I take CBD oil sublingually (held under the tongue - it's more consistent and effective than edibles) and find that it generally helps improve my mood.
I'm calmer, more relaxed, less anxious about things - and had people I'm close to comment on that after I had been taking it for a while (without telling anyone).
It absolutely will not get you high, so don't be expecting that. Potheads will tell you "CBD doesn't do shit" because that's what they are expecting.
If it's been a while, I notice an effect within a few minutes if I take a larger dose; but it's generally more of a 'maintenance' thing for me. I take a smaller amount daily and it just helps things go along a bit more smoothly.
I don't take it for sleep, but it can help. For me, it does little if anything for chronic pain - at least there's no immediate effect. I started taking it again recently and have noticed certain pains bothering me less the past few days.
I avoid THC. I'm not looking to get high, and the mental health risks are far too great, in my opinion.
If you are going to partake, make sure it's a high-CBD strain - at least 50%.