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Understanding The Major Drivers to Market Adoption of CBD

CBD and its many interconnected industries and services are growing at unprecedented rates. Touted for its comprehensive health benefits without…

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CBD and its many interconnected industries and services are growing at unprecedented rates. Touted for its comprehensive health benefits without any of the psychoactive effects of THC, CBD is reaching widespread market adoption across the world. Forbes estimates CBD markets to reach a compound growth rate of 49% in 2019, which puts the total market value at $20 billion by 2024.  Adoption rates are rising steadily and will continue to do so as awareness spreads. Each year, further medical and therapeutic benefits are discovered while commercial processing continues to deliver a continuously expanding range of CBD-infused products.  Here we’ll be taking you through a look at the major drivers to market adoption of CBD so that you have a better idea of where the industry is heading. 

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CBD Therapeutics – Driving Global Adoption Rates

Leading the way with a total market share of 70.3% in 2018 is medical marijuana. Prescription and distribution of cannabis as per government regulations and dispensary programs is the most prominent driving force behind current cannabis market adoption rates. Not only does industry-leading analysis by Grand View Research confirm this, but independent analysis grants further insight. The CBD Consumer Experience from High Yield Insights found that 44% of all motivation for trying CBD came from the availability of independent research confirming the medical benefits. Furthermore, 34% of people evaluated tried CBD because of a physician’s recommendation, and 28% were motivated by understanding the benefits of long-term health.

Recreational Use Growing Rapidly

Even though medical marijuana has paved the way for rapid growth, it is recreational use that is emerging as the fastest-growing market segment. Recreational marijuana use is growing at a compound annual growth rate of 36.4% between 2019 and 2025. This categorization includes any use other than the use of cannabis for medicinal purposes. It spans everything from getting high to the inclusion of cannabis in food, drinks and other products. Heightened comfort regarding the use of marijuana is likely to increase the number of people willing to try CBD. Numerous countries, including Canada, Uruguay, Colombia, and certain US states have already legalized recreational cannabis use, which opens up a substantial retail market. 

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State Revenues & The Emergence of Retail

Legalization itself has increased the demand and market adoption rates for both recreational and medicinal applications of cannabis and CBD. Many attribute the increase in use to the easy availability, wide variety and growing affordability of cannabis. Not only does legalization grant growth to cultivation, distribution and general interest from medicinal and recreational users, but it also helps governments shut down black-market trading. Just look at Colorado. It took this US State only three and a half years to reach $500 million in revenue, doubling its revenue source in under two years from legalization. Since 2014, the US has reaped over $1 billion in state revenue from Colorado alone thanks to the emergence of a retail cannabis marketplace in addition to medicinal marijuana. While only a segment of this is CBD, legalization will likely lead to more people trying the treatment. 

Barriers Slowing CBD Adoption

High Yield Insights determined that the most significant barriers to adoption start with pricing concerns. 37% of all participants in their study proclaimed that CBB is too expensive. Inconsistency of CBD pricing is an issue that confuses many. Looking at the processing and testing costs does, however, give insight into this matter. CBD can be extracted from the hemp or conventional cannabis. Cultivation costs vary according to which type is grown, and which strains are potentially used, as well as other factors. Testing in certain states and countries can be costly, and hardware costs vary as well. While this does not give a reason for elevated pricing, it does help us understand where high-prices can originate. Nonetheless, CBD’s price has been dropping consistently since 2012, which can only lead to higher adoption rates as time ticks by.

Skepticism & Misuse

If we overlook the 31% of users that prefer the high of conventional cannabis flower and treatments that include THC to non-psychoactive CBD, the next issue is skepticism. 27% of users either stop using or refuse to try CBD due to believing that it simply doesn’t work. This research shows that the industry needs even more awareness raised concerning usage methods and the proven therapeutic effects. For example, many overlook critical details like how CBD needs to accumulate in the bloodstream to take full effect, making many users end treatment early. Understanding the fundamentals will help to stop skepticism and allow the use of CBD with realistic expectations. 

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United Calls for Better Standards & Regulations

Manufacturers, institutions, and retailers are calling for better standards and regulatory rules. Certain industry leaders have cautioned that products are flooding the market with unproven claims. The Tuberous Sclerosis Alliance agreed CBD can treat patients for seizures, but the discrepancy regards dosage in infused foods could impair adoption. Furthermore, the USA’s National Association of Chain Drug Stores and the National Community Pharmacists Association made a joint call to the FDA for safety and labelling standards. No matter which segment of marijuana markets that you look at, isolated authorities are arising with requests for better scheduling and regulation. The American Medical Research Association and the United Spinal Association have both even criticized the classification of cannabis as a Schedule 1 drug in the US due to the enormous range of research problems and regulatory barriers that this presents.

Consumer Products & CBD

Food-grade CBD is quickly gaining in popularity around the world. In the US, the use of CBD in food and drinks is growing so quickly that the US FDA is currently discussing regulatory frameworks for consumer products. This is both to address the bogus health claims that certain suppliers are purporting and to balance pricing within consumer markets. Retail CBD may soon experience massive growth making better regulations needed even more. Colorado-based research firm and authority in cannabis statistics, BDS Analytics, expects cannabis to become increasingly integrated into general retail stores. Vice President of Consumer Insights at BDS, Jessica Lukas commented to Forbes that “Most products being sold in the general market today are in untracked channels of distribution.” pointing out the rise in food, drink, and other retail sales.  If these retail trends continue, availability is likely to drive CBD adoption rates even more.

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Stay Aware & Only Accept the Best

As interest and demand for CBD soar, the industry evolves uncovering new demographics, pressing concerns, and unique challenges. Stay vigilant of the major drivers to market adoption of CBD as they help us understand the industry better. This puts opportunities and risks into a clear perspective. As adoption rates rise, so does the demand for reputable suppliers and high-quality products. If you’re looking for the highest quality concentrates, oils and extracts, check out budget buds online. As long as CBD is legal in your area, you’ve got immediate access to purity that you can trust.

Author Bio 

Jessica has been closely studying the cannabis industry trends for quite some time. Intrigued by the booming growth of this sector, she takes an interest in penning down her views providing quality insight on current marijuana trends, particularly medical cannabis. 

The post Understanding The Major Drivers to Market Adoption of CBD appeared first on The Marijuana Facts.

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Growing

How to Identify Pests in Your Cannabis Grow

Experienced and novice cannabis growers alike understand that pests can ruin a crop, no matter how well watered, fed, or tended. One of the keys to making sure that your plants grow into healthy, robust, and consumable cannabis is to keep a close eye o…

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Experienced and novice cannabis growers alike understand that pests can ruin a crop, no matter how well watered, fed, or tended. One of the keys to making sure that your plants grow into healthy, robust, and consumable cannabis is to keep a close eye on any pests that might infiltrate your grow, then take the appropriate steps to eradicate them without ruining your garden. Not only will it help keep the plants alive, thriving plants have more energy to produce trichomes and terpenes, making for better bud

Let’s take a look at some common pests found on cannabis plants, how to identify them, and lastly, get rid of them for good. With just a little maintenance and vigilance, your cannabis garden can be pest-free.

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Common Pests Found on Cannabis Plants

According to the Smithsonian Institution, there are likely more unclassified insects in the world than classified, and the running guess is somewhere between 2 million and 30 million. Thus, this is by no means a definitive list of bugs that feed on cannabis but should serve as a good starting point for most pest problems. 

Caterpillars

Before a caterpillar turns into a beautiful butterfly and flits away, it can be very hazardous to your cannabis plants. You know that book The Very Hungry Caterpillar? Turns out it’s a true story about how caterpillars eat everything in sight, including that tasty cannabis. Caterpillars can be very dangerous because they tend to go unnoticed, especially if they are a borer caterpillar, meaning they burrow into the plant and eat it from the inside out. But even caterpillars on the exterior will nosh away, potentially causing great damage to your plants. 

To figure out if caterpillars are ruining your plants, inspect the leaves weekly for holes from feeding, droppings on the leaves that look like tiny black specks, holes, and damage to the stems, and yellowing on upper leaves.

Natural enemies of caterpillars are wasps and praying mantises, and introducing those to the environment could make a difference. These options are typically easier for outdoor grows, but can also work indoors with some preparation. Other interventions include using a product like Bug Blaster spray or neem oil (which you can make at home).

Neem oil use has been controversial in some cannabis circles, as there is a belief among some that it may play a role in CHS (Cannabis Hyperemesis Syndrome), however, no definitive statements can be made without more research. The connection between neem oil and cannabis hyperemesis syndrome has yet to be fully explored or verified, but it’s still good to be aware and to be sure to closely follow usage directions.

Aphids

Even house plants have the occasional plague of aphids. Tiny and red, yellow, black, pale, green, or brown, these bugs can be easy to miss because they cling to the underside of leaves, reproduce quickly, and drain your plant of nutrients. Outdoor grows tend to fare a little better in the battle against aphids since natural predators are present, but indoor plants can be decimated quickly by these teensy pests. Not only do they siphon nutrients away from the plant, they leave a sweet substance called “honeydew” that attracts other insects and turns the leaves black and moldy

Aphids and their honeydew on a plant

The honeydew left behind from aphids leads to further damages to the plant by attracting even more pests. photo credit

Because that honeydew attracts other pests, if you begin to notice a lot of ants or ladybugs coming around your plants, it’s a pretty good sign that you’re well into an aphid problem. Aphids can be hard to shake, but wasps and ladybugs are natural predators. Nonetheless, you should visually inspect the underside of plant leaves at least once a week. If introducing predators doesn’t ameliorate the problem, there are a couple of natural solutions to get rid of cannabis pests to try, like garlic or tomato leaf water. 

Spider Mites

Spider mites are like the supervillains of cannabis pests: uber reproductive, zombie-like in their ability to come back from what you thought was death, capable of spinning webs while eating everything in sight then completely disappearing before turning up again – they’re nearly impossible to spot and even harder to eradicate. Spotting spider mites is difficult because they are minuscule, but doing a daily inspection of both sides of your plant leaves could help to prevent a massive infestation.

Signs of spider mites begins with speckles, then a browning or yellowing of leaves, and premature leaf death.

If any parts of your plant are covered in fine webbing, that’s a sure sign you’re in a bad spot. The best way to avoid mites is to stay vigilant with your leaf inspections. If you do notice signs of mites, try introducing a fan into the environment. Strong air currents make it difficult for mites to breed. Spider mites also prefer temperatures of 60-80 degrees, so experimenting with temperature might also slow an infestation down. Since mites are likely to come back, consider a spray like Azamax or Spinosad to get rid of them for good (again, be sure to follow use directions carefully).

Fungus Gnats

Fungus gnats are just as hungry as caterpillars, but their gourmet meal is from the stem and roots of your plants and not the leaves. Beginning at the topsoil level, both larvae and adults will munch their way down into the root system, badly impact plant drainage, and compromise the structural stability of your plants. However, they’re nearly impossible to spot because they are dark in color, as is soil.

Fungus Gnats

Although fungus gnats are small, the damage they leave behind is mighty. photo credit

Seeing swarms of gnats near the base of your plant is one sign you’ve got a fungus gnat problem. Other symptoms are stems that weaken and simply fall over, adult plants that start to droop, wilt, spot, or yellow, or plants that stop growing altogether. 

Fungus gnats love moist conditions, so keeping the top layer of soil dry is a smart preventative measure. Some other hacks to try include placing a cloth on top of the soil to prevent female gnats from laying eggs or laying a sticky pad near the plant’s base to stick larvae. You could also mix some peroxide and water and spray it around the area of gnat infestation. A common-sense tactic for an indoor grow is to put screens on the windows and the doors closed to keep gnats out. 

Why Pests and Bugs Are Attracted to Cannabis

Something to keep in mind about pests, in general, is that they love a monoculture or a space dedicated to growing only one crop. Researchers from the University of California Davis theorize that if an insect makes itself at home in that one crop, it has a large food supply, creating an all-you-can-eat kind of scenario for the pest, making it that much harder to eradicate. As you likely don’t want to introduce other plants into a cannabis garden (for a number of reasons), this issue will always exist to some degree when dealing with weed. 

This is why, as mentioned, another option is to introduce other beneficial insects. Not only do they prey on harmful pests, but they are also an excellent chemical-free pest control option. The bugs already want to be there, you’re just bringing them to the dinner table. 

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The Wrap Up

Identifying pests should be a regular ritual, just like watering and delivering nutrients to your plants. When you keep them pest-free, all that hard growing work will hopefully pay off in healthy and efficacious plants. Once you’ve harvested, you can move on to other fun challenges like doing a proper cure for your cannabis harvest, and how to store your cannabis stash


How do you deal with pests in your cannabis grow? Share your techniques in the comments!

Photo Credit: ilovegrowingmarijuana (license)

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Connecticut

Governor of Connecticut Pushes For Legalizing Adult-Use Cannabis In Budget Address

Connecticut’s Governor Ned Lamont proposed legalizing recreational cannabis in his budget address this week.

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Connecticut’s Governor Ned Lamont proposed legalizing recreational cannabis in his budget address this week.

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News

South Dakota Governor Delays Implementation of Medical Marijuana Initiative

It seems that Governor Kristi Noem isn’t quite done derailing voter-approved cannabis initiatives.

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It seems that Governor Kristi Noem isn’t quite done derailing voter-approved cannabis initiatives.

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