It’s almost impossible to ignore the meteoric rise of CBD in the last year, with CBD-infused drinks, balms, oils and tinctures appearing in the High Street and online seemingly overnight.
The US cannabidiol (CBD) market is rapidly becoming one of the country’s fastest growing markets, with recent research estimating that by 2022 it will be worth $22 billion.
Meanwhile, a recent report highlighted that the size of the UK CBD market is 3-6 times larger than previous estimates. The Centre for Medicinal Cannabis (CMC) research estimates that 1.3 million consumers are spending over £300M per year on CBD products.
Interestingly for the cosmetics market, the CMC highlighted how usage was higher on average among women (13%) than men (9%).
Regulation in the industry limits the claims that can be made on the benefits of CBD, however there is clearly a public appetite to both consume CBD and to find out more about it.
Many see it as a general wellness product, with the top three reasons recently quoted by consumers in the CMC study as pain, anxiety and stress.
If you’ve looked into CBD recently, you’ll know that the regulatory situation in relation to cosmetics is as clear as a charcoal face mask. EU Cosmetics Regulation allows every nation in the EU to interpret and apply the rules as they see fit, creating an inconsistent and confusing landscape to navigate.
One of the CBD manufacturers leading the way in quality, consistency and compliance is Mile High Labs. Founded in Colorado with European operations based in Belfast, they’ve moved the industry forward by championing a science-based approach and adopting industry-leading standards of production, processing, and compliance.
They have recently taken a quantum leap forward with the purchase of a 400,000-square-foot former pharmaceutical facility and the launch of their white label division, which shows a statement of intent, and a vision, perhaps missing elsewhere in the CBD market.
“We’re in such a rapidly evolving industry that it’s essential to be hyper-focused on science and compliance. We approach our CBD extraction process in terms of quality assurance and quality control, with precision and seriousness,” said Wendi Young, the Director of Compliance and Regulatory at Mile High Labs.
Considering the growing opportunity and demand for CBD, there is an inevitable explosion of new products on the horizon. The winners will be those brands approaching the market with compliance front of mind.
To find out more contact saleseu@milehighlabs.com. Mile High Labs will also be at the Cosmetics Business Regulatory Summit in Barcelona in October.
