How is CBD oil impacting on the pharmaceutical industry?

 

There are many in the pharmaceutical industry who are looking at the impact that medical marijuana is likely to have, and the industry is bracing itself for a potential shock and subsequent change. A study undertaken by the University of Georgia suggests that medical marijuana could cost the pharmaceutical industry up to $4bn each year. If the use of products, such as CBD oil, are proved to assist treatment of many medical conditions, the need for many current products will disappear. CBD oil is therefore likely to have an impact on the industry. With the growing number of testimonials stating that CBD oil has assisted with conditions such as pain, sleep disorders, anxiety and many other conditions, if, as a result, a large number of people switched from prescription medicines and over-the-counter solutions to cannabis-related products, the industry would suffer.

It should of course be noted that the industry also has a chance to utilise the power of CBD oil, and it is likely that many firms in the industry will create products that contain CBD oil. Many co’s in the industry are researching and developing products in advance of the flood gates opening in order to position themselves to take advantage. If the testimonials of users are to be believed, a considerable number of people have benefitted from the use of CBD oil and as a result, there will be significant demand for these products in the market. It is expected that the CBD oil market will grow by 700% in the next 2 years. It’s also fair to say that some people, who are intrigued by the promise of what CBD oil can offer but are unsure about buying from an online source, will feel more confident about buying CBD oil from a pharmacy.