While other businesses have fallen to the COVID-19 pandemic, the cannabis industry has seen extraordinary growth over the last two years. In fact, the market is expected to continue in the following years. Interest in potential investment possibilities has skyrocketed, as it does in every developing sector.
However, cannabis rules vary greatly throughout the world, so it’s crucial to grasp the market’s perspective before investing. In this post, we examine the top CBD and THCV-consuming nations, as well as a quick study of the CBD market. The information in this post is compiled using Semrush, a popular keyword research tool.
Top Consuming Countries Of CBD and THCV
CBD is the most popular product in the cannabis market and around the world. However, THCV is a new product in the cannabis industry that is gaining popularity. Here are the top six nations in terms of CBD and THCV products consumption, so let’s start with the first one.
United States of America
The United States of America is ranked first on the list. When it comes to any type of cannabis product, the United States is consistently at the top of the list. This is because the Farm Bill was passed in December of 2018. Following the passing of the bill, the cannabis sector has rapidly expanded throughout the United States. In 2020, cannabidiol products generated sales of around five billion U.S. dollars.
United Kingdom
The United Kingdom is the second country on the list, and cannabis-based products are also quite popular there. Analysts believe that the annual worth of the U.K. cannabis industry is presently approximately 700 million pounds. And by 2025, they estimate that figure to exceed one billion pounds.
Ireland
Ireland is ranked third on the list, despite being a small country close to the United Kingdom that consumes a lot of CBD and THCV products. Cannabis products have a lot of potential, which is why the people of Ireland love eating and using them. Customers in Ireland can purchase cannabis products as long as they contain less than 0.2 percent THC and are manufactured from hemp extracts.
Canada
The number four country on the list is Canada. Cannabidiol has become a prominent marketable product in Canada as cannabis has been legalized. The CBD sector is expected to be worth 20 billion USD by 2024 in Canada. Canadians love the potential of treating a wide range of diseases and disorders without the euphoric effects.
South Africa
The fifth position on the list is for South Africa for consuming most CBD and THCV products. Legalization, official support, and the potential economic benefits presented by the South African cannabis sector, in particular, have raised the legitimacy of CBD and cannabis-based goods.
Australia
The sixth number country on the list is Australia, the land of the kangaroos. Over the last years, there has been a surge in interest in legal, including CBD and THCV formulations as an alternative therapy. In 2020, the hemp category led the Australian legal cannabis industry, accounting for 84.9 percent of revenue. CBD is legal in Australia if it contains at least 98 percent cannabidiol and 2% of other cannabinoids contained in cannabis.
Final Thoughts
These are the just top 6 countries that consume the most CBD and THCV products. However, there are a growing number of nations that consume and utilize cannabis-based products. It is now up to you to conduct a more thorough study before investing in any market. When you identify a low-competition market, it is easy to expand your business. If you’re seeking a dependable and reputable CBD wholesaler for your business, you’ve come to the right place. Contact State of Mind Labs or visit our store to order any high-quality product in bulk at a reasonable price.
