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The Hemp Business Journal predicted around 3 years ago that the CBD market’s value is poised to grow by 2020 by $2 billion, with the potential of it increasing by 2021 to 3 billion dollars.
With backing from the medical community, CBD has continued to become increasingly popular as it is supported by medical experts as medicine’s future especially CBD and anxiety. Numerous studies back these claims that prove that CBD is a better option in contrast to addictive analgesics. CBD, in fact, can help to improve your wellbeing and health.
CBD does not have the psychoactive properties that marijuana contains and so it will not get you high. It is non-addictive as well, so you don’t need to worry about getting in trouble with the law since it doesn’t show up on drug tests. It also provides relief from inflammation and pain without having any adverse side effects that many medications commonly have.
CBD’s Current Legal Status
In terms of its acceptability, marijuana has made a lot of progress, despite the many controversies regarding its use. It is legal to use CBD oil in all 50 states, and it is legal to use medical marijuana in more than 30 states.
CBD’s Future For 2020 And Beyond
CBD’s prospects are looking good since the 2018 Farm Bill was passed and took it off of the Controlled Substances Act’s schedule 1 drugs. The bill legalized CBD products that are made from industrial hemp if it is grown in accordance with state and federal regulations, the Farm Bill, and comes from a licensed grower. Now that the legal constraints have been removed that were threatening to stunt the CBD industry’s growth, businesspeople and hemp farmers are happy as the research, innovations, and demand of CBD products and the market continue to grow.
However, increased interest and demand for CBD products might cause the price to drop. That could push standards for CBD even higher due to businesses trying to differentiate themselves and earn more for their products. CBD producers are also likely to grow their own hemp products and reduce imported ones, which gives you access to products made out of hemp grown in America. With all of these factors in mind, the CBD market can be expected to grow even larger.
Increased supply results in a wider range of CBD products introduced into the marketplace. Producers are free to start exploring the different uses of CBD, which includes venturing into the drinks and food sector. CBD infused lotions and gummies have been introduced to the market already, while the food industry might be the next hot thing.
As interest in CBD continues to increase and the market keeps expanding, older non-tech-savvy adults, are increasingly becoming consumers of CBD. This is resulting in products becoming more accessible that cater o the demographic to alleviate their pain coming from arthritis and other age-related conditions. This doesn’t mean ignoring e-commerce when CBD products are marketed. Major online retailers such as Amazon in the very near future might start to stock up on CBD products.
In summary, the CBD industry has a bright future after the passage of the 2018 Farm Bill reduced the restrictions on hemp production. You can expect more laws in the future that have the goal of making it easier to produce, sell, and market CBD.