Demand for cannabidiol (CBD) products have soared as British people have sought to soothe pandemic anxieties, HANetf has highlighted in a report.
The ETF provider, which runs the Medical Cannabis and Wellness UCITS ETF, noted that more than 8mln Brits are now buying CBD products according to research from Alphagreen.io.
More than US$150mln was spent on CBD products in the first four months of the year, it added.
“A recent sharp spike in demand for CBD products was recorded as Britons seek help with anxiety and trouble sleeping,” the company said.
“Study participants also indicate a move towards alternative natural therapies”
HANetf added: “Although there has been hiccups in the supply chain, product sales have shown increases as customers deal with an increase in anxiety and sleep issues as they are locked up at home.”
In the report, to review performance, HANetf noted there were steep broad market drawdowns during March before a strong recovery was marked for the month of April as cannabis companies were “on the upswing”.
HANetf said there are green shoots for cannabis businesses which benefit from the resilience and innovation that allows the industry to “make the best of a bad situation”.
The Medical Cannabis & Wellness UCITS ETF (CBDX) was up 16% in the month, it noted.