The UK industry body for cannabis and cannabidiol, the CMC, has today announced it will begin the most comprehensive research study of the UK CBD market to date.
The study will set out to define the size of the UK’s CBD market, and perform blind tests on major CBD products available in Great Britain.
The public report, set to be published on June 27th 2019, will form the basis of an academic paper from the University of Nottingham, and will consist of three elements:
- Market sizing – comprehensive analysis of CBD market in UK undertaken by world class consultancy firm
- Product testing – blind testing of major CBD brands available on UK market
- Policy recommendations – related to approaches to quality assurance and regulation
Andy Yates, CMC Pharmacy Lead said “Accurate and robust UK CBD market sizing in terms of customer insight, volume and value is currently lacking. Several reports on the UK market that purport to contain this data are either historical, do not contain information about known key suppliers of CBD or do not contain any citable or referenced data points or methodology.”
The retail analysis of the study will be carried out by a leading global consultancy firm, with capability and credibility in understanding complex markets. Meanwhile, the product testing will involve 30 leading CBD oil products available on the UK market, chosen on popularity, revenue and turnover, website hits and what customers name as most popular UK brands. The products will be blind tested for cannabinoid content, heavy metals and other potentially harmful contaminants.
“The findings of this study will enable CMC to define recommendations for a possible future quality assurance label, regulation and policy guidelines for the UK. “The UK’s law and regulations governing CBD products are incoherent and evolving. They are also unclear to consumers and the industry itself. There is need for reform, so we have the right policies to create an innovative and responsible sector that protects consumers and supports the growth of a high quality cannabidiol marketplace” said Blair Gibbs, CMC Policy Lead.