CBD has been gaining more popularity as more people learn about its benefits, without psychoactive effects. There was a poor stigma that surrounded the compound that was linked to the misconceptions of what CBD was actually capable of and the responses it produced. This started in the 70’s when Nixon declared the War on Drugs. Since then, CBD was grouped into a class meant for illicit drugs and was not given any type of opportunity to have justice for itself and the many health benefits it provides.
Luckily for the CBD industry, more research began to be executed on the potential benefits and advantages of using CBD. More research has been conducted to show the benefits of this amazing compound. This has helped the government and the public draw a distinct line between CBD and the drugs it had once been grouped together. Today, CBD is becoming more accepted as many people are using it in a variety of products and has helped promote their overall health. To understand a little more about the CBD industry, let’s look at what led up to the expansion of the industry itself.
JUSTICE FOR CBD
Many researchers have examined each part of the hemp plant and have since learned that CBD was actually non-psychoactive, unlike its counterpart THC, which is a psychoactive compound. This was a huge misconception that was cleared up and paved the way towards a deeper understanding of the compound. In 2014, the U.S. Farm Bill was passed 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 was passed and legalized hemp, while also removing it from the federal list of controlled drugs, releasing a majority of the stigmatism surrounding the compound. This was a huge step for the hemp and CBD industry and allowed the industry to take aim for higher success and exponential growth in the years to come.
THE REAL VALUE OF THE CBD INDUSTRY
The CBD and Hemp industry was valued to be worth $202 million in 2015. That number expanded to around $688 million in 2016 and then upwards again in 2019 to $1 billion. Since then, CBD and the Hemp industry have made tremendous leaps and bounds to increase its market value exponentially with experts saying the market could be worth as much as $23.7 billion in 2023. The potential for this industry is huge.
CBD appears to be the new gold rush or our time, and business owners are discovering the incredible potential of the industry and claiming their spot in the market. With better quality products and technology continuing to emerge, the CBD industry is continuing to expand.
WHERE THE CBD INDUSTRY IS NOW
A number of advances have been made in technology to increase efficiency in the market, as well as encourage and promote further research and studies. The Food and Drug Administration (FDA) are turning their attention to the CBD industry due to its rapid growth and lack of regulations. As more research becomes available through the increase in technology, the FDA will continue to adapt regulations and guidelines based on new information. However, this is not a major setback. Nielson projects the CBD market in the United States could increase to a $2.75 billion industry in 2020 – and this is a conservative projection taking in to account possible setbacks. With reduced stigmatism and a variety of health benefits being shown, CBD is on track to dominate the consumer industry.
HOW YOU CAN GET INVOLVED
Whether you are a consumer, or a business minded individual that sees the potential to make a lot of money in a budding 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 growing industry, you may want to look into developing your own brand with a trusted partner. Do your research and see how partnering with a private label CBD company could benefit you and get started while the industry is still in its early phases. Solidify your brand and watch your earning grow through selling products that can benefit yourself as well as consumers!