UK cannabidiol market set for major growth but hurdles remain
Record numbers of people buying legally certified cannabis products will see the UK market grow by 50% this year to £450 million, according to research by London-based marketplace Alphagreen.
The company surveyed 5,000 Brits and also found that a lack of reliable information about CBD (cannabidiol) products is confusing shoppers and limiting the fledgling industry’s expansion.
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"We conducted the largest UK CBD survey because we felt that existing consumer insight lacked the depth and breadth that is required for the industry to make informed decisions,” says Alexej Pikovsky, Co-founder and CEO, Alphagreen.
“These decisions need to be made smartly, but also quickly. Most adults have only started to use CBD in the last 12 months, but Alphagreen expects an even greater proportion of the population will use it for the first time in the next year.”
He expects adoption will be accelerated by accessible information, entry level priced products, and popular media, but also stresses that there are causes for concern that the industry must address in order to maintain this momentum.
“The survey findings highlight that we’re not doing enough to both educate and reassure customers about all aspects of CBD goods,” says Pikovsky.
“It’s not good enough that over a half of customers struggle to access high quality information to aid their purchasing decisions. As a company, we constantly conduct research about new products, list the best quality products and work only with established and reliable products and brands.”
“Addressing this issue will help with another hurdle we’re facing – the out-dated stigma of buying legally-certified cannabis products. A quarter of our customer base – and especially the key demographic of those aged 60 and over – fear they’ll be judged and criticised by their family and friends for buying CBD goods,” he concludes.
