The UK’s CBD Market Is About to Get Tested
Original story from the Centre for Medicinal Cannabis
The Centre for Medicinal Cannabis (CMC) has launched the UK’s largest ever market research study to define the size of the UK’s cannabidiol (CBD) market and perform blind tests on CBD products available in Great Britain.
The resulting CBD Policy Report, to be released on 27 June 2019, will highlight recommendations for UK public policy stakeholders.
The public report, which will form the basis of an academic paper from the University of Nottingham, will have three elements:
- Market sizing - comprehensive analysis of CBD market in UK undertaken by consultancy firm
- Product testing - blind testing of major CBD brands available on UK market
- Policy recommendations - related to approaches to quality assurance and regulation
CMC have commissioned a consultancy firm to engage in a proprietary review of the CBD market, utilising secondary data supplemented by primary market insight research to produce a definitive view of the UK market.
“Accurate and robust UK CBD market sizing in terms of customer insight, volume and value is currently lacking,” says Andy Yates, CMC’s pharmacy lead.
“Several reports on the UK market that purport to contain this data are either historical, do not contain information about known key suppliers of CBD or do not contain any citable or referenced data points or methodology. We’ve commissioned a global consultancy firm, with capability and credibility in understanding complex markets, to research and analyze this area on behalf of the CMC and its members.”
“The CBD products will be blind tested for cannabinoid content, heavy metals, and other potentially harmful contaminants. They were chosen for their popularity and similarity across the range of suppliers. For this study we will only be testing CBD oils,” explains Jon Liebling, CMC’s research lead.
“We’ll test over 30 products based on popularity, likely revenue and turnover, website hits and what customers name as most popular UK brands. We felt there was more to be gained from testing products from a wide range of sources than from testing a wide range of product types but fewer sources.”
The CMC will share the findings with its members and policy stakeholders at its annual UK Medicinal Cannabis Policy Summit, an invitation only event to be held on Thursday 27th June 2019 at Somerset House.
This article has been republished from materials provided by the Centre for Medicinal Cannabis. Note: material may have been edited for length and content. For further information, please contact the cited source.