This week, market research firm Brightfield Group and online cannabis community HelloMD released a summary to their joint research effort on CBD, “Understanding Cannabidiol“. The study, based on data collected from over 2400 HelloMD community members based primarily in California, offers some insights that should be of value to those operating in or investing in the CBD market.

According to the study, CBD is being used to replace traditional medicines, with 42% of respondents stopping their use of other medications to treat conditions including anxiety (67%), insomnia (60%), joint pain and inflammation (52%) and depression (43%). Respondents overwhelmingly prefer CBD derived from cannabis to CBD derived from industrial hemp, reinforcing the popular view of an “entourage” effect. Only 9% of respondents indicated using hemp-derived CBD exclusively.

The survey revealed the most popular brands with the respondents, including CW Hemp, Plus CBD Oil, Mary’s Medicinals, TetraLabs, Bluebird Botanicals and HempMeds among the hemp-derived brands and Care by Design, Bloom Farms, Kiva Confections, Cheeba Chews, Bhang and Mary’s Medicinals among the brands extracted from cannabis that contains THC as well. Both of these markets are highly fragmented, with unbranded products popular among the hemp-derived products (28% market share compared to just 6% for CW Hemp).

The study noted a slight bias towards females, who represent 58% of those who use CBD-only products. Over half of respondents report using oil cartridges and vaping, followed by flower, topicals and tinctures, each above 40%. Finally, 61% of respondents are spending more than $50 per month on CBD products.

Exclusive article by Alan Brochstein, CFA Facebook | LinkedIn | Email Based in Houston, Alan leverages his experience as founder of online communities 420 Investor , the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures , he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha , where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter