The CBD industry was not the only one to feel the effects of a constrained economy brought about by the pandemic but it was particularly vulnerable to the shocks of 2020 with a up to 77% of the market share in the US being small independent producers and distributors, says Hemp Industry Daily. A report by research company the Brightfield Group, says that up to half of these companies could face closure after the contraction mostly as they are small and less resilient than the bigger companies who can ride out these uncertain times.
The report also noted though that spending on CBD had not significantly dropped in the US, heralding hopes for a similar pattern globally. With less competitors on the landscape, more established CBD brands are now coming into their own and deepening their relationships with customers who are more concerned with health and mental wellbeing than ever before.
