CBD is seeing exponential growth in the markets around the world. According to many experts, this growth is only the beginning, and that the sales of CBD products will continue to increase. CBD products have gained lots of attention from recreational consumers, those with medical issues, and other onlookers who have had minimal interaction with cannabis. While CBD as a whole has a somewhat jaded reputation, consumers are starting to understand the key differences that separate CBD products from others which may bring significant benefits.
How Pervasive Are CBD Products?
Depending on your state, you can purchase CBD products, e.g. CBD vape pen, CBD nose spray, edibles, tinctures, etc. at gas stations, dispensaries, pharmacies, and more. According to reputable research firm Brightfield Group, CBD product sales have increased by more than 700% in recent years. However, despite their popularity, there is a confusion about CBD products, e.g. how effective they are, who should use it, etc. But one thing is for certain; revenue potential and growth of CBD means these products could be the future.
The Future of CBD Products
The ever-increasing awareness of the therapeutic advantages of CBD will lead to an upsurge in the demand for CBD in food and beverages. This growing awareness is expected to help push the industry forward. CBD products like CBD nose spray, edibles, CBD vape pen, etc. are primed for expansion in the following markets:
• Pharmaceutical CBD
• CBD derived from marijuana
• CBD derived from hemp
The 2018 Farm Bill, technological advancements, and recent development in the CBD industry have caused manufacturers and farmers to turn their attention to CBD commercialization because the path toward immense profits is becoming more and more visible. As the benefits of CBD become more accepted globally, funding for research and development is likely to increase as well. While the future of CBD products looks very bright, there are still several concerns.
Concerns About the Future of CBD Products
The march of CBD products seems unstoppable now. But, inconsistent regulation and unclear legalities will put a ceiling on industry growth. The primary hindrance to the growth of CBD industry will be negligent oversight. Since CBD is not yet fully regulated by FDA, there is no accurate way to tell what’s inside the various CBD products available on the market unless a company’s products are tested by a third party.Until states create legislation that will strictly govern the enforcement of current regulations about CBD manufacturing or until the CBD industry is regulated on a federal level, the problems will continue.
CBD products are the future and that future looks quite promising. Laws regarding CBD have been reforming in recent years. More importantly, the attitude in the healthcare sector is shifting to treat patients through a more holistic approach. The ongoing awareness of the key advantages of CBD products will, as you would expect, increase their demand which will push the industry forward in the years to come.