Legal Approval for Research Purposes Propelling Demand for C…Posted by On

(MENAFN– P&S Intelligence) Cannabidiol, one of the 113 identified cannabinoids in the cannabis plant, is a phytocannabinoid discovered in 1940. It is extracted from the marijuana plant as either a powder or oil and mixed into creams or gels. The demand for CBD oil is surging due to the legal approval that has been given to it for medical, recreational, and research purposes. According to clinical research on CBD in 2019, it may be used for anxiety, movement disorders, and pain.

The legalization of cannabidiol will drive the CBD oil market from $1,735.1 million in 2019 at a high 24.3% CAGR till 2025. Canada and the U.S. have provided legal approval to this compound. Moreover, several nations in LATAM, APAC, and Europe have permitted the complete or partial sale of CBD products. These include South Africa, Mexico, Brazil, Thailand, the U.K., Japan, South Korea, Norway, and Spain. As a result, in these countries, the number of recreational cannabis users is growing, which is further driving the demand for CBD oil.

This product is available in the form of cartridges, tinctures, topicals, and capsules. Among these, most people are purchasing tinctures to help with movement disorders, pain, anxiety, and depression. In addition, recreational users are using tinctures. The easy availability of tinctures containing CBD oil through multiple distribution channels, such as pharmacies, specialty stores, retail, and e-commerce websites, is…

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