LONDON, Monday, 20 May 2019. The Centre for Medicinal Cannabis (CMC) has today announced the launch of the UK’s largest ever market research study to define the size of the UK’s Cannabidiol (CBD) market and perform blind tests on CBD products available in Great Britain. The resulting CBD Policy Report, to be released on 27 June 2019, will highlight recommendations for UK public policy stakeholders.
The public report, which will form the basis of an academic paper from the University of Nottingham, will have three elements:
• Market sizing – comprehensive analysis of CBD market in UK undertaken by world class consultancy firm
• Product testing – blind testing of major CBD brands available on UK market
• Policy recommendations – related to approaches to quality assurance and regulation
CMC have commissioned a world class consultancy firm to engage in a proprietary review of the CBD market, utilising secondary data supplemented by primary market insight research to produce a definitive view of the UK market.
“Accurate and robust UK CBD market sizing in terms of customer insight, volume and value is currently lacking.” says Andy Yates, CMC Pharmacy Lead. “Several reports on the UK market that purport to contain this data are either historical, do not contain information about known key suppliers of CBD or do not contain any citable or referenced data points or methodology. We’ve commissioned a global consultancy firm, with capability and credibility in understanding complex markets, to research and analyse this area on behalf of the CMC and its members.”
“The CBD products will be blind tested for cannabinoid content, heavy metals and other potentially harmful contaminants. They were chosen for their popularity and similarity across the range of suppliers. For this study we will only be testing CBD oils.” Explains Jon Liebling, CMC Research Lead. “We’ll test over 30 products based on popularity, likely revenue and turnover, website hits and what customers name as most popular UK brands. We felt there was more to be gained from testing products from a wide range of sources than from testing a wide range of product types but fewer sources.”
“The findings of this study will enable CMC to define recommendations for a possible future quality assurance label, regulation and policy guidelines for the UK. “The UK’s law and regulations governing CBD products are incoherent and evolving. They are also unclear to consumers and the industry itself. There is need for reform, so we have the right policies to create an innovative and responsible sector that protects consumers and supports the growth of a high quality cannabidiol marketplace” says Blair Gibbs, CMC Policy Lead.
The CMC will share the findings with its members and policy stakeholders at our annual UK Medicinal Cannabis Policy Summit, an invitation only event to be held on Thursday 27th June 2019 at Somerset House.