CannabisNewsWire
Editorial Coverage: Since they came onto the scene after World
War II, baby boomers have heavily impacted the world around them,
and their influence is being felt now in the emerging cannabis
market.
- A recent survey has shown a significant increase in
cannabinoid-derived product consumption in the United States, most
notably among baby boomers.
- With a combination of disposable income, health issues and
liberal attitudes towards drugs, baby boomers represent a natural
market for cannabis companies.
- This trend also signifies wider growth and diversification of
products and customers in the industry.
Marijuana Company of America, Inc. (OTC: MCOA) (MCOA
Profile) is tapping into this growing market through
the production of industrial hemp and the marketing of a wide range
of CBD wellness products. Having started out as a medical cannabis
company, Organigram Holdings, Inc. (OTC: OGRMF) is
adjusting to shifting markets by appealing to recreational
consumers while showing loyalty to its existing customer base. A
focus on research provides CV Sciences, Inc. (OTC:
CVSI) with a growing range of products and the credibility
to appeal to health-conscious cannabis consumers. Global innovator
and market leader Isodiol International, Inc. (OTC:
ISOLF) recently received approval for its cannabidiol
(CBD) to be designated as an active pharmaceutical ingredient. And
Cannabis Strategic Ventures (OTC: NUGS) just
launched a new line of CBD-based luxury skin, hair and body
products.
To view an infographic of this editorial, click here.
The Changing Face of Cannabis
It’s hardly surprising to see that baby boomers are an important
part of the cannabis and hemp markets. The generation that saw
marijuana gain counter-culture popularity in the ‘60s and ‘70s is
also a generation with considerable disposable income. As they head
into retirement and old age, many baby boomers are looking for ways
to enjoy their wealth, as well as ways to manage physical ailments.
The growth of both the medical and the recreational cannabis
sectors in North America means that this product can cater to both
desires.
The growth in cannabinoid consumption by baby boomers is just
part of the expansion of the cannabis market. Given the chance to
openly research plant and products, manufacturers are vastly
increasing the potential of cannabis. Improved strains improve the
performance and profitability of the drug, while derivative
products and support services turn what was essentially a single
product into a whole sector.
Baby Boomers and Cannabis Consumption
For companies such as Marijuana
Company of America (OTC: MCOA), baby boomers are an
increasingly important market sector. A recent survey of nearly
18,000 adult Americans found that cannabis is
becoming increasingly popular among the older generation. The
number of cannabis users in the United States has nearly doubled
over the past decade, despite it still being illegal in several
states and only available for medical use in most. Around 9 percent
of those aged 50 to 64 had used cannabis at some point in the year
preceding the survey. Among those aged 65 and above, the figure was
3 percent. And while those numbers may not seem impressive, they
are steadily growing and represent an increasingly large market for
MCOA and its competitors to tap into.
What’s causing this growth in older cannabis users?
Shifting attitudes are clearly a factor. Many baby boomers came
of age in the ‘60s and ‘70s, when the hippy movement raised the
public profile and popularity of cannabis. They were therefore
raised with marijuana as a feature of popular culture, even if they
personally didn’t indulge in it. More recently, a shift away from
the criminalizing policies of the 1980s towards a more liberal view
has started to change attitudes across the generations.
Growing availability is a factor as well. The legalization of
medical cannabis in many states has made the drug accessible in
ways that it wasn’t before. Given the prevalence of chronic pains
and ongoing ailments among those aged 60 and over, it’s relatively
easy for seniors in medical cannabis states to get a prescription.
And in the states where it’s legal for recreational purposes, the
only bar to use is the social attitude of the consumer.
Having grown up during an economic boom and an era with greater
government support, baby boomers have emerged with the wealth to
enjoy their hobbies in retirement. And for many, cannabis is now
one of those hobbies.
Something for Everyone
Baby boomers are just one part of recent growth in the
cannabinoid product market. It’s a pattern of growth driven in part
by the increasing diversity of cannabis products, sold through
separate but interconnected markets.
The first to emerge was the medical cannabis sector. This has
grown from a small niche to an important part of the North America
market, with cannabis and hemp now legal in parts of the United
States and Canada. Millions of people use cannabinoid-based
products regularly to help manage chronic pain and treat other
ailments, leading to growing recognition that the legal definition
of cannabis as having no medical use was both absurd and
unscientific.
Medical cannabis has been followed in recent years by the
legalization of recreational cannabis. Nine U.S. states and the
District of Columbia have taken this step. Canada is following suit
on a national level, with legalization coming this October. Strains
of cannabis and brands of products aimed at recreational consumers
are emerging to cater to a different market from the medical
one.
Alongside these products are others related to or derived from
other cannabinoids, such as CBD. Industrial hemp, which produces
CBD in large quantities, is grown by companies including MCOA, who
has the potential to capture a piece of what is projected by The
Brightfield Group to be a $22 billion market by 2022. Following
trials over the past few years, the cultivation of industrial hemp
looks set to become legal across the United States with the
upcoming passage of the 2018 Farm Bill.
A wide range of products have been produced using active
compounds from hemp. Oils and pills derived from cannabidiol oil
(CBD) are increasingly popular in the health and wellness markets,
finding their place on the shelves of wholefood shops.
Catering to Varied Needs
One of the reasons for the success of cannabis companies is
their ability to manufacture and distribute CBD-related products
for vastly different purposes. MCOA’s hempSMART™ product line shows
how these companies build up a range of distinct but related
products. hempSMART makes use of cannabidiol (CBD), a
non-psychoactive chemical found in cannabis and widely used in
health and wellness products.
HempSMART Pain and hempSMART Pain Cream use CBD for one of cannabis’s
most widely recognized uses — pain management in relation to minor
physical activity. It’s why cannabis had grown so popular and part
of why its derivatives are also proving so popular with a variety
of different age groups.
HempSMART Brain, on the other hand, is designed
to improve clarity, concentration and alertness. HempSMART Face has found a way to use CBD in a
moisturizer that moisturizes and replenishes the skin cells on your
face. And hempSMART Pet
Drops let people share the benefits of CBD with their animal
companions. It’s a level of variety that may allow MCOA to get its
products into many niches, increasing brand awareness as well as
sales.
By creating a wide range of products, cannabis companies are
catering to a growing number of markets. By helping with issues
such as alertness and pain management, they’re ensuring their
relevance to that crucial baby boomer market.
Expanding the Range of Cannabis Products
That sort of varied approach to cannabis is leading to growth
for Organigram Holdings, Inc. (OTC: OGRMF). Once a
medical cannabis company, Organigram still has a strong focus on
that market and is showing its commitment to patients by covering the cost of excise tax on their cannabis. But
it’s also expanding into the recreational market, contributing one of its award-winning flowers to the
world’s first recreational cannabis variety kit. Creating
products such as variety kits and gift sets turns cannabis into
more of a luxury consumer product, one to be purchased for special
occasions.
CV Sciences, Inc. (OTC: CVSI) is strongly
focused on the research side of cannabis, using this as both a
source of new products and a way of validating its work to
consumers. It’s the sort of work that adds credibility to arguments
that cannabis is safe and useful for consumers.
Isodiol International, Inc. (OTC: ISOLF) is a
market leader in pharmaceutical-grade pure, natural CBD and an
industry leader in the manufacturing and development of CBD
consumer products. The company’s line of consumable and topical
skin care products features 99 percent-plus pure, natural isolated
CBD, micro-encapsulations, and nano-technology for the highest
quality products.
Cannabis Strategic Ventures (OTC: NUGS) is
marrying cannabis science with an increasing global demand for
luxury personal care products in LYXR, its newest product line.
LYXR products are developed from a line of hemp-derived
phytocannabinoids combined with other natural ingredients that
provide high-performing skin, hair and body topical solutions.
LYXR’s inaugural product will be a face mask designed to provide
hydrating and anti-aging/age prevention benefits. The LYXR product
line will eventually include skin, hair and body products.
The cannabis market is seeing huge growth in the variety of both
products and customers. With baby boomers increasingly enjoying
cannabis into retirement, marijuana appears to be well on its way
to entering the mainstream.
For more information on Marijuana Company of America, visit
Marijuana
Company of America, Inc. (OTC: MCOA)
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