With the changes in the Novel Food legislation date now behind us, it’s a pivotal time to look forward and imagine the multiple changes that will impact the Cannabinoid industry over the next ten years. As we already know, this is the most popular health supplement in the UK, in fact it’s the largest health & wellness evolution in the history of nutritional supplements globally. It has directly affected countries decisions to decriminalize and invest in medical and scientific research with pace. The CBD sector has witnessed explosive growth in the UK to help millions cope with anxiety, depression, insomnia, substance abuse and domestic conflict inflicted by the pandemic and changing world around us.
As the consumer knowledge advances and medical research is published, and the health benefits realized, the stigma of Cannabis will disappear, and we will see ethical brands with premium products increase and take some of the market share from the larger pharmaceutical companies as more people turn to natural products to improve a healthy lifestyle and move away or substitute synthetic traditional medicine. I personally think that the Cannabinoid industry, not just CBD will become as common as Aspirin or a multi vitamin. I also believe that we will continue to see new Cannabinoid enter the marketplace like Cannabigerol (CBG) & CBN as the benefits become widely acknowledged by all medical and scientific communities. As the medical acknowledgement rolls out, it will spill into the health care sector and will create a demand for bespoke Cannabinoid products to treat certain conditions. It’s also likely that stronger Cannabinoid Oil (40%) will be available with GP prescription, with other regulations potentially coming into play with a limit on Cannabinoids with THC (increased to 3% and available OTC and prescription strengths of up to 15% available in local pharmacies.
As the de-stigmatization of Cannabis & Hemp starts to be ingrained in our social fabric as a natural health benefit, it is likely that Cannabis laws will be relaxed and even legalized for personal consumption in the UK as soon as within the next 3 years, starting with smokable Hemp Flower creating an opportunity for legalised stronger strains of Cannabis and allowing the culture to develop across hospitality, restaurants, bars and clubs which could open (without alcohol licenses) across the UK. This new concept may then also influence the nation’s drinking habits, with many swapping their previous alcohol consumption to Cannabis and Hemp Flower. We may also see consumers being able to buy Cannabis from legalised dispensary shops with an NHS or government status card – as more and more countries legalize cannabis laws.
Whilst the government largely stays out of the Hemp and Cannabis conversation for now, those in the know can see huge investments are happening in this industry on the stock exchange, helping it grow behind the scenes. It’s a very exciting and poignant time for the industry to say the least, the change in legislation has just been the very start in what is likely to become a more mainstream landscape for CBD in consumers everyday lives.
By Michael Walker, founder and CEO of Purity Hemp Company