HelloMD and Brightfield Group to Explore Effectiveness of CBD-only Cannabis Product as an Alternative to Prescribed Medication
Largest patient sample size to date expected to reveal insights on CBD patient demographics, applications, psychographics and perceived efficacy
SAN FRANCISCO, May 12, 2017 /PRNewswire/ — HelloMD, one of the nation’s largest community of medical cannabis patients, experts and trusted brands, announced today the launch a substantial survey concerning cannabis, and specifically, CBD usage. Performed in collaboration with Brightfield Group, the premiere market research firm focused on the legal cannabis industry, HelloMD will seek insights from over 150,000 of its registered participants regarding CBD usage, patient knowledge, perceptions and misconceptions concerning CBD.
CBD, or Cannabidiol, is a primary component of the marijuana plant. CBD can be derived from the Hemp plant as well. It has a non-psychoactive effect on the user and has been shown to hold numerous health and wellness benefits. As more American’s discover CBD and its many uses, it is important to discover and understand the evolving habits and consumption of CBD-only and CBD-blended products.
The Hemp Business Journal estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources. That’s a 700% increase from 2016. In 2015, the market for consumer sales of hemp-derived CBD products was $90 million, plus another $112 million in marijuana-derived CBD products which were sold through dispensaries – bringing a total CBD market to $202 million last year.
There is a skepticism towards many of today’s CBD products, and a confusion over how to identify which of them actually do anything at all. This survey offers an opportunity to establish some baselines around perceptions, concerns and successes from which we can build on going forward.
Dr. Perry Solomon, Chief Medical Officer of HelloMD
“Given the growing market share for CBD products, it is time to understand more about the user’s experience,” said Bethany Gomez, Director of Research for Brightfield Group. “Who is using CBD? Are they using Hemp or whole plant or CBD only? Are these products perceived as effective in comparison with THC dominant products, prescription drugs and opioids or over the counter medications? This collaboration with HelloMD will move us closer to answering these critical questions.”
A comprehensive and free report summarizing the insights gained from this survey will be completed and published by mid-June.
HelloMD is following up on their landmark “Medical Marijuana Patient Survey Results” study of 17,000 patients, conducted in January 2016 and on their collaboration with UC Berkeley on the topic of cannabis and opiates. That study is pending release.
HelloMD is one of the nation’s largest online community of medical cannabis patients, experts, brands and trusted retailers, offering today’s cannabis patient a full turnkey experience. At HelloMD.com medical cannabis consumers can consult with a doctor via real-time video, obtain answers to questions from a network of doctors and experts, as well as research then buy cannabis products from within the HelloMD Marketplace. For more information about HelloMD, or to join its growing member community, visit www.hellomd.com or follow us on Facebook (@HelloMDcompany) and Twitter (@HelloMD_com).
About Brightfield Group
Brightfield Group is a full service market research firm focused on the legal cannabis industry. Our products provide insights into the cannabis market, companies and consumers to inform our clients’ strategic business needs. Our multisource methodology and wide range of product tools gives us a unique, 360° view of the cannabis industry. Brightfield Group is comprised of a team of experts across the country with years of experience analyzing opaque markets and hard to reach consumers.