In a recent press release announced study findings by High Yield Insights (HYI), a cannabis consume insights consultant.
According to the press release, the study results revealed that “over half of CBD users consuming less prescription and over-the-counter (OTC) medications and supplements, along with over 20% of CBD users consuming alcoholic beverages less frequently.”
The report discusses the incorporation of CBD into consumers’ lifestyles for the purpose of their health and wellness regiments. To report’s data shows product preferences and the demographics among CBD users. The report also found that current CBD users incorporate the product into their lifestyle to address issues such as anxiety, depression, joint pain, muscle pain, sleeplessness, and other physician conditions.
Mike Luce, the cofounder of High Yield Insights, shared in the press release,
“Current users overwhelmingly believe in the power of CBD. Over 80 percent of our study participants have faith in CBD's ability to improve overall wellness, including a myriad of physical and mental health conditions. This perception causes ripple effects in other categories like alcohol, as CBD is seen as a healthier alternative for occasions such as winding down in the evening.”
“We heard consumers voice greater interest in CBD than other products like vitamins and supplements as well. These substitution effects will spread across many mainstream categories as awareness, interest and usage of CBD products continue to grow.”
The study also determined that respondents consumed less alcohol, and those who consume wine made the most significant switch, with 25% reporting that they consumed wine less frequently. Luce further stated, “It's not surprising to see alcohol brands investing in the Canadian cannabis industry and the domestic CBD marketplace given the potential for growth or at least capturing substitution dollars in markets that are going to be most affected.”
All information is for general informational and educational purposes only. Nothing should be interpreted as legal or wellness advice.