The dried leaves and other parts of the cannabis plant are called Marijuana. The dried leaves are usually vaporized, smoked, or even cooked to activate the psychoactive substance called cannabinoids. Activated Marijuana has psychoactive effects. Recreational Marijuana is known to impart a sense of relaxation and pleasure. Cannabinoids also have various therapeutic benefits. Because of these benefits, people have started to incorporate it into medication. Since then, the legalization of controlled CBD products, several mainstream retailers have begun selling CBD products. You can find CBD in the form of oil, water, and even edible items. The total sales of CBD products amounted to almost 2 billion dollars. Experts believe that Cannabis will be a 16 billion dollar business in 5 years.
CBD INDUSTRY IN A NUTSHELL
There are different estimations for how the CBD industry will stand in the future, but all these estimates point towards success and growth. This industry has grown a lot in the recent past, and the rates of growth are more than expected. Some studies even predict that the cannabis market in the United States will reach 20 billion dollars by the year 2024. Some estimates say it will go up to 22 billion dollars. The CBD industry is maturing from just a sub-category into an entire independent sector. The growth of this market has been unbelievable throughout the past few years, and it is estimated that the market will achieve an annual growth rate of 49 percent when compounded by the year 2024.
CBD as a market has a lot of influence on other parallel markets such as pharmaceuticals,food, beverages, and so on. After the legalization, CBD products are sold in well-regulated dispensaries. In some cities, CBD products are even sold in smoke shops, grocery stores, etc. Best CBD companies around the world are focussing on generalizing recreational Marijuana. The market is slowly shifting from just regulated dispensaries to retail shops. After the relaxation of laws and the Farm bill that was passed, farmers are now free to grow hemp. Thus, there is more scope for the industry in the future. Industrial hemp will gain pace in the near future with promising agricultural communities and regulations between the farming and industrial aspects.
REGULATIONS OF THE MARKET
Regardless of the different levels of adjustment in government laws concerning hemp plant, the process of assembling and closeout of CBD items still stays in the haze. The Farm Bill makes sure that hemp ranchers are protected and gives a sheltered structure to their interstate transportation, protection, and budget administrations. This is in accordance with the Marijuana venture but doesn’t fix parameters associated with the sales of the product.
There are numerous CBD items used for topical purposes. These products are intended to be applied on the surface of the skin. It is legitimate to have these creams, balms, and even oils. Most of these products are made of hemp plants and not Cannabis. It has also been declared illegal to add CBD products in food items unless there is a specific prescription from a doctor. The laws behind the usage of CBD substances in edibles such as mixed drinks, chocolates, baked goods, and so on remain a gray area.
There have been regulations given out by the FDA, keeping in mind the various aspects of the CBD market. This market shifts towards certain assets and the answers are not in the clear yet. The council involves several legal counselors, medical experts, cultivators, producers of CBD goods, etc. Even though there are existing regulations to a great extent, the complete concept of legalizing Marijuana is still hazy.
Government authorities have not forced any guidelines but have shown interest in the investigation of CBD products. It has been predicted that we will reach the stage that will ensure the lawful consumption of Cannabis in the near future. The usage and manufacture of topical CBD products will increase because the FDA will not intervene with the topical products, and the framework is quite relaxed.
PRODUCT CONSISTENCY
There is a lack of consistency in CBD products around the world due to various reasons. The first one being the inconsistent regulations. There are a number of stores that sell consumable CBD goods and topical ones. It is quite natural to find inconsistencies in these products across the country because of the difference in the regulations. Many people believe that the rules are in the proper place, ensuring the safety of the consumers.
Most producers of these products aim to create items of high-quality and are passionate about what they do. This has led to more awareness about these products, and people are walking towards the light in this case. The method followed by each cultivator and product maker is different from the other. This serves as the main reason behind the inconsistency. Complete transparency is required for a sensitive market like this one, and most producers aim at providing the same.
SIGNS OF GROWTH
Recently, substantial retail enterprises such as Walgreens and CVS have started to sell CBD products in their stores. This is a good sign as it will create a positive ripple that will eventually help in normalizing the consumption of CBD items. Marijuana has been used for medicinal purposes, and the CBD medicinal industry is gaining pace with the relaxed regulations. The launch of Epidiolex, which is a medicine to treat chronic seizures, has CBD in it. There has been a rapid increase in the number of researches and studies on the medicinal properties of Cannabis and the byproducts. Some of the topical products derived from CBD are used in treating skin problems such as dermatitis, acne, and so on. All these factors amount to signs of growth and maturation of the industry.
By Harish Chandra
