Canada is one of the countries that leaped when it comes to legalizingthe use of CBD. It has approved the use for both recreational and medical reasons. Nowadays, CBD oil can be legally used in Canada. It is one of the few products that many people can benefit from. Several product makers dedicate their industries to helping Canadians live healthily and happily using CBD products.
The opportunity for CBD in Canada is bigger compared to other countries, especially in the United States. The Canadian government’s support in introducing more CBD products can be one of the ways that can aid in recovering the country’s’ economy.
CBD has immense potential
While it is still illegal to bring products with CBD without a medical prescription, Canada can get huge revenues once legal changes have been approved. A huge market has been waiting for when CBD will be allowed to be incorporated in natural health products.
If it is made available for non-medical purposes, corporations can expect 2 billion CAD revenues.
CBD can help Canada’s’ economic recovery
Being one of the largest growers of industrial hemp across the globe, Canada has been seeing a rise in production year by year. If the government permits cannabidiol in natural health products, it can benefit a big chunk of Canadian industries in their recovery during the COVID-19 pandemic.
These kinds of opportunities can pave the way for the economic recovery of Canada. It can help provide full-time jobs for the people, support communities, help a range of industries, spark research initiatives and investments to create intellectual property and make a breakthrough for the export market. The Canadian Health Food Association and the Institute of Fiscal Studies and Democracies believe that permitting the use of CBD in natural health products can yield a positive impact benefitting the country and the people.
Indeed, different times call for other measures. As economies have changed rapidly, the faster the response, the better its outcome. The economic opportunity brought by CBD can help Canada thrive during this period.
CBD has a strong consumer demand
More and more Canadians are using CBD for health reasons. Since CBD is beneficial in supporting a person’s wellbeing, there has been a surge in demand for several products.
Legalizing the production and use of these health products can help get rid of underground and illicit markets, and smuggling of unregulated products can be prevented. Also, aside from the existing Canadian market, whether wholesale or retail, a considerable export opportunity awaits Canada to countries like the United Kingdom, Australia, and the United States.
The growing local and global market for CBD health products can enable Canada to recover its economy and maintain a sustainable one in the years to come. A single step can bring about a whirlpool of benefits for thousands of Canadians and diverse industries in the country.