Previously, several controversies has surrounded the cultivation of cannabis, however, the situation seems to be changing now. Regulations regarding cannabis production has been reduced to some extent in a number of countries, which is expected to capture the interest of consumers. After the legalization of cannabidiol (CBD) in the U.S. and Canada, various other countries, including Latin America and European countries, have also started relaxing the regulation regarding the use of CBD. 

South Africa, Mexico, Brazil, South Korea, Thailand, Spain, Japan, Norway, and the U.K. are the major countries where the use of CBD has been legalized. The regulations regarding the use of cannabis vary in all these countries, however, governments have been able to create gain revenue and create additional jobs from the licensing and sales of CBD-containing products. In addition to all this, the regulatory approval for hemp and marijuana in various countries have led to increased investments in commercialization and mass production of these products. 

Browse detailed report - CBD Oil Market Analysis and Demand Forecast Report

Geographically, North America emerged as the major CBD oil market in the past, and is further predicted to create the largest demand for CBD in the years to come. This is because of the legalization of cannabis for research and medical purposes in the region, which has led to a rapid surge in its sales. The product is considered a natural phytocompound, owing to which, it is becoming widely popular as a wellness product. The Asia-Pacific region is also expected to create high demand for CBD oil in the coming years. 

In conclusion, the market is being driven by the legalization of CBD in various countries and its increasing use as a medicinal product.