Since CBD oil was available legally as a food supplement, CBD oils, tinctures capsules and vape liquids, lead the way in this emerging market, with creams, edible jellies and other novelty products catching them quickly.
Liverpool, with a population of around 500,000 and about 2.25 million people in the borough, has seen CBD sales reach an estimated £10 million per year in the city and around £25 million in the wider borough and all within the space of 2 years. That is rapid growth and the industry is expected to expand a further five-fold within the next five years.
The demand for cannabis or hemp based products was already high, but only satisfied through illegal sales of marijuana. However, since the legalisation of CBD in 2017 those wanting the properties of cannabis for health reasons can now buy products, without the drawback of getting high.
The demand for these products it seems was already there, it simply required them to be legalised and made accessible, for them to be consumed by the waiting Liverpool public.
The top 3 products sold in Liverpool are: tinctures, oil in a bottle with a pipette for placing under the tongue, vape liquids and capsules.
If vaping continues to grow in popularity, it is likely over the next few years that it will overtake tinctures and become the most popular way of taking CBD. The rapid growth of more novelty products like, bath bombs and jelly sweets could plateau as consumers demand products that provide the best and quickest bio absorption, rather than those with just marketing gimmicks behind them.
The future as regards to more jobs is also a positive within the CBD industry as businesses dependent on the industry, such as, marketing, packing and delivery, also benefit from the huge market growth.
Another of the positives of this growth is that as the market expands, it is more likely that competition from respectable brands will push out poorer quality products.
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