CBD oil is one of the nation’s newest crazes, and almost two years after hemp’s decriminalization on a federal level, the CBD industry is booming. This new industry has opened up an entire market for investors and entrepreneurs, and the products themselves are having a pretty amazing effect on the public.
From tinctures to oils, creams, and skincare products, to gummies and other edibles, CBD oil is incredibly versatile and potent. It can be used for a myriad of health complications, both mental and physical. What’s the deal with CBD, anyway? Here’s why the market will experience steady growth for the next decade.
The Farm Bill
The Agricultural Improvement Act, or Farm Bill, as it’s called, was introduced and passed by Congress in 2018. While the bill is complex and covers many areas of agriculture, the one major change that everyone seemed to notice was the decriminalization of hemp at the federal level.
Since the early 20th century, the Cannabis plant has been under much scrutiny, mostly because of its association with the psychoactive substance THC. While Cannabis contains both THC and CBD, along with over 100 other cannabinoids, the two compounds are vastly different.
For starters, CBD is not psychoactive like THC. You won’t get high from CBD, which makes it the perfect solution for people who want the medicinal properties of the Cannabis plant without the classic “high” that THC produces.
In 1970, President Nixon signed into law the Controlled Substances Act. This bill listed several substances as Schedule 1, 2, 3, 4, or 5 substances according to their level of danger. Hemp was lumped in with marijuana as a Schedule 1 drug, along with more severe drugs like heroin and cocaine.
This remained so at the federal level until 2018, even though several states have legalized the Cannabis plant in all forms. As it stands now, industrial hemp must contain less than 0.3% THC to be considered legal to grow and cultivate. Anything that contains levels of THC over the federal limit is considered a controlled substance and could be subject to prosecution from federal authorities.
People Love CBD
Now that we know why the market has arisen in the first place, let’s take a closer look at why it’s been so successful and will continue to be so in the future. For starters, people love CBD, and within the first few years of the Farm Bill’s passing, the market exploded and generated hundreds of millions of dollars in revenue.
Why do people love CBD so much? CBD is a natural substance that doesn’t contain harmful chemicals, so it’s safe to use. This is more than can be said for certain prescription drugs and even OTC drugs for things like pain management. We’re in the middle of a nationwide opioid crisis.
According to a study conducted in 2018, 128 people die every day in the United States from opioid overdoses. The addiction commonly begins with prescription pain medications, making the need for a more natural (and less addictive) alternative more apparent than ever.
CBD also helps during the withdrawal phase of addiction, so it may be effective at helping treat the condition itself. Not to mention, the compound has several health benefits, including, but not limited to:
- Managing pain and inflammation
- Reducing anxiety and stress
- Anti-aging and anti-acne properties
- Improved focus
- More energy and clarity
The demand for CBD has grown substantially in the past few years, and only continues to do so as more and more benefits are discovered. You can find CBD oil for sale all over the country, with investors continuously throwing money at new and improved products as the market steadily climbs to the billion-dollar mark. CDB treats are also helpful for pets, you can check out this list.
Growing Research
As the market continues to grow, so too does the research around CBD and its benefits. The more we learn about the compound, the more good things seem to come of it. The FDA itself has recently approved an anti-seizure medication based on CBD that has shown great promise in clinical use. Research was difficult to come by when hemp was still considered a schedule 1 drug, but since its legalization, there has been an abundance of not only research opportunities, but also money to help fund those efforts.
The Future
With increasing demand, improved research, and better awareness of what CBD is and how it benefits human health, the market is only looking up for the next decade. Forbes predicts the market will reach somewhere around $20 billion by the year 2024, but only time will tell what the CBD market truly has in store for us.
Always remember that not all CBD providers are created equal, and if you want the best value for your money, always choose a brand that focuses on using only high-quality hemp grown in the USA.
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