What is CBD?
CBD, or cannabidiol, is a phytocannabinoid and is the best known for over 100 identified cannabinoids in cannabis plants. CBD is not a psychoactive compound, does not cause a “high” and, according to a recent World Health Organisation critical review, is not addictive.
Hemp has been used to promote health and wellness since ancient Egyptian times, but CBD was first discovered in 1940, when a team from the University of Illinois isolated CBD and identified that there were compounds contained in the cannabis plant which were not psychoactive. However, it was not until 1988 that cannabinoid receptors were identified in animals and it was a further five years before the endocannabinoid system was identified and its function understood.
Who uses CBD?
In the US, SingleCare estimated in 2020 that 33 per cent. of Americans have used CBD once or more. In the UK, that figure is around 11 per cent. which, in the Directors’ view, supports their expectation of the scope for the CBD market in the UK to grow.
These changing attitudes, together with prominent news stories in the United Kingdom such as those of Billy Caldwell and Alfie Dingley, have resulted in a re-examination of government policy in the United Kingdom on medical cannabis and cannabinoids. We consider that the United Kingdom and European markets will broadly follow the same trends identified above in the United States, and consequently a similar increase in demand will be present in the UK.