We all have heard of CBD’s medicinal properties. Strangely, elderly people, a group that would benefit the most from the cannabinoid, is the least likely segment of the population to use CBD.
Because of the stigma associated with marijuana, legally a grey area, the pharmaceutical industry, and advertising regulations, CBD has not yet reached the senior market.
Who Uses CBD
According to a Gallup Poll done in 2019, CBD’s popularity decreases with age. Not only with regular users but also with people who have tried it. The most common user is a young person in the Western United States. Only 15% of people 60 and older have tried CBD and only 8% of people age 65 or older use it regularly.
What is suppressing CBD from reaching the population that would benefit from an all-natural potential solution to inflammation, sore muscles and joints, anxiety, and appetite control? CBD consumption seems to be upside down demographically.
Why Seniors Aren’t Taking CBD
Cannabis has been hindered worldwide due to THC and the high created after consumption. Many seniors aren’t excited about CBD because it’s a cannabis product. They are a product of years of propaganda supporting abolition and don’t want anything to do with cannabis culture.
There is certainly a lot of misinformation that is to be blamed for this. There is no reason why seniors should not feel happy, relieved and comfortable at an advanced age. The best delta-8 thc cartridges are not dangerous and give a pleasant feeling that does not get overwhelming at any point of time. This is a great way to relieve stresses, tensions and anxieties for senior citizens.
Stats on Seniors
-Of people aged 65 years or older, almost 50% reported doctor-diagnosed arthritis (CDC)
-80% of older adults have at least one chronic health condition (CDC)
-One in four older adults report anxiety or depression amid the Covid-19 pandemic (KFF)
-Adults over age 60 have obesity rates exceeding 37.5% in males and 39.4% in females (NIH)
-25% of new cancer patients are aged 65-74 (NIH)
Why Seniors Need CBD
Elder people can get over the stigma associated with marijuana because CBD could improve so many more people’s lives. The most concerning statistic from above is the rise in depression and anxiety amid the lockdowns.
Studies before COVID suggest that this isn’t a common issue in the senior community. Now that elderly people are isolated and live in fear of contracting the virus, these mental health conditions are on the rise.
The benefits of CBD are well known and not only for humans but for pets as well. Companies claim CBD is the solution for everything from inflammation to hair loss. We do not have enough data to make claims other than as a treatment for epilepsy. However, the research looks promising in the areas that seniors would disproportionately benefit from.
How Elderly People Should Take CBD
Our preferred method of CBD delivery is by oil. Everyone is different and we suggest doing the research before trying CBD for the first time. Sublingual CBD oil is our favourite because it has a relatively high bioavailability, little to zero side effects, and quick delivery time.
For elderly people, CBD oil is the best option for these same reasons, however, a first-time user may want to try a familiar food. They are not doing anything they aren’t comfortable with and the effects will be minimal. Eating sweet edible gummies or swallowing capsules could be a great way to introduce a senior to CBD if they are not accustomed to count drops of any liquid forms.
If a senior is struggling with arthritis, joint, or muscle pain, administering CBD topically, as well as sublingually (absorbed under tongue), could be the best first-time experience. The user will feel the results of the topical on the affected area as soon as it is applied.
Reaching seniors has been a challenge for the CBD industry for years. Due to the stigma around marijuana, many seniors are still hesitant to try a cannabis product. Hopefully, CBD will become more accessible to the elderly because they are the group that can benefit the most from this incredible plant extract.
Old English Supermarket Opens New Outlet in Surulere
By Modupe Gbadeyanka
A new outlet of a novel superstore, Old English Supermarket, has been opened in the Surulere area of Lagos State, increasing the number of outlets of the company to five in the commercial capital of Nigeria.
The new store will serve residents of Surulere and its environs and it followed the demand for the brand in the area.
With its branches in Omole, Abule Egba, GRA-Ikeja, and Isolo already satisfying customers and enjoying good patronage, the new outlet will cater for a new set of customers who want quality service and an innovative approach to customer satisfaction and service delivery.
Old English Supermarket was founded a couple of years ago and is a rare combination of visionary enterprise, diligent service, public affection and love. The idea is herculean in execution yet audacious in its simplicity and excellent returns.
The company was established by a renowned journalist turned entrepreneur extraordinaire, Mr Lanre Alfred. He aims to build the brand to become the largest retailer in Nigeria and Africa. He also seeks to achieve commercial success by adopting a mass distribution business model that incorporates the input of every stakeholder to successfully integrate accountability and commercial success.
According to its objectives, the mission is to help families save money so they can acquire their needs and live better. OldEnglish scale to provide access to high-quality goods and fresh, nutritious food at low prices while creating opportunities for its associates and small and medium-sized global suppliers.
Firm Launches Yellow Pay to Facilitate Easy Intercontinental Transactions
By Adedapo Adesanya
Yellow Card Financial has announced the launch of its new payment feature, Yellow Pay, to make it easier for customers to send and receive money through the company’s crypto exchange platform.
The firm said the new product will be coming without any extra charges for users.
The Director of Operations for Yellow Card, Mr Oparinde Babatunde, said one of the biggest challenges in Africa is the difficulty in money transfer, stating that it is easier to send money from Nigeria to the US than it is to send money from Nigeria to Ghana or Zambia, and in the instances where it is possible, it is usually through the United States Dollars.
However, “Yellow Pay simplifies money transfer between African countries by building a solution that understands the way Africans already interact with financial products.
“We’ve managed to simplify it further by reducing costs and waiting time of remittance across the continent drastically compared to traditional money transfer rails.
“With Yellow Pay, Africans can send money across borders using their phones.”
Yellow Pay uses Yellow Card’s crypto exchange platform to complete customer transactions in USDT (Tether).
It is important to note that Yellow Pay is not a money remittance or foreign currency exchange service. Rather, Yellow Pay is an advanced crypto exchange product.
The company explained that there are several benefits to using Yellow Pay. Firstly, the service is powered by blockchain technology making it cheaper. Secondly, transactions are instant so there’s no waiting period. Lastly, money transfers are absolutely free. And lastly, the uses are endless as one can: send money for business, school and healthcare. Gift cash to friends and family across Africa, pay vendors in other countries, receive payment for services, pay bills and fees in other African currencies and so much more.
Mr Oparinde adds that “The people that will benefit from Yellow Pay the most are the unbanked and underserved people living in peri-urban areas and rural parts of the continent. They usually do not meet the necessary requirements to open a dollar account with banks and as such are cut off completely. Yellow Pay will service this market.”
The company added that the launch of Yellow Pay not only makes it easier for money transfer but also opens up the continent to more investment, access to credit, and business grants, and generally will improve the ease of doing business.
Jumia Grows GMV by 21%, Revenue by 43% in Q2 2022
By Adedapo Adesanya
Jumia Technologies recorded a 21 per cent growth in its Gross Merchandise Value (GMV), which shows the total sales monetary value for merchandise sold through a particular marketplace over a certain time frame, in the second quarter of the year as the metric jumped to $271.1 million compared to $223.5 in the same period last year.
This was announced today in its financial results for the second quarter ended June 30, 2022.
Revenue also grew 42.5 per cent to $57.3 million from $40.2 million while it raked in a gross profit of $30.4 million from $26.8 million, a 13.6 per cent growth by comparison.
This is as Orders and Quarterly Active Consumers also grew by 35 per cent and 25 per cent respectively. In the period under review, Jumia across the board settled 10.3 million orders against 7.6 million, while its customer base in the three months grew from 2.7 million last year to 3.4 million.
Commenting on the results, Mr Jeremy Hodara and Mr Sacha Poignonnec, co-Chief Executive Officers of Jumia said, “We remain focused on scaling the business towards profitability. In the second quarter of 2022, we have successfully delivered on each building block of our path to profitability: usage growth momentum, monetization acceleration and cost discipline.
“Despite a deteriorating macro environment, we maintained a strong pace of usage growth. Orders, Quarterly Active Consumers, and GMV grew by 35 per cent, 25 per cent, and 21 per cent respectively, on a year-over-year basis.
“Leveraging robust usage growth, we further accelerated monetization. Gross Profit and Marketplace revenue were up 14 per cent and 17 per cent year-over-year respectively, the fastest growth rates of the past 5 quarters.”
In the context of rising inflation and input cost pressure, Jumia announced that cost discipline remained a top priority, adding that it drove usage growth and monetization acceleration with lower-than-expected marketing investments with Sales and Advertising expenses of $41.0 million in the first half of 2022 compared to our guidance of $50-55 million.
“We believe we are now past the peak of quarterly Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) losses reached in the fourth quarter of 2021 and intend to redouble our efforts to reach profitability, leveraging our strong business fundamentals.
“We intend to reduce Adjusted EBITDA losses starting from the second half of 2022 with a 12 per cent to 29 per cent decrease year-over-year.”
“We are confident our consistent and disciplined execution will help us reach profitability and build an even stronger and more relevant platform,” the company noted.
Speaking on its impact initiatives, Jumia noted that in Nigeria, it partnered with Errand360 to offer eco-friendly, bicycle-powered meal deliveries to our customers.
“This partnership will help us reduce our carbon emissions and delivery costs thanks to lower maintenance costs and zero spend on fuel,” it said.
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