Since legalizing cannabis for recreational use in Colorado in 2014, companies have wasted no time in converting the cannabis market into a multibillion-dollar industry. Now, the recent legalisation of hemp has sparked a nationwide boom in CBD products and huge investment.
Cannabidiol (CBD) is one of over 100 cannabinoids of the cannabis plant (Cannabis sativa). However, CBD does not contain the psychoactive compound THC and therefore does not induce a high. CBD is said to create a pleasant or relaxed feeling among some users and is becoming increasingly popular as a complement to relaxation exercises.
Because CBD can be obtained from hemp that does not contain significant amounts of THC, CBD is virtually legal in most states. Although more regulations are being put on the fabric, entrepreneurs are working to maximise the potential of the CBD. Many of these companies are based in Colorado.
As across the country, work is being done to create concepts and new product groups to bring them closer to customers. In Chicago, young entrepreneurs recently launched a delivery service that works with local retailers to bring CBD products to customers “door.
As you can see in the graph below, in the last few years the sales of the ‘edibles’ are on the upswing!
It’s not just people who recognise the benefits of CBD, though. Parallel to the CBD hype in humans, a new movement has emerged that advocates for CBD products for pets. Research shows CBD can help ease pain associated with problems such as arthritis in dogs, and some vets also use it to treat anxiety in pets.
The CBD market could become so big that it eclipses the existing cannabis market in a matter of years. It is speculated that over time CBD could become an everyday food such as coffee or supplements. Brightfield Group, one of the industry’s leading business analysts, expects the CBD market to be able to reach a region of about $22bn by 2022.
The Cannabisradar-Team wishes you an nice day!