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How the CBD Market Is Responding to COVID-19

Coronavirus effect on CBD market graph

COVID-19 continues to permeate deeper and deeper into every facet of our lives. Individuals are out of work, supply chains are disrupted, grocery stores are still out of many essential items, and a lot of us are virtually stranded at home. More than just affecting individuals, businesses as a whole, along with entire industries, are barely limping on trying to weather the Coronavirus storm.

As a relatively new industry, the current times may prove to be somewhat of a watershed period for CBD. One of the results of global pandemic is that many consumers are taking an increased interest in their physical and mental health. This behavior is compounded by the fact that a lot of people are sitting at home without much to do and have the time and energy to explore new or different options available to them.

COVID-19 and the CBD Industry

The interconnected nature of our modern economy means that CBD companies have not been immune from disruptions due to retail and travel restrictions or to supply chain difficulties. As people are forced or choose to stop working, maintaining supplies of the essentials goods or ingredients for products may become harder and harder. However, it looks as though most CBD companies are doing fairly well at acquiring what they need at this point.

The companies that have really shined during this crisis are the ones that had a heavy ecommerce and online focus. They have been able to adapt and shift towards operating almost completely online relatively easily. Although brick and mortar dispensaries and CBD stores have been allowed to remain open in many states, foot traffic is considerably lower as people attempt to limit their interactions with others as much as possible.

According to Brightfield Group, a leading consumer insights and market intelligence firm for the CBD and cannabis industries, about a third of all existing CBD consumers are planning to switch to buying online. This trend has caused a considerable boom to the online sales of many companies, with some seeing upwards of 100% increases on their ecommerce ends.

Are People Using More CBD?

The short answer is yes, it looks like people are buying and using more CBD since the escalation of the COVID-19 crisis. Another survey from the Brightfield Group revealed that 50% of CBD users have stocked up or plan on stocking up on CBD products. In other words, many people are buying more products than they normally would, probably because they are unsure about what the future may bring and if there will be supply problems going forward.

Stockpiling products, however, is not always a good thing for retailers or companies that sell any type of product. That’s because, once the stockpiling behavior is over with, the market can jump back in the other direction very quickly.

Let’s take toilet paper as an example. Because so many people have seemingly stockpiled enough to last themselves years, once the consumer stockpiling behavior ends, those people won’t need to purchase toilet paper for a long time.

However, the story with CBD looks a bit different, according to the Brightfield Group. Another survey of theirs indicated that 39% of respondents plan on using CBD more frequently, with about 15% planning on using a higher dosage than they were previously. This data suggests that people may be permanently changing their habits in the face of the Coronavirus.

Bethany Gomez, Managing Director of the Brightfield Group, had this to say:

“As the response around COVID-19 has ramped up and stores are shutting down, we are seeing ecommerce sales spike amongst some of the largest CBD companies. Research indicates that we can expect increased consumption, particularly among heavier users, which is a positive indication of how the market may fare over the weeks and months to come.”

Why People Use CBD during Coronavirus

To be completely clear, CBD is not a treatment directly for or a cure for COVID-19. Although some less reputable companies may try to use dishonest advertising to make you think otherwise, there is no research or evidence that CBD can affect the virus itself.

With that said, however, many consumers are turning to CBD products to help them cope with the pandemic situation as a whole. Looking again to the Brightfield Group’s data (this time social media mentions), there are three main reasons why people are using CBD in our current situation—27% mentioned self care, 20% mentioned stress and anxiety, and 12% mentioned relaxation.

To be sure, these are also some of the primary reasons that consumers used CBD before the COVID-19 emergency. However, with many of us experiencing higher levels of stress, anxiety, and restlessness because of quarantine, economic uncertainty, and having our kids home all day, every day, CBD has taken on new levels of importance for many.

Urban Roots CBD and COVID-19

At Urban Roots, we’re open for business and ready to help you with all your CBD needs. Our supply chain has not been affected, and we have a large stockpile of necessary ingredients to maintain production even if it is disrupted in the future. Cleanliness is already an extremely important part of our process and all of our products are shipped right to your door, so you don’t have to come into contact with anyone, risking exposure.

We carry a wide range of CBD tinctures, capsules, vape, and topicals to help you stay relaxed, calm, moisturized, and focused during this difficult time.

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