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Relay Medical and Fio Corporation Announce the Signing of MOU Agreement to Collaborate on a Rapid Diagnostic Testing Platform – GrassNews
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Relay Medical and Fio Corporation Announce the Signing of MOU Agreement to Collaborate on a Rapid Diagnostic Testing Platform

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Toronto, Ontario–(Newsfile Corp. – May 15, 2020) – Relay Medical Corp. (CSE: RELA) (OTCQB: RYMDF) (FSE: EIY2) (“Relay” or the “Company“), and Fio Corporation (“Fio”) are pleased to announce the signing of a memorandum of understanding (“MOU” or the “Agreement”) to define a mutually beneficial collaboration to accelerate the enhancement of Fio’s Data-Device Platform as a COVID-19 testing, data collection and reporting platform.

Under the terms of the agreement Relay will provide expertise in medical technology development and commercialization as well as the integration of compatible and complementary assets from its portfolio including HemoPalm Corp. and Pharmatrac technologies to enhance Fio’s data-device platform for COVID-19 testing regimes using third-party rapid diagnostic tests (RDT). Fio’s technology has been proven for community-based RDT testing, triage, and tracking to manage outbreaks of high-consequence infectious diseases, such as malaria, HIV, dengue, and others.

The objective of the MOU is for the companies to jointly form a plan and partnership for the rapid expansion of Fio’s platform to encompass multiple emerging COVID-19 tests. The companies will assess and establish a collective infrastructure for the advancement and pursuit of commercial opportunities related to the project with the intent to execute a definitive agreement within 60 days from signing.

During the MOU period both companies will allocate resources to the project and Relay will provide development resources including its extensive expertise in medical device development, regulatory strategy, diagnostics, software and artificial intelligence, project management and its lab, workshop, and office space to support the growing operational requirements of the partnership.

“The COVID-19 situation will evolve – new and more tests, new triage procedures, new treatments, and ups and downs in threat patterns. In this time, a safe return to social and economic life can be accomplished only by new, rapid, and flexible technological responses. This requires companies to combine capabilities for a common purpose, which is what Relay and Fio are doing.” said Dr. Michael Greenberg, CEO of Fio Corporation.

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“It is clear that COVID-19 will continue to present multiple healthcare challenges before we move into the next phase of recovery and we are very excited to participate in the delivery of a meaningful technological solution to potentially give individuals, families and governments the confidence required to return to day-to-day life, and do so safely as we continue to fight the pandemic.” said Yoav Raiter, CEO, Relay Medical Corp.

“Fio’s data-device platform, Fionet, offers an elegant and powerful way to solve many COVID-19 testing problems, from the administration of efficient serological surveys that enable public health decision making, to the practical assurance of biosecurity at work, public, and educational facilities. Relay’s HemoPalm team looks forward to working with Fio to create optimized solutions for these challenges.” said Paul Glavina, VP In Vitro Diagnostics, Relay Medical Corp.

On April 29, 2020 Fio Corporation, with Relay as a joint-venture partner, filed a proposal to Innovative Solutions Canada through the COVID-19 Testing Stream Call for Proposals for a grant to test a jointly developed COVID-19 antibody testing platform with a federal government organization.

Need for distributed COVID-19 testing using RDTs

Rapid diagnostic tests are being developed for active infections targeting antigens of the COVID-19 virus and for detecting past infections and immune response by detecting the presence of specific antibodies. These tests are typically lateral flow rapid diagnostic strips, similar to an over-the-counter pregnancy test, and offer low-cost and simple operation and can be manufactured at high volumes. However, such tests suffer from several issues including lack of automation and a requirement for visual human interpretation to determine the outcome. In a mass testing regime, manual interpretation can have significantly high error rates, and documenting and communicating the results is not streamlined and is subject to transcription errors. Given the importance of the data, tools which can help reduce error rates, automate interpretation, and collate results are needed to facilitate safe and effective mass testing of the population for disease presence and exposure.

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Details of Fionet Platform

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Fio Deki Device as part of the Fionet diagnostic solution platform

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Fio’s platform enables distributed testing and automated aggregation of diagnostic data from multiple diagnostic devices that can support public health decisions with accurate, real-time data. Its components are:

• Fio Deki Mobile Device

  • A rugged mobile RDT reader that improves diagnostic quality and testing accuracy
  • Includes procedures and protocols for running approved RDT tests
  • Machine interpretation of RDT tests
  • Compatible with third-party diagnostic tests, devices, and laboratory instruments.
  • Real-time data capture and geotagging

• Fionet Cloud

  • Device connectivity even in areas with poor connectivity
  • Seamless data exchange with 3rd party health databases
  • Secure, encrypted storage of private health data
  • Remote updating of protocols and software to Fio Mobile devices

• Fionet Online Portal

  • Oversight of testing results and protocol adherence
  • Intervention planning with real-time, anonymous epidemiological data
  • Track and evaluate resource allocation and efficiency

The Company’s platform has been deployed in 12 countries where frontline healthcare workers have benefitted 1 million patients for testing, triage, and management of diseases such as Malaria and HIV. The information collected from these health visits resulted in over 50 million data points that were available in near real-time for Public Health managers. With Fionet, public health authorities were able to reduce diagnostic errors, ensure correct testing and clinical procedures, monitor performance, capture data and support supply chain management1.

COVID-19 Pandemic Adaptation

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Fio and Relay’s collective aim is to offer a system that is automated and ready to perform mass distributed testing, triage, and tracking for COVID-19 organized by public health agencies and private sector companies. This will require efforts to customize the Fio platform for specific COVID-19 approved third-party RTDs and ensure that the device is compliant with FDA, Health Canada, and other medical device standards. Innovations are envisioned to expand the software’s security, workflow, throughput, and data capture for mass serological surveillance programs.

**The Companies are not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time.

1Adah, P., Maduka, O., Obasi, O. et al. The role of the Deki Reader™ in malaria diagnosis, treatment and reporting: findings from an Africare pilot project in Nigeria. Malar J 17, 221 (2018). https://doi.org/10.1186/s12936-018-2356-8

About Fio Corp.

Fio Corporation, privately held and headquartered in Toronto, developed and markets the world’s first integrated guidance & tracking IT platform for decentralized healthcare settings, a new category of solution that raises healthcare quality and lowers healthcare costs. The platform enables average healthcare workers in clinics to deliver a new level of quality-controlled diagnostic testing and case management. Simultaneously, as an automated by-product of its clinical use, the platform captures and provides unprecedented frontline data to remote supervisors and stakeholders, enabling real-time remote tracking, insight distribution, and intervention. Fio operates globally in partnership with local distribution, service, and support organizations and also partners with other companies that license its technologies.

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Website: www.fio.com

About Relay Medical Corp.

Relay Medical is a MedTech innovation Company headquartered in Toronto, Canada focused on the development of novel technologies in the diagnostics and AI data science sectors.

Website: www.relaymedical.com

Contact:
W. Clark Kent
President
Relay Medical Corp.
Office. 647-872-9982 ext. 2
TF. 1-844-247-6633 ext. 2
investor.relations@relaymedical.com

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Bernhard Langer
EU Investor Relations
Office. +49 (0) 177 774 2314
Email: blanger@relaymedical.com

Forward-looking Information Cautionary Statement

Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the commercialization plans for HemoPalm Corp. described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55976

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IM Cannabis Shares Commence Trading on 6:1 Consolidated Basis

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TORONTO and GLIL YAM, Israel, July 12, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company” or “IM Cannabis“), a leading medical cannabis company with operations in Israel and Germany, is pleased to announce that, further to its press release dated July 5, 2024, effective today the Company’s common shares (“Common Shares“) are trading on the Canadian Securities Exchange (the “CSE“) and Nasdaq Stock Market LLC (“NASDAQ“) on a 6:1 post-consolidated basis (the “Consolidation“).

The Company’s trading symbol remains “IMCC” on both the CSE and NASDAQ. The Company’s new CUSIP and ISIN numbers are 44969Q406 and CA44969Q4060, respectively.

After giving effect to the Consolidation, the Common Shares were reduced from 13,394,136 to 2,232,357 Common Shares. No fractional Common Shares were issued in connection with the Consolidation. Instead, all fractional Common Shares equal to or greater than one-half resulting from the Consolidation were rounded to the next whole number, otherwise, the fractional Common Share were cancelled. The exercise price and/or conversion price and number of Common Shares issuable under any of the Company’s outstanding convertible securities were proportionately adjusted in connection with the Consolidation.

Computershare Investor Services Inc., the Company’s registrar and transfer agent for the Common Shares, has mailed letters of transmittal to registered shareholders of record as of July 12, 2024 providing instructions for the exchange of their Common Shares as soon as practicable following the effective date. Registered shareholders may also obtain a copy of the letter of transmittal by accessing the Company’s SEDAR+ profile at www.sedarplus.ca. Until surrendered, each Common Share certificate or direct registration system statement representing pre-consolidated Common Shares will represent the number of whole post-consolidated Common Shares to which the holder is entitled as a result of the Consolidation. No action is required by beneficial holders to receive post-consolidation Common Shares in connection with the Consolidation. Beneficial holders who hold their Common Shares through intermediaries (e.g., a broker, bank, trust company investment dealer or other financial institution) and who have questions regarding how the Consolidation will be processed should contact their intermediaries with respect to the Consolidation.

About IM Cannabis Corp. 

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IM Cannabis (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has focused its resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.

The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IM Cannabis’ products throughout the entire value chain. In Germany, the IM Cannabis ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients.

Disclaimer for Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, “forward-looking statements“). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to the Company amplifying its commercial and brand power to become a global high-quality cannabis player.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to: the Company’s ability to maintain the listing requirements of the CSE and NASDAQ; the Company’s ability to focus on Israel, Germany and Europe; the Company’s ability to realize upon the stated benefits of the partial legalization of cannabis in Germany; and the Company amplifying its commercial and brand power to become a global high-quality cannabis player. The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the listing requirements of the CSE and NASDAQ; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical Herbs Ltd. (collectively, the “Group“) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt and war, conflict and civil unrest in Eastern Europe and the Middle East; the risk of the Company’s inability to capitalize upon the partial legalization of cannabis in Germany; and risks the Company will be unable to amplify its commercial and brand power and/or be unable to become a global high-quality cannabis player.

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Please see the other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual report dated March 28, 2024, which is available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations, and opinions of management on the date such forward-looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Company Contact:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de

Oren Shuster, Chief Executive Officer
IM Cannabis Corp.
+972-77-3603504
info@imcannabis.com

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Legal Cannabis Market Share Value Projected to Reach USD 194.5 Billion, at 16.9% CAGR by 2034: Prophecy Market Insights

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Covina, July 11, 2024 (GLOBE NEWSWIRE) — The study concludes that the global legal cannabis market size and share is expected to grow at a CAGR of 16.9% between 2024 and 2034. The market revenue of USD 47 Billion in 2024 is expected to grow up to USD 194.5 Billion by 2034.

Cannabis was an illicit drug before, but its legalization process is on fast track today in many nations around the globe, opening a multibillion-dollar market with huge growth potential. The said market is bifurcated into two categories: medical cannabis, used for the treatment of various diseases, and recreational cannabis, for fun and other purposes. Most marijuana consumers are young, especially millennials. Males use it more than females, while the level of consumption is also predicated by class and thereby affects the rate of consumption. Psychographics show that marijuana consumers are social, open to experiences, and concerned about health; the last two probably represent a broader moving trend to natural products and alternate medicine.

The legal cannabis market offers a huge amount of variety, starting from flowers to extracts and consumables like cookies and chocolate that can be applied topically on the skin. Concentrations are gaining their following and popularity because of their potency. Also very popular are the edibles—baked goods, particularly cookies, and sweets—that appeal to those who crave discreetness and effectiveness all at once in consumption.

Download a Free Sample Research Report with Latest Industry Insights: https://www.prophecymarketinsights.com/market_insight/Insight/request-sample/5434      

Our Free Sample Report includes:

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  • Overview & introduction of market study
  • Revenue and CAGR of the market 
  • Drivers & Restrains factors of the market 
  • Major key players in the market 
  • Regional analysis of the market with a detailed graph
  • Detailed segmentation in tabular form of market 
  • Recent developments/news of the market 
  • Opportunities & Challenges of the Market

Some of the Key Market Players:

  • Aurora Cannabis
  • Cresco Labs
  • Jazz Pharmaceuticals
  • Verano Holdings
  • Canopy Growth Corporation
  • Green Thumb Industries
  • Trulieve Cannabis
  • MedMen
  • Aphria
  • Cronos Group
  • Curaleaf
  • GW Pharmaceuticals, plc.
  • The Green Organic Dutchman

To Know More on Market Players, Download a Free Sample Report Here: https://www.prophecymarketinsights.com/market_insight/Insight/request-pdf/5434    

Analyst View:

Global cannabis regulations differ, but most countries are legalizing it fast, thereby creating a multibillion-dollar market with huge growth potential. The market segments include cannabis for recreation and cannabis for medical use. Young people form a huge part of the cannabis users, particularly the millennial group who exhibit a social class influence. Due to early legalization and permissive rules, North America is the leader of the legal cannabis business concerning product variety. The constantly changing process of the market keeps including new and different consumers and substances like CBD or substances for euphoric-balming effects.

Legal Cannabis Market: Report Scope
Report Attributes Details
Market value in 2024 USD 47 Billion 
Market value in 2034 USD 194.5 Billion
CAGR 16.9% from 2024 – 2034
Base year 2023
Historical data 2019-2022
Forecast period 2024-2034

Market Dynamics:

Drivers:

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Growing Recognition and Legalization

  • Together, the increasing number of countries legalizing cannabis and the health benefits derived from medical marijuana easily make the global legal cannabis market ripe for significant growth. North America dominates the market due to major contributors such as the US, Canada, the UK, Germany, and Australia. The medicinal properties of cannabis will most probably drive massive growth in the medical cannabis market. Recreational use of marijuana is projected to have the fastest growth rate, and, as such, create jobs and boost the economy. The growth of the market results from geographical expansion, regulatory frameworks, and technological enhancements.

Increasing Customer Requirements

  • It’s the change in consumer expectations that’s driving big shifts in the legal cannabis sector. Companies are rolling out new product lines to cater to health-conscious consumers who demand a wider variety of cannabis-infused products. Where consumers want organically grown and pesticide-free cannabis, quality, and safety also rank very high. Consumers demand personalized experiences, where buyers and dispensaries are very important in guiding clientele to the right products. Moreover, there is an increase in sustainability and social responsibility due to customers valuing companies advocating for them. Technological integration is also being utilized to enhance convenience and engagement measures.

Request for a Discounted Price on this Report @ https://www.prophecymarketinsights.com/market_insight/Insight/request-discount/5434       

Market Trends:

Benefits of Medicine and Research

  • Growth opportunities in legal cannabis mainly come from the legalization of their consumption, primarily for medical use. There are several medical diseases where the benefits of the use of cannabis have been proved, and the FDA has approved quite a few drugs derived from this plant. Improved cultivation, extraction, and testing technologies are also able to raise the quality and safety of products. The medicinal properties of cannabis are also opening up new options in treatment today, especially with those disorders resistant to traditional medications. Growing awareness of the potential economic opportunities that cannabis avails itself to could further drive the development of new innovative products and treatments, thereby accelerating market growth.

Segmentation:

Legal Cannabis Market is segmented based on Source, Compound, Products, and Region.

Source Insights

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  • From the flowers, which have classically been the traditional form of cannabis for as long as anyone can remember, to a large collection of strains with different cannabinoid levels, the flower truly captures the capabilities of the plant. Seed oil is another source that is not psychoactive in nature but is popular mainly due to its abundance of vital fatty acids and possible health benefits. Other sources are concentrated and super-potent cannabis products like trichomes, kief, and live resin. The infused product market is bound to grow with rising demand for seed oil. All in all, cannabis continues changing to best accommodate these different types of customers.

Compound Insights

  • Tetrahydrocannabinol is the widest cannabinoid used and has euphoric-balming effects. With increasing education among consumers, it can maintain its market share. One of the non-psychotic components is CBD, which helps in pain management and sleep quality, amongst others. Balanced THC & CBD: This segment caters to customers looking for a balanced experience by balancing the analgesic, relaxing properties of THC with the anxiety-reducing, focused properties of CBD.

Product Insights

  • Cannabis oil is quite often a concentrate, one can administer it topically for pain, consume it right out of the container, or use it in edibles. Cannabis drinks, like coffee, bubbling water, and spiked drinks, offer a more discreet and convenient way of consumption. Cannabis candies and chocolates are also other discreet and controlled ways. The legal cannabis sector is always experimenting with new products, vaporizers, topicals, edibles, baked foods, and sprays. Cannabis is also used for pet treats quite frequently. It is believed to expand the market for edibles as much as consumer acceptability and legalization expand.

Reduce a full report cost up to 30% with a custom report by requesting here: https://www.prophecymarketinsights.com/market_insight/Insight/request-customization/5434

Recent Development:

  • In July 2024, Hundreds of pro-cannabis advocates took to Bangkok’s streets to protest a possible ban on general use. The Thai government floated plans to relist the plant as a narcotic, two years after it was decriminalized, earlier this year. A health ministry drug control committee approved the proposal, which would see cannabis only allowed for medical and research purposes.
  • In July 2024, NIST’s New Hemp Reference Material Will Help Ensure Accurate Cannabis Measurements. NIST’s Hemp Plant Reference Material will aid labs in accurately measuring THC, CBD, and other compounds in cannabis products, aiding forensic labs in distinguishing between legal hemp and federally controlled marijuana. It will also assist producers and state regulators in ensuring the safe use and accurate labeling of cannabis products.

Regional Insights

  • North America: The charge is currently being led from North America, due to early legalization and relatively permissive laws in countries like Canada and a number of US states. With so many goods on offer against the backdrop of a clientele base very loyal to their products, almost everything is put in place to create an almost perfect environment. The growth of the North American legal cannabis business is aided by many things, especially the medicinal and recreational markets, consumer demand, and lastly, medicinal research. The largest players are represented by Canopy Growth and Aurora Cannabis. The country with the most rapid growth relocated to Canada.
  • Asia Pacific: Asia is increasingly tolerating the use of medical marijuana, mainly in South Korea and Thailand, the growing disposable money of relatively less developed countries at large will set the stage for marijuana legalization for recreational use when regulations change.

Browse Detail Report on “Legal Cannabis Market Size, Share, By Source (Flowers, Seed oil, others), By Compound (Tetrahydrocannabinol, Cannabidiol, Balanced THC & CBD), By Product (Cannabis Oil, Cannabis Beverages, Cannabis Chocolates & Gummies, Others) By Application (Medical, Scientific, Industrial, and Horticultural purposes) and Region – Trends, Analysis and Forecast till 2034” with complete TOC @ https://www.prophecymarketinsights.com/market_insight/legal-cannabis-market-5434

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Prophecy Market Insights is a specialized market research, analytics, marketing, and business strategy, and solutions company that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. Also, we help our client to address business challenges and provide the best possible solutions to overcome them and transform their business.

Prophecy’s expertise area covers products, services, latest trends, developments, market growth factors, and challenges along with market forecasts in various business areas such as Healthcare, Pharmaceutical, Biotechnology, Information Technology (IT), Automotive, Industrial, Chemical, Agriculture, Food and Beverage, Energy, and Oil and Gas. We also offer various other services such as data mining, information management, and revenue enhancement suggestions.

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Global CBD Oil Market Size To Exceed USD 26.72 Billion By 2033 | CAGR of 18.36%

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New York, United States , July 09, 2024 (GLOBE NEWSWIRE) — The Global CBD Oil   Market Size Expected to Grow from USD 4.95 Billion in 2023 to USD 26.72 Billion by 2033, at a CAGR of 18.36% during the forecast period 2023-2033.

Get a Sample PDF Brochure: https://www.sphericalinsights.com/request-sample/4887

Cannabidiol oil is another name for CBD oil. (CBD), which originates from cannabis plants, such as hemp and marijuana, can possess anxiolytic, anti-inflammatory, and analgesic properties. These characteristics have led to research on CBD oil as a possible treatment for a number of diseases, including anxiety disorders, chronic pain, and epilepsy. The demand for CBD-infused beauty and skincare products has surged, indicating consumers’ growing inclination towards natural and comprehensive skincare treatments. Growing amounts of CBD, which is well-known for its potential anti-inflammatory and antioxidant properties, are being added to skincare formulae to address issues including acne, inflammation, and aging. Governments from a number of states and countries are supporting its use in drugs and other medical treatments, which is expected to expand and increase these products’ sales and distribution throughout the course of the projected period. However, manufacturers continue to work to increase awareness among customers and provide informative packaging to make it clear what the consumer wants to get out of the items. Consequently, the attempts to support the marketing operations may present opportunities for the global cannabidiol oil market.  

Browse key industry insights spread across 232 pages with 110 Market data tables and figures & charts from the report on the “Global CBD Oil Market Size, Share, and COVID-19 Impact Analysis, By Source (Marijuana, Hemp), By Product (Full-Spectrum CBD Oil, Broad-Spectrum CBD Oil, CBD Isolate), By Application (Food & Beverages, Pharmaceuticals, Pet Care, Cosmetics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033″

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The hemp segment is expected to hold the largest share of the CBD oil market during the anticipation timeframe.   

Based on the source, the CBD oil market is categorized into marijuana, and hemp. Among these, the hemp segment is expected to hold the largest share of the CBD oil market during the anticipation timeframe. Increased demand for pharmaceuticals and increased public awareness of health issues are likely to drive significant growth in the market for hemp-derived cannabidiol. The pharmaceutical industry predicts that when consumer disposable income increases and cannabis becomes legal, demand for the substance will rise.

The full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the anticipation timeframe.    

Based on the product, the CBD oil market is categorized into full-spectrum CBD oil, broad-spectrum CBD oil, and CBD isolate. Among these, the full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the anticipation timeframe. It indicates the combined benefits of many drugs may be more beneficial than CBD individually. With regard to the entourage effect, full-spectrum CBD oil is expected to have more medicinal benefits than CBD isolation. People may get improved relief from symptoms like pain, inflammation, anxiety, and more.

The pharmaceuticals segment is expected to hold a significant share of the CBD oil market   during the anticipation timeframe.

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Based on the application, the CBD oil market is categorized into food & beverages, pharmaceuticals, pet care, cosmetics, and others. Among these, the pharmaceuticals segment is expected to hold a significant share of the CBD oil market during the anticipation timeframe. the growing number of research investigations evaluating CBD’s physical effects on particular medical conditions. These products are used as an alternative by a substantial, knowledgeable, and conscientious consumer base to lessen mental stress and nervousness.

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North America is projected to hold the largest share of the CBD oil market over the anticipation timeframe.

North America is projected to hold the largest share of the CBD oil market over the anticipation timeframe. Interest from consumers in and tolerance to CBD have significantly increased in the US, which has significantly affected the market share and position of the area. North America is currently the largest market region because to ongoing development, pre-existing infrastructure, and growing public awareness of the potential benefits of CBD.

Europe is expected to grow at the fastest CAGR growth of the CBD oil market during the anticipation timeframe. The legalization of cannabis in a number of European countries has created new markets for CBD products, which will attract investment and encourage the creation of new goods. Moreover, the rise of CBD-infused goods in industries like wellness, food and drink, healthcare, and cosmetics encourages market progress in Europe and positions the region as a significant CBD oil market over the projection period.

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Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the CBD oil market are Aurora Cannabis Inc., BIOTA Biosciences LLC, CannazALL, Cannoid LLC, Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol, Avicanna, Endoca BV, Folium Biosciences, Gaia Botanics, Green Roads Inc., Happie Hemp Pvt. Ltd., Kazmira LLC, Medical Marijuana Inc., and others.

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Recent Developments

  • On January 2023, the acquisition of Goodbody Botanicals Ltd. by British Cannabis, a pioneer in the CBD market, represents a major advancement in our leadership in the wellness industry. This acquisition represents a significant expansion of our manufacturing capacity and an improvement in our ranking on the UK Food Standards Agency’s (FSA) list of authorized products, signifying more than just the joining of two firms.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the CBD oil market based on the below-mentioned segments: 

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Global CBD Oil Market, By Source

  • Marijuana
  • Hemp

Global CBD Oil Market, By Product

  • Full-Spectrum CBD Oil
  • Broad-Spectrum CBD Oil
  • CBD Isolate

Global CBD Oil Market, By Application

  • Food & Beverages
  • Pharmaceuticals
  • Pet Care
  • Cosmetics
  • Others

Global CBD Oil Market, By Regional

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

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