Cannabis oil enters health market

From beauty balms to beverages, cannabidiol (CBD) products have surged in popularity after the natural product was legalised in Hong Kong in November 2018, with many extolling its health benefits. Extracted from cannabis plants as an oil then mixed into creams and gels or put into capsules, some studies indicate CBD can help with anxiety, stress relief and insomnia, and give pain relief from health complaints including epilepsy, arthritis and fibromyalgia.

According to a report by QY Research, the global cannabidiol market is expected to reach US$2.6 billion in 2025, up from U$300 million in 2018, representing a compound annual growth rate of 33.49%. Another study by Grand View Research suggests that the Asia-Pacific market is anticipated to witness the fastest growth over the forecast period, given that Mainland China is responsible for nearly half the world’s hemp production. (Hemp is a cannabis species that contains a maximum level of just 0.3% of tetrahydrocannabidiol, or THC, which is responsible for the cannabis “high”).

One start-up embracing the CBD trend in Hong Kong is Heavens Please, founded by entrepreneurs Denise Tam and Terry Wu, which sells CBD supplements alongside CBD-infused beauty products and coffee beans on its e-commerce site. The business partners also host information events. CBD products can make users more relaxed but contain no or only trace amounts of THC.

Once they felt the benefits of CBD themselves, the two were keen to introduce cannabidiol to Hong Kong, as they felt its calming effects could help those navigating high-stress lives, said Ms Tam, who previously worked in luxury hospitality. She hopes CBD can help those suffering from depression and anxiety without the associated side-effects users may experience from taking pharmaceutical medication.

Maintaining health had become a priority in these testing times, Ms Tam said, noting there had been more demand for CBD and hemp-related products globally since the world was hit by COVID-19. “With no known cure for the virus, people are forced to look at their habits and their daily lives while under quarantine and social distancing. They are learning different, natural, ways to improve their wellbeing.”

With the CBD industry in its infancy, education is key. “We talk about CBD and hemp all the time through our social-media platforms, newsletters and interviews with different media to try and reach as many people as possible,” she said.

But the most effective way to spread the word about CBD was through events, Ms Tam believed. During a CBD and Nada Yoga event hosted by the start-up, for example, participants could experience the effects of CBD first hand while also asking questions and taking part in discussions about cannabidiol.

Collaborations with other businesses helped the start-up reach a wider audience, Ms Tam said. The start-up’s CBD coffee is available at two cafes in the city, with the supplements and beauty products stocked on its website available at two further outlets.