Are Seniors the Rising Powerhouses in CBD Sales?

Are Seniors the Rising Powerhouses in CBD Sales?

September 26, 2020

As we age, so do our bodies. Their capacities, their ease of movement, and their general mobilities change over time. That’s why CBD has become a popular treatment alternative for older people who are growing increasingly dependent on traditional medicine. The potential health properties of CBD and other cannabinoids have been well researched over decades and that research has created new opportunities in the alternative medicine industry. But how do seniors feel about cannabinoids? And what do those perceptions mean for CBD retailers?

A recent study by Remedy Review polling 1,000 individuals above the age of 54 concluded that, “9% of seniors have tried CBD for health-related reasons and 51% of those that have tried it reported having an improved quality of life afterward.” That bodes well for CBD retailers and other proprietors of alternative medicine. It’s also important to note medical marijuana’s growing influence in the healthcare industry. Statista estimates that over 3 million people registered as legal medical marjiuana users. In California alone, 915,000 Americans used medical marijuana. Perceptions of cannabis are constantly changing in favor of legalization which means that the possibility of making all types of cannabinoids accessible for recreational and medical uses is becoming more likely than ever. 

It’s also important for cannabinoid retailers and other hemp professionals to tap into changes in the spending habits of older people especially because they make up a significant portion of the world’s economy. According to an AARP study, seniors would “constitute the world’s third-largest economy if they were counted as their own country”, contributing $8.3 trillion to the economy in 2018. And their economic contributions are growing. But as healthcare becomes more expensive, many seniors might look to alternative medicine to both cut the cost of treatment and also find more effective treatment. 

These two factors — economic influence and increased interest in CBD products — make a good case for targeting marketing efforts in the hemp industry toward seniors in the United States. The difficulty, of course, is that we are still learning about the biological effects of cannabinoids. From what we know now, research suggests that several cannabinoids — including CBN (cannabinol), CBC (cannabichromene), and CBDA (cannabidiolic acid) — have anti-inflammatory properties which alleviate pain and other ailments associated with inflammation. Many cannabinoids also have proposed benefits for treating neurological disorders like seizures and depression. 

This data should be attractive for retailers who might have otherwise overlooked seniors as a target market for CBD sales. And the truth is that, with additional research and then education, seniors might be the population with the greatest spending power in the retail cannabinoid industry.

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