CBD (Cannabidiol) has not always been extremely popular. 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
The CBD industry produced $190 million in 2017. That number expanded in 2018 to around $591 million, and some experts say that the CBD industry could grow to be worth $22 billion by 2022. The potential for this industry is wide open. According to a Consumer Reports survey, roughly 64 million Americans have tried CBD in the past 24 months. In a press release discussing the trend for 2019, Whole Foods wrote, “It’s clear that hemp-derived products are going mainstream, if not by wide distribution, then by word of mouth!”
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!