Basically overnight, CBD (cannabidiol,) the non-psychoactive cannabinoid present in cannabis and hemp has risen to stardom. It’s almost like everyone from small independent businesses, all the way up to big drugstore chains are slapping consumers in the face with CBD products. CBD is starting to make an appearance in everything from energy drinks, body oils, and pet treats, to coffee and even shampoo.
CBD products are meant to treat a range of bodily issues such as stress and anxiety reduction, as well as inflammation and pain relief. More interestingly, the FDA gave an approval to a CBD product as treatment for epilepsy patients last year. This non-psychoactive cannabinoid shows extreme potential to replace prescription drugs in many cases.
2018 Farm Bill
Consumers are being shown increasingly inventive CBD concoctions by entrepreneurs that are literally jumping at the idea of striking it rich in this rapidly growing industry. All of this ruckus with CBD began stirring up after the passing of the Farm Bill into law back in December of 2018.
With the passing of this bill, the production of hemp became legal in all 50 states. Hemp has extremely high levels of CBD, and with its medicinal qualities, is seriously threatening Big Pharma. Or it could be fueling a new version of it.
With all of the positive qualities surrounding the uses for CBD, it’s no wonder it’s becoming a billion dollar industry more rapidly than recreational cannabis. In a recent Forbes article, they spoke on a study projecting the CBD industry at potentially raking in $16 billion by 2025. Companies are currently doubling their revenue in some cases since the passing of the Farm Bill. New Frontier Data made the projection that the hemp CBD market as a whole will triple by 2022.
This is definitely a product that will keep seeing expansion on both small and enormous tiers of business. Also, with the scary fast pace at which this market is growing, will we see a change in the general opinion of cannabis as these products continue to appear everywhere? Is Hemp CBD the first big foot in the door to killing the negative stigma surrounding cannabis users?