Tag: and now there is a sign it may be paying off for companies.

CBD, or cannabidiol, has received a lot of hype last year, and now there is a sign it may be paying off for companies.

A new Gallup poll shows one in seven American adults, or 14 percent of the population, use CBD products.

 

CBD is a non-psychoactive component of cannabis that is claimed to be useful in treating a number of ailments, from anxiety and stress to inflammation and sleep.

CBD can be derived from both cannabis and hemp, with hemp-derived CBD products rushing the U.S. market after they were legalized late last year (2018 Farm Bill) in the country. The products come in many different forms, such as oils, pills, and topicals, and must have less than 0.3 percent THC, the psychoactive component of cannabis.

Gallup’s poll, found CBD usage is more popular among younger people than older. This follows the same trend Gallup found with cannabis usage earlier.

Twenty percent of those aged 18-29 said they use CBD products, followed by 16 percent for ages 30-49, 11 percent for 50-64 years old and eight percent for those aged 65 years or older.

An average of 50 percent of Americans 18 years old or older said they don’t use CBD products, while 35 percent said they are not familiar with them.

Those aged 65 and older were the least familiar with CBD — 49 percent said they don’t know CBD products, compared to between 26-36 percent for the other age brackets.

CBD products also seem to be more popular in the western U.S., with 21 percent of western respondents saying they used the products, compared to 11-13 percent for the rest of America.

This could be due to CBD products being available for longer in western states because cannabis was legalized earlier there, according to Gallup.

What is CBD being used to treat?

Gallup says most respondents use CBD to treat pain at 40 percent, with anxiety second at 20 percent, then insomnia at 11 percent and arthritis at eight percent.

Women are more likely to use CBD for anxiety than men (25 percent versus 14 percent), and men are more likely to use it for sleep (15 percent versus eight percent).

While CBD is marketed for many other purposes — such as for stress, muscle soreness, inflammation, for pets, and as skincare — five percent or less of respondents said they use it for those reasons.

The Federal Drug Administration (FDA) in the U.S. is still researching CBD’s uses and effectiveness.

Gallup concludes that while right now CBD is used most by younger people, older Americans stand to gain the most from the products as it can help them with the aches and pains that come with age.

Most Americans Indicate Awareness of CBD

Nearly two in three Americans indicate they have some familiarity with CBD oils, yet that includes only 14% who say they are veryfamiliar, 33% are somewhat familiar and 17% not too familiar

Familiarity is fairly similar across societal groups, including by gender, party ID and most age categories. However, half of seniors vs. roughly two thirds of those under 65 know something about it.U.S. Adults’ Familiarity With CBD Oils.

Aware Americans Think CBD Is Beneficial

Those who are familiar with CBD oils credit the substance with having health benefits, including 33% who say they have “a lot of health benefits” and 45% who say they have “some” benefits. Fewer than one in five say they only have a few (14%) or no (4%) benefits. Factoring in those not familiar with CBD, 21% of all Americans currently believe CBD has a lot of benefits and another 29% say it has some benefits.

Confidence in CBD is also much greater the more people know about it. Sixty-four percent of those who say they are very familiar with it think it has a lot of benefits, compared with 27% of those who are somewhat familiar and 21% of those not too familiar. Still, large majorities of all three groups think it has at least some benefits.

Notably, young adults who are familiar with CBD are much more likely than seniors who are familiar to say the product has a lot of benefits: 41% of those 18 to 29 vs. 24% of those 65 and older.

Bottom Line

The CBD-oil arena is extremely active right now, including medical research into its benefits, state legislation governing its sale, federal legislation encouraging its production and corporate investment growing in the business. According to Forbes, retail sales for CBD products were between $600 million and $2 billion last year but are expected to grow to $16 billion by 2025.

Although medical research has a long way to go to investigate all of the claims made about CBD, half of Americans already believe it has at least some medical value, and that percentage is likely to grow as more become familiar with the product.

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