The Future of CBD
According to predictions made about 3 years ago by The Hemp Business Journal, the value of the CBD market is set to grow by $2 billion by 2020, with a possibility of soaring to 3billion dollars by 2021. With medical backing, the popularity of CBD has continued to grow as medical experts support it as being the future of medicine. These claims are backed by numerous studies that have proven CBD to be a better alternative to addictive analgesics.
CBD lacks the psychoactive abilities found in marijuana and therefore won’t get you high. It is also non-addictive and you don’t have to worry about being on the wrong side of the law as it doesn’t show during drug tests. What’s more, it offers relief from pain and inflammation without adverse side effects common with most medications.
Current Legal Status of CBD
Marijuana has made great strides in its acceptability despite the numerous controversies surrounding its use. Medical marijuana is legal in over 30 states, while CBD oil is legal in all the 50 states. Some states like Washington DC even allow the use of marijuana for both medicinal and recreational use. With the passing of the 2018 Farm Bill, industrial hemp was removed from the Schedule 1 drugs. As such you can transport or possess products from grown by licensed producers through legal hemp programs.
Industrial hemp is the source of most CBD oils and other products like construction materials and even food products. Although the bill has been passed to legalize industrial hemp, this does not necessarily decriminalize marijuana. As such, before venturing into medical marijuana use, make sure you are familiar with your state’s laws as some may require you to have a medical marijuana card before you can use CBD.
Although most states allow for the use of CBD derived from industrial hemp and those with less than 0.3% of THC, CBD from marijuana is still mostly illegal on the federal level. This means that even if THC is removed, products from marijuana or plants with THC more than 0.3 are still illegal and you can get arrested for them.
Due to the clarity provided by the 2018 Farm bill, you can now venture into the CBD market and explore its endless possibilities. However, states may have regulations and restrictions governing the possession and use of CBD. In Virginia for example, you can only access CBD with a prescription, while the FDA prohibits making of health claims when selling and marketing CBD products.
If you are looking to buy CBD, you should ensure that it is produced within the legal parameters and standards specified by the 2018 Farm Bill. But with the volatile legal environment in the US concerning CBD, you can expect changes in regulations at any time.
What the Future of CBD Looks Like in 2019 and Beyond
The prospects look good for CBD since the passing of the 2018 Farm Bill which removed it from schedule 1 drugs under the Controlled Substances Act. The bill legalizes CBD products derived from industrial hemp only if it is grown in line with the Farm Bill, federal and state regulations, and done by a licensed grower. With the removal of legal constraints that threatened to stunt the growth of the CBD business, hemp farmers and business people have a reason to smile as the demand, innovations and research on CBD market and products continue to grow.
Increased demand and interest in CBD products, however, may lead to a drop-in price. This may push the CBD standards up higher as businesses try to differentiate themselves and earn more value for their products. Also, CBD producers are bound to cut down on imported hemp products and grow their own, giving you access to products from American-grown hemp. With all these in mind, you can expect the CBD market to grow even bigger.
More supply means more variety of CBD products being introduced into the market. Producers will now be free to explore the various uses of CBD including venturing into the food and drinks sector. CBD infused gummies, as well as lotions, are already in the market, the next big thing may just be in the food industry.
As the interest in CBD grows and the market expands, older adults who are not that tech-savvy will increasingly be part of the CBD consumers. As a result, the products will be more accessible offline to cater to this demographic who use the products to alleviate pain from age-related conditions like arthritis. This doesn’t mean that e-commerce will be ignored when marketing CBD products. Large online stores like Amazon may just start stocking up CBD products in the near future.
In a nutshell, the CBD market has a promising future after the 2018 Farm Bill lessened its restrictions on the production of hemp. You should expect even more laws that aim at making it easier to produce market and sell CBD.