considering cannabis as an alternative treatment for health issues, including chronic pain. According to the Nielsen survey, 40% of all headache and migraine sufferers, 40% of all arthritic pain sufferers, and 41% of all back and neck pain sufferers are interested in consuming cannabis as an alternative pain treatment. The survey notes that while there are a few exceptions, the majority of those surveyed with chronic pain are currently using OTC or prescription treatments.