CBD Industry Enters Mainstream Global Approval in 2021
Since its inception, the CBD industry has had to fight for its legitimacy as a non-harmful compound that delivers positive impacts. Consumer confusion over CBD’s relationship with THC, the psychoactive compound, is just one reason. Now, CBD is gaining mainstream acceptance as its legal status is clarified on a global basis and major events approve participant use of CBD.
The first event was the 2020 Tokyo Olympics held in 2021. For the first time, professional athletes were allowed to use CBD during their preparations for the competition. The World Anti-Doping Agency (WADA) has allowed CBD since 2018, so allowing it at the Olympics is another giant step towards solidifying CBD as a legitimate safe product that delivers important benefits.
With the Olympic approval came public endorsements by successful athletes. For example, Megan Rapinoe, captain of the U.S. Soccer Women’s National Team, said she includes CBD in her training program. Mike Barnes, a professor of neurology and chair of the Medical Cannabis Clinicians Society, told Euronews Next,
“There’s a lot of solid science behind CBD for its medical properties. There’s stress in sports participation, so reducing it can be very helpful both for them and of course for the general public.”
Another major turn of events was a decision by the European Court of Justice (ECJ) in November 2020. The court ruled that a decision involving the Czech company Kanavape was an unlawful trade restriction. Kanavape was marketing CBD products in France which bans marketing of all products manufactured from the hemp plant. The manufacturers received an 18-month jail term and a 10,000 pound fine.
The ECJ ruled the conviction in France sought to restrict the trade of a legally manufactured and marketed product in another European Union country. This kind of trade restriction is only allowed when a product is proven to post a health risk. The ECJ stated CBD “does not appear to have any psychotropic effect or any harmful effect on human health according to the current state of scientific knowledge.”
The CBD industry is on fast track growth on a global basis. ResearchandMarket.com projected the global CBD oil market will grow from $967.2 million in 2020 to $5.3 billion by 2025. This represents more than a 40 percent increase.