When someone talks about cannabis, CBD isn’t usually the thing that comes to mind. However, it is important to note that the rapid growth of the CBD industry cannot be denied, and so CBD should thus be considered to be an important aspect of the cannabis industry; indeed, one might even call CBD something of a “cannabis gold rush”.
But how has the CBD industry bloomed into the current power that it is, and will it end up being a billion dollar industry before long?
What Controls the CBD Industry’s Potential?
The CBD industry is growing rapidly nowadays and projected to be a $20B industry by 2024, and this is largely due to two main points: the legislation of the use of medicinal cannabis in numerous states, as well as the large scale investment that has been made into the industry in recent years.
This means that CBD, as well as now being a legal product for people to grow and consume, is also widely affordable for consumers to buy; this makes it a great type of product for medicinal users.
CBD consumption can offer a plethora of different benefits from a health perspective, and this makes it a very popular supplement for people nowadays. Some of the health benefits of CBD can include pain relief; anxiety and depression control; and general immune system boosts. That’s only to name a few of the ways that CBD can help, though, and so there is the potential for everyone to benefit from taking CBD as a supplement; this is also largely to do with the rapid rise of cannabis in the modern world.
Evidently, then, the reasons for people to want to take CBD are plentiful, irrelevant of whether or not they have an existing medical condition. The legalization of cannabis use for medicinal purposes has further bolstered the public’s interest in, and acceptance of, hemp cannabis growing for CBD production.
A Fad or the New Big Thing?
There is some debate as to whether the use of CBD for medicinal purposes is simply a fad, as so many other supplements beforehand have been, or if the CBD industry is here to stay and will continue to go from strength to strength.
After all, CBD is still not a cheap medicine to get on prescription; the only licensed CBD prescription drug, which goes by the brand name of Epidiolex, can cost over $30,000 per year to use! It is a valuable drug thanks to its role in helping to treat epilepsy in young children, however, the cost of the drug does beg the question of whether it is a viable solution for the long term.
But is CBD a fad or not? The answer to that question is hard to give, due to the availability of CBD supplements on the market.”There are a huge number of ways that people can get a little CBD into their diet, from CBD vaping to oils and even some food products! Indeed, the number of possibilities is growing on a yearly basis—and this means that there is still a great deal of potential for the CBD market, potentially away from the prescription drugs,”says Nathan Jackson, a cannabis industry analyst.
The change in opinion regarding CBD is quite extraordinary, it has to be noted. Under the Nixon government, opinions regarding cannabis and CBD were at an all time low; in fact, the plant itself was demonized as being a truly awful one. However, it is reassuring to see that opinions have shifted in recent times; the old knowledge that CBD can help with a plethora of medical problems is now being appreciated as it once was.
The Future of the CBD Market
Invariably, the CBD market will be controlled by consumer demand in the coming years, and it is this consumer demand that will shape the future of the industry as a whole. Given the current trends that we are seeing in terms of purchasing habits, it can be expected that the CBD industry will continue to go strong for many years to come.
And, for people looking for a product that can offer them a plethora of mental and physical health benefits, CBD truly may be one of the most promising alternative medicinal products out there on the market today.
The question now is surely, then, how long will it take to change skeptics’ minds for the future!
Interesting related article: “What is CBD cream?“