CBD expansion and availability due to health benefits and changing laws
The recent big news for cannabidiol (CBD) products is the signing into law of the 2018 farm bill. This legislation legalized CBD and other hemp products at the federal level, allowing MARK3 CBD Oil to be shipped legally to every state. While this is incredibly good news and will certainly drive the CBD market even higher, the fact is that the CBD industry was already doing quite well.
As the public has become better educated the benefit of the cannabis plant, many states have relaxed their laws regarding marijuana, hemp, and CBD products. Of course, several states have completely legalized marijuana. Other jurisdictions have at least allowed the sale of CBD products that contain no THC. These changes, along with the outstanding health benefits mentioned above, have made the CBD industry robust. The new farm bill and federal legalization will only grow the industry even further.
What is the Current Status of CBD Sales?
As reported by Market Watch, the CBD industry nearly doubled in size between 2017 and 2018. And this was before the 2018 farm bill. During 2018, experts estimate that CBD sales reached just over half a billion dollars. At this rate, CBD sales should grow to $1.8 billion by 2022. That’s impressive enough, but the signing of the farm bill means that projection is no longer valid. Sales of CBD are now anticipated to grow even more.
What Does the Future Hold for CBD Products?
Revised estimates for CBD sales are astronomical, and the experts all agree on the massive growth now that the farm bill is law. In fact, CBD is projected to dominate the cannabis market completely within just five years. Conservative estimates place CBD revenue at $2.1 billion by 2022, and that is just in the American market. The experts at The Street agree. This number will likely be ten times higher globally, as detailed in a Rolling Stone report.
Cannabidiol (CBD) Research
The numbers above also take into account future CBD research. Some effects of CBD are well-established, like anti-inflammatory benefits, better sleep, and pain relief. However, there is nascent research into a plethora of further uses, such as anti-tumor actions. The new farm bill is widely expected to help drive further research into CBD and related cannabinoids. As new benefits are inevitably discovered and published, CBD sales will continue to grow, and this new horizon in healthcare will continue to flourish.
Many pundits are also predicting that the DEA will reclassify marijuana in the coming months from its current status as a highly-restricted, schedule I drug. Of course, if this happens, it will make even more research available and increase the knowledge base. The future of CBD is bright.