History of CBD
Hemp is one of the earliest plants cultivated by man, and there are many cultures that describe the use of hemp through the millennia. Hemp was used in many different forms for a long time, but it wasn’t until more recent history that its properties were truly researched and understood. CBD was first isolated back in the 1940s as part of the same project that isolated CBN and the existence of THC was hypothesized. But it wasn’t until the mid-1960s that the chemical structure of CBD (cannabidiol) was finally described.
CBD has not always been popular as it is today. This was due to the poor stigma surrounding the product because of a misconception of what CBD was back in the 70’s when President Nixon declared the War on Drugs. CBD was grouped into classes with illicit drugs and was not thoroughly researched. Luckily for us, more research began to be executed on CBD and studies showed multiple benefits of this amazing compound, while differentiating CBD from the drugs it had once been classified together with.
Justice for CBD
Researchers examined all the parts of the cannabis plant and learned that CBD was non-psychoactive, unlike the compound THC, which is psychoactive. The more understanding of CBD led to the 2014 U.S. Farm Bill, which gave more freedom to farmers trying to cultivate hemp and set the momentum for the 2018 U.S. Farm Bill to be passed. The 2018 Farm Bill legalized hemp and removed it from the federal list of controlled drugs. An article on CBD Today stated, “Now every company, including big pharmaceutical companies, will probably see the new farm bill as a green light to enter the industry.” This was a huge step for the hemp and CBD industry, and allowed the industry to take aim for huge success in the years to come.
What it’s Worth
CBD is only getting more popular with an increase in demand every year. The industry has grown exponentially, not just in the last decade, but even since 2020, two years after the 2018 Farm Bill was passed. The global CBD market size was at a value of $2.8 billion in 2020, around $3.7 billion in 2021, and is projected to reach over $55.8 billion by 2028! The compound annual growth rate (CAGR) expected between 2020 and 2028 is projected to be at 47.49%. These are huge gains for an industry that has managed to create large amounts of increased momentum. It also means it is not too late for you to claim your spot on the rise of what will be the next biggest industry.
The Real Value of the CBD Industry
The CBD hemp industry was valued to be worth $202 million back in 2015 and then increased in 2019 to a steady $1 billion. Since then, the CBD hemp industry has made tremendous leaps and bounds to increase its market value exponentially with experts saying the market could be worth as much as $19.5 billion in 2025. The potential for this industry and what makes CBD profitable is huge and more people are buying into it every day.
CBD seems to be the new “gold rush” and people are hopping on as fast as they can. They are hoping to be the first pioneers trailblazing a market that is set to become extremely lucrative. Better quality products and technology will undoubtedly continue to emerge as more money is invested into the health and wellness companies, increasing the strength of the market and opening more opportunities. By the current projected growth, CBD is on track to be a household name!
How Can You Get Involved in the CBD Industry?
Whether you are a consumer, or a business minded individual that sees the potential to make a lot of money in a lucrative industry, CBD can benefit you. If you are just looking to reap the benefits of CBD, then you are in luck since CBD product quality and expansion has drastically increased in the last few years due to hungry innovators looking to create convenient products for their consumers.
If you are looking to get in on the action and be a part of a booming industry, you may want to even consider starting your own personal brand. The easiest and fastest ways to do this, would be to partner with a manufacturer like CBD Hemp Experts. CBD Hemp Experts is an established wholesale manufacture and distributor who is widely recognized for their large selection of premium quality products, low minimum order quantities, and great prices.
The key is to do your research to ensure you are working with the right wholesale manufacture who understands your business and can meet all your needs. Once you find the right partner and have established your marketing plan, the sky is the limit. Now, more than ever, is the perfect time to get started with CBD!