CBD panel picks consumers’ brains
What do consumers expect from the CBD category, and what is simply wishful thinking?
Frankly, due to the newness of the category, we didn’t know, so we asked them. Along with Functional Remedies, the Superior, Colo.-based company that sponsored and hosted the event and is a leading supplier of CBD products, Drug Store News and ECRM hosted two consumer panel discussions on CBD at the ECRM event in Scottsdale, Ariz., in late July.
One panel discussion included consumers who used CBD products and viewed them as solid alternatives to their healthcare needs. The other panel discussion included consumers who currently did not use CBD products and did not see them as an alternative to their healthcare needs.
Tim Gordon, chief science officer at Functional Remedies, started the discussions with an overview of the state of the CBD market, of which he pointed out that the category quickly will reach $50 billion in annual sales in just a few years. Yet Gordon was equally quick to point out that the category “is in a state of flux right now, and there are a lot of questions out there about what retailers and consumers need to be looking for.”
He also said that the Food and Drug Administration is in the midst of developing regulations for the category, but with the stakes so high, he said he expects that it could take another 18 months before those rules are put into place.
“We are still in the gray area of unregulated space with this category,” he said. “But it is coming. For consumers, retailers and users, this is going to change the game. The CBD/hemp category is about to take a left turn from seed to shelf. How prepared are we, and how much are you looking for knowledge?”
He also said: “This is an incredible category, and the interest among consumers is astronomical. But changes are coming, and it is important that we know what consumers want. Ultimately, it is all going to come down to regulation and compliance with industry standards.”
Consumers in both panels seemed to agree with many of Gordon’s comments. A number of them spoke about brand reliability in this industry and not believing all the claims being made by various suppliers, and even in the media. “I want to buy even more products in this category, but right now I don’t know who to trust, and it is hard to pull the trigger on purchasing these products until I find someone I completely fill comfortable with,” one consumer in the user panel said.
Another consumer echoed those comments, and said: “I am extremely curious about CBD and its benefits. Now, the key thing is getting more information about the category and the individual companies, so that I can make an informed decision on what products to purchase.”
Much support for the category came from the user panel, with one participant emphasizing how much CBD items help provide pain relief and “calms me down,” especially at night. “As I get older, aches and pains come out more often. This gets me to a better state,” she said.
Nonusers seemed to be quite curious about the category, asking questions about specific brands, reliability and price points. “I don’t know exactly how it works. What does CBD oil stand for? I would like to know more,” a nonuser panelist said.
One female participant was more to the point: “Frankly, there is really no reason I have not tried these products, especially with all the information out in the market about them,” she said. “I hear good things about the products all the time, and some of my friends have even recommended them to me.”
Perceived higher price points could play a role in some of these consumers’ hesitation with the category. “The first thing I noticed about these products is the higher price points,” said another panelist, who noted that her son, who has a chronic illness, might benefit from CBD products. “I would like to know more about it. I would like to know what impact that it would have on my son and others over the long-term.”
Another nonuser panelist also seemed interested in CBD-infused products, especially after hearing good things about it from family and friends. “I would look for beauty products to help clear acne. I don’t know if it does or not. My mother-in-law uses CBD for headaches. I think I would use it as a face lotion.”
Yet, even with the curiosity, some nonusers still are not sold on the category. “I am not completely onboard,” one male participant said. “I heard people talk on the radio about the inconsistency between brands, questions about the right doses and whether it is safe or not. It seems like everyone is trying to sell this stuff right now, I don’t know who to trust. It seems like it is all over the map on whether a company is trustworthy.”
Frankly, due to the newness of the category, we didn’t know, so we asked them. Along with Functional Remedies, the Superior, Colo.-based company that sponsored and hosted the event and is a leading supplier of CBD products, Drug Store News and ECRM hosted two consumer panel discussions on CBD at the ECRM event in Scottsdale, Ariz., in late July.
One panel discussion included consumers who used CBD products and viewed them as solid alternatives to their healthcare needs. The other panel discussion included consumers who currently did not use CBD products and did not see them as an alternative to their healthcare needs.
Tim Gordon, chief science officer at Functional Remedies, started the discussions with an overview of the state of the CBD market, of which he pointed out that the category quickly will reach $50 billion in annual sales in just a few years. Yet Gordon was equally quick to point out that the category “is in a state of flux right now, and there are a lot of questions out there about what retailers and consumers need to be looking for.”
He also said that the Food and Drug Administration is in the midst of developing regulations for the category, but with the stakes so high, he said he expects that it could take another 18 months before those rules are put into place.
“We are still in the gray area of unregulated space with this category,” he said. “But it is coming. For consumers, retailers and users, this is going to change the game. The CBD/hemp category is about to take a left turn from seed to shelf. How prepared are we, and how much are you looking for knowledge?”
He also said: “This is an incredible category, and the interest among consumers is astronomical. But changes are coming, and it is important that we know what consumers want. Ultimately, it is all going to come down to regulation and compliance with industry standards.”
Consumers in both panels seemed to agree with many of Gordon’s comments. A number of them spoke about brand reliability in this industry and not believing all the claims being made by various suppliers, and even in the media. “I want to buy even more products in this category, but right now I don’t know who to trust, and it is hard to pull the trigger on purchasing these products until I find someone I completely fill comfortable with,” one consumer in the user panel said.
Another consumer echoed those comments, and said: “I am extremely curious about CBD and its benefits. Now, the key thing is getting more information about the category and the individual companies, so that I can make an informed decision on what products to purchase.”
Much support for the category came from the user panel, with one participant emphasizing how much CBD items help provide pain relief and “calms me down,” especially at night. “As I get older, aches and pains come out more often. This gets me to a better state,” she said.
Nonusers seemed to be quite curious about the category, asking questions about specific brands, reliability and price points. “I don’t know exactly how it works. What does CBD oil stand for? I would like to know more,” a nonuser panelist said.
One female participant was more to the point: “Frankly, there is really no reason I have not tried these products, especially with all the information out in the market about them,” she said. “I hear good things about the products all the time, and some of my friends have even recommended them to me.”
Perceived higher price points could play a role in some of these consumers’ hesitation with the category. “The first thing I noticed about these products is the higher price points,” said another panelist, who noted that her son, who has a chronic illness, might benefit from CBD products. “I would like to know more about it. I would like to know what impact that it would have on my son and others over the long-term.”
Another nonuser panelist also seemed interested in CBD-infused products, especially after hearing good things about it from family and friends. “I would look for beauty products to help clear acne. I don’t know if it does or not. My mother-in-law uses CBD for headaches. I think I would use it as a face lotion.”
Yet, even with the curiosity, some nonusers still are not sold on the category. “I am not completely onboard,” one male participant said. “I heard people talk on the radio about the inconsistency between brands, questions about the right doses and whether it is safe or not. It seems like everyone is trying to sell this stuff right now, I don’t know who to trust. It seems like it is all over the map on whether a company is trustworthy.”