While Covid-19 continues to devastate the global economy, there are some businesses for which the pandemic has created opportunities rather than problems. One good example is the UK’s nascent market for cannabidiol (CBD) products, where entrepreneurs and small businesses report soaring demand since the crisis began.
Research published today by Alphagreen.io, the UK’s largest marketplace for certified CBD products, suggests that more than 8 million Britons are now buying CBD products, with spending exceeding £150m in the first four months of 2020 alone. That puts the market on target to achieve revenues of £450m over the year as a whole, which would represent 50% growth compared to 2019.
Sativa Group Plc (NEX:SATI) is the UK’s leading quoted CBD Wellness and medicinal cannabis group with five operating subsidiaries. Goodbody Botanicals provides CBD products online and to retail markets including pharmacies, wellness stores and grocers. Goodbody Wellness is a high-street retail brand with dedicated CBD Wellness stores providing a premium shopping experience to consumers. Tessellate Collective is a direct-selling network marketing platform servicing consumers at home. Phytovista laboratories provides independent testing of CBD products to both external customers and fellow Group businesses. Sativa Grow holds a Controlled Drug licence and cultivates cannabis plants to fulfill its partnership agreement with King’s College London to research the impact of cannabinoids on inflammation and respiratory conditions.