CBD Market Growth skyrockets and business Is booming
The heat is on for getting CBD products available in stores as it grows in popularity around the world, but especially in the United States. Sarah Syed, director of marketing at CV Sciences based in Las Vegas is a supplier of CBD ingredients and products, and she has stated that the explosion of demand for these products has become very prevalent in the last few years. Based on how they are trending, it is safe to say that this will be a very stable market for the near and far future.
Since 2016, the hemp and CBD industry has doubled in size causing it to be worth $200 million today, but this won’t stop here. According to the Hemp Business Journal, the market is expected to grow substantially by 2020 and be worth a total of about $1.8 billion dollars if it follows prediction made at the 2018 Natural Products Expo trade show that happened earlier this year.
However, due to the high amount of businessmen and women getting into the industry, it has become a very cluttered and crowded space and does not allow for much individual success. That is unless a company has something unique to offer or they have the best prices and the top quality CBD products compared to their competitors.
The bottom line is that CBD products are only going to get more appealing to consumers because people are always looking for a safer, more natural way to treat problems within their bodies and minds. CBD and hemp extracts give promise to users that it will relieve big pain issues all while being healthy for the body, and providing balance to a person both inside and out. As soon as these products become more available over time, it is with certainty that more people will start and continue to use them. The idea of not needing traditional medicine is an extremely enticing option, as most medicines have a reputation of being overused and harmful to a person’s well being over time. There is no doubt that as this culture evolves over the next few years, the majority of natural food stores will be creating and selling their own version of CBD and hemp products. Since they already have the customer base that leans towards using holistic and natural products, this wouldn’t be much of a gamble to add to their shelves.
There have been more calls for the legalization of hemp and cannabis products in the United States, but it is still yet to be determined in a court of law. There is a debate as to how the FDA will classify the CBD extract by itself, and that is what is to be determined in the upcoming court sessions. Additionally, U.S. Senators proposed the Hemp Farming Act of 2018 earlier this year to get cannabis de-scheduled on the Schedule 1 drug list. Currently, there isn’t a lot of flexibility for cannabis and cannabis derivatives on the federal level, so there is hope that this act will help to declassify its illegalness.