According to the latest report published by the United Nations Office on Drugs and Crime, the coronavirus pandemic is likely to expand the use and growth of the cannabis industry, especially in high-income countries.
This might lead to new business and employment opportunities. According to the reports released last week, large, private-sector industries are planning to move into the market as the waves of legalization have come to various cities.
In addition to the legalization, another thing that has contributed to CBD and marijuana industry growth is anxiety and depression. As concluded by different studies, people suffering from higher stress levels or anxiety have started opting for CBD products to seek relief. In fact, the pandemic and the notion of social distancing has confined people to their homes, feeding their anxiety and depression.
This emerging acceptance of CBD in light of legalization and mental disorders has opened up new opportunities for the market.
According to a global survey conducted by the UN, the consumption of Cannabis or CBD during the pandemic is expected to increases in 32 countries.
A report conducted to study the unregulated cannabis market concluded that demand far exceeds the rate of production. As a result, supply is expected to increase to satiate the consumers.
The report states, "Though this trend was ongoing before the outbreak of the coronavirus and start of the pandemic, the trend has simply accelerated due to increased demand."
While CBD is entirely safe for consumption, the UN body wants the countries to prioritize health over private business expansion by keeping cannabis-product advertising in check.
The report also wants the nation to deal with misinformation and the potential effects of cannabis. Moreover, it urges the nation to conduct research on the positive side of CBD as well.
The report concluded that about 4% of the world's population, i.e., 200 million people, consume cannabis in one form or another.
The annual use of cannabis remains highest in North America (14.5%).