Largest patient sample size to date expected to reveal insights on CBD patient demographics, applications, psychographics and perceived efficacy
Announcement of CBD Data
SAN FRANCISCO, CA – May 16, 2017 – HelloMD, one of the nation’s largest community of medical cannabis patients, experts and trusted brands, announced today the launch a substantial survey concerning cannabis, and specifically, CBD usage. Performed in collaboration with Brightfield Group, the premier market research firm focused on the legal cannabis industry, HelloMD will seek insights from over 150,000 of its registered participants regarding CBD usage, patient knowledge, perceptions and misconceptions concerning CBD.
CBD, or Cannabidiol, is a primary component of the marijuana plant. CBD can be derived from the Hemp plant as well. It has a non-psychoactive effect on the user and has been shown to hold numerous health and wellness benefits. As more American’s discover CBD and its many uses, it is important to discover and understand the evolving habits and consumption of CBD-only and CBD-blended products.
The Hemp Business Journal estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources. That's a 700% increase from 2016. In 2015, the market for consumer sales of hemp-derived CBD products was $90 million, plus another $112 million in marijuana-derived CBD products which were sold through dispensaries – bringing a total CBD market to $202 million last year.
“There is a skepticism towards many of today’s CBD products and a confusion over how to identify which of them actually do anything at all,” said Dr. Perry Solomon, Chief Medical Officer of HelloMD. “This survey offers an opportunity to establish some baselines around perceptions, concerns, and successes from which we can build on going forward.”
“Given the growing market share for CBD products, it is time to understand more about the user’s experience,” said Bethany Gomez, Director of Research for Brightfield Group. “Who is using CBD? Are they using Hemp or whole plant or CBD only? Are these products perceived as effective in comparison with THC dominant products, prescription drugs, and opioids or over the counter medications? This collaboration with HelloMD will move us closer to answering these critical questions.”
A comprehensive and free report summarizing the insights gained from this survey will be completed and published by mid-June. The report will be a valuable resource to patients considering or already using CBD as part of a wellness regime, as well as to brands and retailers participating in this fast-growing cannabis segment.
