The Hemp Business journal predicted 3 years ago that by 2020, the value of the CBD niche is bound to increase by $2 billion and to $3 billion by the end of 2021. Since it’s backed by the medical niche, CBD continues to become popular with many medical experts calling it the future of medicine. There are various studies that prove that CBD is a better alternative to analgesics that are often addictive, though the best CBD supplements can be hard to come by.
Actually, CBD can improve your overall health and wellbeing. Note that, CBD lacks psychoactive abilities present in marijuana so you will not get high. It’s not addictive so you don’t have to worry about doing something illegal. It doesn’t show up on drug tests. CBD also offers relief from inflammation and pain without any of the adverse side effects present in various medications.
Current Legal Status of CBD
Marijuana has become acceptable in various places despite the controversial status. Currently, medical marijuana is legal in 30 states and CBD oil is legal in all 50 states.
What’s the Future of CBD After 2020?
In 2018, the Farm Bill was passed to remove marijuana from schedule 1 drugs found in the Controlled Substances Act. Since then, the prospects for CBD look positive and encouraging. Currently, the bill has legalised any CBD products originating from industrial hemp that is grown in accordance with the farm bill, state and federal regulations as well as grown by a licensed grower.
With the removal of legal constraints that stunted the growth of CBD, business people and hemp farmers are smiling since research on CBD products, and innovations in the market are continuously growing. With the increase in interest and demand for CBD products, it’s expected that the price will drop.
As such, CBD standards will become higher since businesses will try to stand out and get the best value for their products. CBD producers will also cut down on the imported hemp products and start growing their own. Therefore, people will have access to locally grown hemp. As such, the CBD market is expected to grow bigger with each passing year.
With more supply, there will be a huge variety of CBD products in the market. Producers can now explore the numerous uses of CBD products, especially in the food and drinks niche. CBD infused lotions, gummies and many more are already present in the market. There should be a bigger innovation in the food niche.
With the interest in CBD growing exponentially and the market exploding adults who are not very tech-savvy will become part of the CBD consumers. The products will be available offline to cater to the target audience who rely on the products to get pain relief from conditions associated with their age such as arthritis.
Of course, it doesn’t mean that e-commerce will be ignored when it comes to marketing CBD products. Larger online stores such as Amazon might start stocking up on CBD products in the near future. Simply put, the CBD market has been booming especially after the Farm Bill of 2018 was passed to reduce the restrictions on the production of hemp. More laws are still on the drawing board and they are aimed at making it easier to produce, market and sell CBD products effortlessly.