How big pharma can help to improve the UK’s CBD market
The global cannabidiol (CBD) market is growing exponentially. In 2018, the market was estimated to be worth $4.6 billion, but a recent report predicted that this figure could rocket to $123.2 billion by 2027.
Whilst attention typically centres on US and Canadian markets, over the last two years the UK CBD market has also experienced a period of exponential growth. A recent study commissioned by the Centre for Medicinal Cannabis found that the UK CBD market is currently worth over £300 million, and, given its annual double-digit growth, is expected to reach £1 billion by 2025.
This article looks at the CBD market in the UK and the regulations that currently govern it. It considers the need for a more stringent approach to the laws regulating use of medical cannabis, and how public safety can be upheld while creating a thriving market.
The article also outlines the current challenges restricting market growth, the role of pharma companies in overcoming these, and how the market might change in future.
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