Never before seen explosive growth emerging due to relaxed regulations
By Stacy Self
Until now, our society, has never before seen any industry with this kind of growth.
For years, experts have predicted that if the cannabis industry expands at its current rate, the American market will reach $20 billion by 2020. But it turns out that one market is spinning off into a mega-industry of its own: the hemp-CBD market alone could hit $22 billion by 2022.
CBD, a non-psychoactive cannabinoid found in cannabis, has had a surge in popularity over the past couple of years.
Previously, CBD products have been available mostly in smoke shops, with a few doctors recommending it for various conditions. But in 2017 and 2018, the products spread to natural food stores, beauty aisles, cafés and doctors offices. The CBD industry hit $591 million in 2018, and thanks to a number of factors — including, surprisingly, Senate Majority Leader Mitch McConnell — that could increase 40 times in the next four years.
“What we started tracking this year was an explosion —edibles, skin care, topicals, coffee. “It’s being used for everything you can think of — sports, triathlons. People want to buy it for their grandma, for arthritis. Women get it for PMS and endometriosis — common things that people have been using over the counter medications.”
One thing that will guarantee even more explosive growth is the 2018 Farm Bill, which amended the term “marijuana” — a term currently found in the 1972 Controlled Substances Act — to exempt hemp, which is defined as a cannabis plant containing less than .3 percent THC. Since this bill has passed, it has opened a huge new industry to farmers across the country.
If you are not currently selling CBD, now is the time to start! If you are already selling CBD, now is the time to increase your product lines and increase your revenue.