Monday, February 26, 2024

CBD Market Set To Grow 700 Percent By 2020

America is crazy for cannabidiol (CBD). Despite the fact that this non-intoxicating derivative of the cannabis plant is still illegal in the eyes of the federal government, much of the population is now at least curious about the therapeutic benefits of CBD products. The mainstream hype over this compound has contributed to an enormous market over the past few years, generating sales in awards of $820 million in 2107.

But this bizarre market is expected to increase exponentially, according to a new report from the Hemp Business Journal. It shows the CBD market could grow by 700 percent within the next two years.

The CBD market is interesting because the majority of consumers, while on a mission to experience the medical effects of the substance, have no idea what they are actually purchasing. Some CBD products, like those sold in dispensaries in legal marijuana states, are extracted from the cannabis plant. These items can contain up to 30 percent CBD. Yet there are hemp-based versions, arguably the most popular, which are sold in health food stores across the nation, containing only around 3.5 percent of the compound.

The market is so muddled that counterfeit CBD products are even showing up in states from Utah to Tennessee. A new report from the Centers for Disease Control and Prevention shows that these goods do not contain any CBD at all — they are manufactured in the same manner as K2 and Spice – and they are dangerous to the consumer.

Nevertheless, Americans are dropping large chunks of change on CBD products in search for a wonder drug to treat ailments from chronic pain to anxiety. Some people are even leaning on this substance to do more – cure cancer, stop their children from having epileptic seizures, slow down early onset Alzheimer’s disease and, perhaps, further their quest to live forever. It’s a weird world. The population has become convinced that CBD is wherewithal to medical downtrodden, and it is putting its hard earned money on it. The latest report shows the CBD market could be worth $2 billion by 2020.

The numbers are impressive considering that the U.S. government still considers CBD a banned substance. Even the hemp-derived CBD-lite products sold in 7-Eleven and Walmart are still technically violating the terms of the Controlled Substances Act. But that could soon change. There is a push in Congress right now to legalize industrial hemp nationwide.

Regardless of whether this happens or not, there is certainly no sign of a slow down in the marketing of CBD products in the United States. Yet there is much more to health and wellness than CBD. Although this compound is considered the most medicinal part of the cannabis plant, research has shown that it is more effective with THC.


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