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Online CBD sales soar during pandemic



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The global CBD market is expected to surpass $20billion by 2024 as online sales have soared during the coronavirus pandemic.

While the global pandemic has slowed sales for many industries, the CBD market has thrived, with companies that focus on online sales outpacing the brick and mortar storefronts.

According to a report from industry insider, the CBD & Cannabinoid Industry Association, despite slumped sales for brick-and-mortar CBD storefronts, online sales of CBD products have spiked.

The coronavirus pandemic has caused a shift in consumer shopping behavior to online purchasing among retailers, including those selling CBD products.

Several reports show that the industry overall, is still projected to substantially grow in the next several years.

Industry analyst BDS Analytics predicts the US CBD market will reach $20 billion in sales by 2024.

Meanwhile, Thunder Energies Corporation, one of America’s leading suppliers of CBD products announced this week that revenues were $6.0 million versus $1.6 million for the same period in 2019.

However, another report from The Brightfield group estimated that while customers have been shopping online, hundreds of smaller CBD have been forced to close as a result of the coronavirus.

Virginia Lee, CBD research manager for Brightfield Group, says the coronavirus has brought out a bright spot in terms of consumer consumption, she commented:”While regular CBD consumers have increased their consumption, smaller companies have experienced a “significant extinction event” propelled by the coronavirus… Though an estimated hundreds of CBD brands have closed, with more likely to come as the year rolls on.She added: “For daily users of CBD, they understand the benefits of CBD, they’ve incorporated it into their daily wellness routine, and [now], they’re using CBD more frequently.”