There’s no doubt that CBD industry is having a major impact on global markets because it offers a range of therapeutic benefits without the psychoactive effects of THC. In recent years, there has also been significant growth in demand for cannabidiol (CBD) products around the world, mainly in developed countries such as the USA, France, Canada and the Netherlands.
Part of the surge in interest can be attributed to the passage of the 2018 Agriculture Law, which legalized the production of industrial hemp, making it a staple agricultural product. Numerous categories of CBD products began to emerge shortly thereafter. Perhaps unsurprisingly, hemp and CBD products are potentially taking away market share from other markets, such as tobacco. According to data provided by Brightfield Group and published by Hemp Industry Daily, a survey of over 5,000 US CBD users shows that 24% have used it to quit smoking, and quitters often replace cigarettes with either smoking cannabis or vaping. In addition, 41% of quitters have completely replaced their CBD tobacco from hemp. Kaival Brands Innovations Group, Inc. (OTC: KAVL), Taat Lifestyle & Wellness Ltd. (OTC: TOBAF), 22nd Century Group, Inc. (NYSE: XXII), Green Thumb Industries Inc. (OTC: GTBIF), Aurora Cannabis Inc. (NYSE: ACB)
According to the World Health Organization, tobacco use is included in the list of the world’s leading reasons for mortality. Though the tobacco industry is still a large market and it’s evolving in some respects to deal with the new demographics.