Just a few years ago, CBD was branded as a “marijuana product” that would get you high and act as a gateway drug. However, growing research is showing that this isn’t the case. As laws around cannabis products start to crumble, we learn more about what comes out of the hemp plant, and it turns out CBD isn’t a gateway drug at all.
In fact, CBD is only one of 400 compounds taken from the hemp plant. It does not contain THC and is therefore not a substance that can make you high. It might, however, help a host of health and wellness issues that plague people every single day.
As new benefits of CBD are claimed, the CBD industry seems to grow continually. It’s one of the fastest growing industries in health and wellness with incredible potential in the coming years.
Investors and entrepreneurs alike are jumping into CBD from all over. If you’re considering getting involved with the CBD industry, you’ll want to use this handy guide to navigating CBD, and learn all you can about where the industry is headed.
The Legal State of CBD
There are some misconceptions out there as to where CBD stands on the legal front. Some believe that it’s only legally sold in states where other cannabis products are sold legally, but that’s not the case. CBD is actually sold legally across the nation as long as the THC content is below 0.3 percent THC.
There are three main types of CBD: isolate, broad-spectrum, and full-spectrum. Isolate and broad-spectrum CBD do not contain any traceable levels of THC—the psychoactive compound is completely removed during CO2 extraction. Full-spectrum CBD may contain up to 0.3 percent THC, but it shouldn’t contain more than that.
Any of these types of CBD can be sold online legally. There are other types of CBD that are mixed with higher concentrations of THC, but these are only sold legally in dispensaries with medical cannabis is also sold.
This means that virtually anyone has access to CBD as long as it’s within the legal parameters of online sales.
CBD Could Be a $22 Billion Industry Soon
Experts predict that at the current growth rate of CBD, it’s going to be worth well over $22 billion by the end of 2022. This is according to findings from The Brightfield Group, which also looked at trends indicating CBD will spread like wildfire. They predict it will flood natural food stores, beauty aisles, cafes, and doctor’s offices with unprecedented speed.
We’ve already seen some of these predictions come to fruition. Whole Foods, Ulta, and Walgreens have all started carrying products containing CBD, typically creams with high doses of CBD in them. There are also café’s popping up all over the nation with CBD-laced coffees, teas, drinks, and baked goods.
Bethany Gomez, director of research for the Brightfield Group told Rolling Stone that the growth of CBD is incredible. “I’ve been doing market research for years and covered everything. This is definitely the craziest market I’ve ever covered,” she said.
New Products Flood the Market
In response to this “crazy market,” CBD manufacturers and entrepreneurs are racing to come up with new products that will spark customer interest and make their brand well known. We’re seeing a massive amount of products flood the market as a result.
CBD oil, cream, capsules, inhalants, and gummies are the most popular forms of CBD and the most commonly sold in CBD stores. Now, there are entire restaurants and health foods stores devoting their energy to creating delicious food and beverages laced with CBD.
The beauty market has also produced a great deal of new products with CBD including anti-aging serums, skin-smoothing and moisturizing creams, acne cleansers, anti-sun lotions, and so much more.
It’s also making huge waves in aromatherapy with CBD candles, bath bombs, incense, wax melts, and more are being used to deliver concentrations of CBD into the air for people to breath in. Vape juices are also very popular.
It’s Only Going to Get More Competitive
We’re only experiencing the tip of the iceberg as far as the CBD industry is concerned. It might feel like the market is overflowing as well, but it’s only going to get more competitive in the coming years.
Right now, the best CBD companies are learning to work with unique restrictions around CBD. It’s mostly legal throughout the United States as long as it abides by certain parameters, and companies are learning how to market CBD amid restrictions in that corner.
But the laws on CBD have changed so much over such a short amount of time, we’re just waiting for more CBD companies and investors to jump on board. They’re just starting to understand how lucrative CBD can be and how to work around the roadblocks currently in place while we wait for more CBD laws to disappear or change.
For that reason, it seems pretty clear that it’s only going to get more competitive. If a new CBD brand shows up every week now, by the end of 2022, there’ll be a new brand daily. It’ll continue to flourish as those in the commercial and consumer sectors become more accepting and excited about CBD.
This means the time to enter the market is now before it becomes overcrowded. There’s no question that CBD will explode into a hugely populated market; it’s merely a question of when, and those who are in the game early and do it well will thrive long term.