CBD oil is trending as of now. We can expect that to continue for many years in future as well. If you are about to buy CBD oil, it is worthy to be aware of these trends. Let’s quickly take a look at the prominent trends, which you should be aware of as you buy CBD oil.

Influence on CBD oil by COVID-19

Lockdown measures and economic uncertainty prompted many firms, including those in the cannabis sector, to downsize and re-evaluate strategy as a result of the COVID-19 epidemic. COVID-19, on the other hand, unquestionably expands prospects for the cannabis sector as a whole.

Countries attempting to recoup financially from the epidemic will look for new sources of taxed revenue, which medicinal and adult-use cannabis may provide. In the framework of COVID, the prominence of cannabis as a medicinal has also been increased. At least 16 organizations are investigating the use of cannabis to treat COVID-related symptoms.

These projects' contributions to cannabis study will definitely continue until 2021, maybe even beyond the epidemic. The fact that cannabis dispensaries were designated vital services in areas like the Netherlands, Illinois, and Quebec during the start of the epidemic adds to the relevance of these medications for patients and consumers.

CBD usage rose as more people became aware of their health and sought relief from COVID-19-induced anxiety. Purchases of CBD products are projected to rise in 2021 as customers take advantage of more readily available CBD products.

Increasing popularity of CBD oil

Many states in the United States have permitted medicinal cannabis users to use telemedicine services to contact their doctors about their prescriptions as tight limitations persist. As a result, telemedicine firms were acquired by MGC Pharmaceuticals, Pure Global Cannabis, and Ehave in 2020.

Patients will continue to seek faster and more efficient ways to obtain their medicines in 2021, therefore cannabis firms will continue to work with telemedicine companies. Furthermore, owing to many consumers and non-consumers experimenting with cannabis to deal with boredom, worry, and tension induced by the epidemic, the lockdown measures had a major beneficial influence on the sales of legal adult-use cannabis in North America.

This pattern is expected to continue in 2021, when many people will consume legal adult-use cannabis while pubs, restaurants, and other forms of entertainment remain closed.

The Legalization Issue at the Federal Level

The US presidential election in November 2020 was a watershed moment for the cannabis industry: not only did all five states (Mississippi, South Dakota, New Jersey, Arizona, and Montana) pass cannabis legalization ballot measures, but democratic leaders Joe Biden and Senator Kamala Harris were elected to the White House. During their terms in office, both the president and vice president-elect have shown an interest in tackling federal cannabis legislation in the United States.

Joe Biden advocated decriminalizing cannabis use and reclassifying cannabis from a Schedule I to a Schedule II drug during his 2020 campaign. Kamala Harris takes a more progressive position, co-sponsoring the MORE Act, which attempts to remove cannabis off the Controlled Substances Act and levies a 5% tax on all cannabis products to benefit communities affected by the "War on Drugs."

The MORE Act was passed by the US House of Representatives on December 4, 2020, and the measure is now awaiting a Senate decision. It will most likely be voted on again in the House next year. Depending on the results of the Georgia Senate elections, the United States will have to wait and see if the Republicans will maintain their Senate majority.

With a Republican majority in the House, the bill is unlikely to succeed. Despite the fact that the subject is politically sensitive, a large majority of Americans support federal cannabis legalization. States such as New York, Rhode Island, North Carolina, and Virginia are also considering cannabis legalization. In light of the rising popular support for federal cannabis legalization from all sides of the political spectrum, federal reform in the United States is likely to make significant progress in 2021.

Europe's Next Wave of CBD Regulation

Following the European Court of Justice's decision on CBD, the European Commission has already taken steps to realign its stance on the chemical. As a result, the EU has decided to resume the processing of frozen CBD Novel Food marketing authorization applications. We now anticipate EU member states following the ECJ's lead and regulating CBD as a legal substance in the relevant industries.

It would be fascinating to watch how the cannabis will be regulated concurrently as a pharmaceutical product and an over-the-counter wellness & health product, while GW Pharma's CBD medicinal medication Epidiolex is being rolled out throughout EU nations. We anticipate a surge in the CBD business in 2021, and we're already seeing a lot of interest in consulting projects in this area.

The Global War on Medical Cannabis Exports

The race to meet the rising demand for medicinal cannabis in Europe has officially begun. Previously dominated by Canadian and Dutch exports, Portugal has emerged as a key provider in the last year or two, along with minor export successes from Spain, Australia, and Israel. It's unclear if Uruguayan non-GMP exports are a passing fad or a permanent component of the European cannabis business.

South American exports will have a significant influence on the shape of the supply chain if they continue; nevertheless, we expect European authorities to restrict such imports at some point in the future. Regulatory hurdles and quality limits obstruct would-be providers in a number of European and non-European nations.

We anticipate a major increase in Spanish exports next year, with considerable volumes coming from countries such as Israel and Colombia if they can manage domestic export laws and meet the high production standards demanded by European buyers.

Streamlining the Market

To far, cannabis firms have used significant sums of money to fuel ambitious plans aimed at dominating global cannabis markets. This has allowed early industry participants to overextend themselves by attempting to touch all developing markets in all geographies at the same time.

Throughout 2020, we've seen big corporations rethink their worldwide strategy, with the most visible results being employee reductions, leadership shuffles, and facility closures. Canopy, for example, will shut down growing sites in Africa and South America, as well as all outdoor production in Canada, by 2020.

Be mindful about these trends and buy CBD oil accordingly.