The Hemp Business Journal made several predictions about three years ago stating that the CBD market would continue to grow past $2 billion in 2020 and possibly soaring well past $3 billion in 2021 With much major medical backing, CBD continues to grow as many medical experts support it for medical use. These claims have been backed up by numerous studies stating that CBD is a much better alternative to addictive analgesics. In fact, many believe that CBD is a key element in overall health and wellbeing.
There are no psychoactive abilities in CBD as there are in marijuana, meaning there is no way to get high. Additionally, it is a non-addictive substance which means there is a never a need to worry about possessing a legal substance or taking a drug test. Finally, it is one of the best substances to find relief from pain and inflammation without the fear of side effects from many common prescriptions.
Current Legal Status of CBD
Over the past few years, marijuana has become much more accepted even with a number of controversies surrounding its use. At the present time, medical marijuana is legal in 30 states, while CBD is legal in all 50.
What the Future of CBD Looks Like in 2020 and Beyond
When the Farm Bill of 2018 was passed, prospects for CBD looked better than ever as it was removed from schedule one of the Controlled Substance Act The bill legalised CBD products that have been derived from industrial hemp as long as it has been grown within Farm Bill and federal and state regulations. Once the legal constraints of producing CBD were lifted, it opened up a whole new economic world to hemp farmers and business owners as they were able to see this business opportunity grow and scale.
However, with so much interest and demand for CBD products, we may begin to see a lead to a drop-in price. Businesses will be forced to offer up a much more superior product in order to differentiate themselves from the competition. Additionally, CBD producers will likely begin to use their own grown hemp products which will lead to the offering of American-grown hemp and CBD. Considering these facts, one can expect the CBD market to grow even larger.
With more of a supply simply means that more CBD products will enter into the market. Producers are free to explore various aspects of CBD including the use of food and drinks. One can already find CBD infused lotions and gummies, and one can expect to see further gains into the food industry.
As the interest in CBD continues to grow, one can expect older adults who may not be as tech-savvy take part in the use of CBD and search for what they deem is best for them, looking at Sativa CBD Oil is one place to start.
Products For Particular Needs
More than likely, we will begin to see products designed to cater to this demographic which offer products designed to alleviate pain. However, one should not expect that e-commerce will be ignored in the marketing of CBD products. In fact, large online giants such as Amazon will likely start to stock up on CBD products in the near future.
With the addition of the 2018 Farm Bill, we can expect a very promising future on the marketing of CBD products. We expect to see further bills passed which will make it much easier to produce and sell CBD products.