Ever since studies have shown and proven that hemp-derived cannabidiol (CBD) is effective for treating different conditions, this market has skyrocketed. In fact, according to Forbes, the CBD market will continue to rise and will crack its billion-dollar mark in just three years.
With this success, more and more entrepreneurs are getting creative in producing a variety of CBD products that would appeal to the market. There are oils being sold, supplements, topical creams, edibles, desserts, coffee and even vape juice. Whether you’re an aspiring entrepreneur or a health professional wanting to provide alternatives for your patients, the booming CBD market is a great opportunity for you.
CBD Legalization
The cannabidiol is made from a hemp containing less than 0.3% THC, which is the psychoactive ingredient of the marijuana. Basically, upon taking or using CBD products, you won’t get ‘high’ or any psychedelic feeling. Depending on the dose and the product used, you can just feel calm and relaxed. The oils and topical creams also help in soothing muscles and alleviating pain.
Given these benefits, more countries are allowing the use of medicinal marijuana and CBD. In the United States, there are a total of 8 states that allow the recreational use of CBD products. These are Alaska, Colorado, Maine, Massachusetts, Nevada, California, Washington and Oregon. One can freely purchase hemp products here without having to worry about violating the law.
Aside from these 8, there are 46 other states allow the use of CBD products for medicinal use. This is a great opportunity for entrepreneurs as the government recognizes the benefits of cannabidiol.
The Rise of Demand
Because of its beneficial properties, more and more people are using cannabidiol products as alternative to pharmaceuticals. This leads to the rise in the demand of the market. What aspiring entrepreneurs need to consider is the quality of the hemp, health benefits and safety of CBD products. Since most of these are consumed and applied to the body, the issue of safety will be questioned by consumers.
Right now, the demand rises on the CBD oils, supplements and vape juice. Available products in the market mostly differ in the flavor of the juice and supplements, consistency and quality of the oil and effectivity of topical creams.
The Future of CBD Market
Hemp products will continue to rise in the coming years, with more studies being conducted and success stories being shared. Since more people are being aware of this powerful compound, the future of cannabidiol business is bright.
Furthermore, expect a variety of products to be introduced, not only consumable but can be used at home. Bath bombs, eye creams, soaps, food additives and even vaporizers can be brought at dispensaries and stores. More inventions are eyed by experts, catering to the needs of the people.
Overall, the legalization of the CBD products makes way for businesses to pop up. Either by selling online or having a dispensary, more people will likely buy to enjoy the benefits of the wonderful cannabidiol.
References:
https://www.forbes.com/sites/debraborchardt/2017/08/23/hemp-cannabis-product-sales-projected-to-hit-a-billion-dollars-in-3-years/#742c98eb474c
https://smallbusinessforum.co/the-business-of-cbd-oils-b40d24b6ee22
https://medium.com/cbd-origin/is-cbd-legal-legal-status-of-cbd-2018-d1b4a0ed42df
About Wellness BioSciences Rx (WBRx)
Wellness BioSciences (WBRX) is a global innovator in the delivery of science-based wellness consumables in partnership with health care providers directly to their respective patient base. Our products specialize in the development of the highest grade 100% USA-grown hemp oil rich in CBD, CBDA, CBG, CBN, CBC, and terpenes.
Because we have the ability to completely remove the THC from our oil, we are able to ship our products across state lines and to dozens of countries around the world. WBRX was founded by Barry Cocheu and Sean Baker.