Around three years ago, The Hemp Business Journal predicted that CBD market value was likely to increase by $2 billion in 2020. In 2021, the market could reach $3 billion. CBD has received support from many medical professionals, which has lead to a surge in popularity. Researchers have found that CBD offers a range of health benefits, and people are always looking for the best CBD oil in the UK. It’s an excellent alternative to analgesics that can be addictive.
Unlike marijuana, CBD isn’t psychoactive, which means you won’t have to worry about a high. It won’t show up on drug tests, and it isn’t addictive, which makes it a safe and effective options. Many medications that relieve pain have damaging side effects, which is why CBD is such an excellent alternative.
CBD’s Current Legal Status
Although marijuana has long been controversial, it is more acceptable than it ever has been. Currently, more than 30 states have legalised medical marijuana. CBD is legal at a federal level, which means these products can be bought and sold in all 50 states.
What You Can Expect to See from the CBD Industry in the Future
The 2018 Farm Bill removed CBD from the Controlled Substances Act’s list of schedule 1 drugs. Thanks to this bill, CBD products made from industrial hemp are legal provided that the grower is licensed and state and federal regulations are followed. The CBD industry was once stunted by legal constraints, but that’s no longer the case. The CBD market is free to grow, which benefits both hemp farmers and entrepreneurs.
As the demand for CBD products goes up, however, it’s likely that prices will decrease. Businesses will have to look for ways to stand out from their competitors and offer value to consumers. CBD standards may increase over time. It’s also likely that the industry’s reliance on imported hemp products will decrease. This means that it will be easier than ever to purchase products derived from hemp grown in America. Taking all these things into consideration, it’s likely that the CBD market will grow even more.
With an increase in supply, consumers will have more options available to them. It’s likely that CBD will appear in a wider range of products, such as food and beverages. CBD gummies are already a popular product, as are creams. It’s possible that the food industry will begin to see an increase in CBD products, especially now that a greater number of retailers are starting to carry CBD products.
As the market for CBD products continues to expand, it’s likely that older adults will show more interest in these products. Many products are showing up in brick and mortar stores, making it easier for people that aren’t tech-savvy to find products that can benefit them. Of course, e-commerce will still play a significant role in the CBD market. It’s possible that major retailers such as Amazon will begin to carry CBD products at some point in the future.
The CBD market has a strong future now that restrictions surrounding hemp production have decreased. Going forward, it’s likely that future laws will make it even easier to produce, market, and sell CBD products, which will cause the market to thrive. CBD has grown tremendously in recent years, and it’s likely that the industry will continue to expand in the years to come.
