When it comes to business, some concepts take off, while other concepts gain very little traction.
CBD companies are on the rise and it’s proving to be one of those industries that won’t be slowing down anytime soon. There are many factors that go into such vast market growth in such a short time, but it seems that consumers see and feel the difference between the therapeutic benefits of CBD and the unnecessary, sometimes extreme side effects of pharmaceuticals. Let’s look at some of the reasons the CBD won’t be slowing down anytime soon.
You can go just about anywhere and spot a CBD product on the shelf, and that’s because CBD products have infiltrated just about every market. You can find CBD in everything from beauty products, to food and beverage products, to medicinal products such as balms, tincture, and so much more. There have been specific product trends that are expected to give the CBD market that huge push to 20 billion by 2024 such as the growing popularity of CBD gummies. CBD gummies are growing in popularity because companies are creating innovative products that merge the therapeutic CBD benefits with essential health and wellness options such as added vitamins and nutrients. CBD skin care is expected to grow tremendously as well, as a matter of fact, a recent report by Disrupting Beauty states that in 2018 the CBD skin care market was valued at $710 million, but is expected to grow to $959 million by 2024. The secret is out---CBD is amazing and the market values are reflecting this notion.
CBD is extremely versatile and this is another factor in it’s growth. CBD has been shown to be effective in easing symptoms of anxiety, depression, chronic pain, Alzheimer's disease, inflammation, improving sleep, mood, and a lot more. There is still a lot that is not known about CBD, it’s effectiveness, or even any long term effects, but it is consistently being studied and more data is being gathered. This is strengthening CBD’s case for effectiveness. So, how does CBD accomplish all of this? CBD is a cannabinoid and works naturally with our endocannabinoid systems to send signals to receptors where and when they are needed. CBD is not market “approved” yet, but the FDA has approved one drug by the name of Epidolex, and that’s because CBD has shown to be amazingly effective to treat epilepsy. The CBD industry has Charlotte Figi to thank for this breakthrough information---the young girl whose epileptic seizures were drastically reduced when her mother started administering CBD oil to her.
The Farm Bill Of 2018
One of the largest proponents for change in the hemp based CBD industry was the passing of The Farm Bill of 2018. This “decriminalized” hemp-derived CBD and made it an agricultural commodity---basically providing some legality and protections to the farmers and manufacturers of those hemp based products. Hemp-derived CBD contains less than 0.3 % THC so it made no sense for it to be registered as a schedule 1 controlled substance. This Farm Bill opened up the market so it could function more efficiently without as many stipulations as before---although there are still some roadblocks as the industry awaits FDA approval which seems inevitable. The reclassification of hemp-derived CBD gave the industry the fuel it needed to become an unstoppable market force.
Want To Add CBD Products To Your Inventory?
With these numbers and all this information, who wouldn’t want to get in on this market growth? If you want to add some CBD products to your line up there are a few things you need to keep in mind and look out for when you place your wholesale orders. Unfortunately, with the absence of concrete regulations, there are less than honest companies cutting corners by using cheap or even unsafe ingredients. When you look at different companies check to see that they provide third party lab results (COA), and also check out the consumer reviews. These two aspects are very important in choosing a CBD company to go into business with. If you are looking to incorporate CBD vape pens into your business, look out for products with vitamin e acetate as it has been linked to many hospitalizations. If this market is expected to reach $20 billion by 2024, there’s no reason why you shouldn’t try to capitalize on that growth for your own business.
This is an exciting time for the CBD industry and everyone involved---the consumers, the manufacturers, and everyone in between. It’s amazing to see the growth because people all around the world are experiencing the powerful effects of CBD. The industry is growing because people feel empowered with the hundred, maybe even thousands of options that CBD is bringing their way every day.