A recent poll conducted by Gallup between June 19 and July 12 has found that 14 percent of all Americans say that they use products containing cannabidiol (CBD). The poll reveals some noteworthy trends in the way CBD is taking the country by storm after the legalization of hemp towards the end of 2018.
Overall, younger people seem to be more exposed to, and are actually using CBD products when compared to older Americans. For example, two out of ten adults who are below 30 years report using CBD products while a paltry 8 percent of seniors aged 65 or more say they use CBD products. This trend of younger people being more willing to use CBD is similar to what Gallup polls report about cannabis use.
In terms of geography, the western side of the U.S. has more people (21 percent) using CBD products when compared to other regions of the country (11 percent in the East and Midwest, and 13 percent in the South).
One possible reason to explain why more people in the West are using CBD products is that medical and recreational marijuana has been legal in that part of the country for more years than the other regions, so people in the West have had more exposure to CBD products.
The poll also found that 35 percent of all Americans aren’t familiar with CBD and the products made from this cannabinoid while 50 percent said that they are aware of CBD but don’t use its products. This means that companies looking to get a foothold in the market have to find ways of reaching the 35 percent who don’t know CBD and convince them to start using these products.
Gallup also used the poll as an opportunity to find out why those who use CBD products opt for them. A sizeable number (40 percent) said that they use CBD products for pain relief, two in ten said they use these products for anxiety, 11 percent said they use CBD products to get better sleep and eight out of a hundred users said they use CBD products to ease arthritis symptoms. Those were the main four reasons people gave for using CBD products.
It was also found that more women (25 percent) than men (14 percent) use CBD products for pain relief, while more men (15 percent) than women (8 percent) use CBD for insomnia.
Going down the list of the top reasons why Americans use CBD products shows that people are looking to benefit from the therapeutic effects of this compound. This is food for thought for the FDA which is working to develop regulations for the industry.
Analysts are convinced that CBD industry players like Organigram Holdings Inc. (TSX.V: OGI) (NASDAQ: OGI) and Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF) will take careful note of these findings are plan accordingly.
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