With the ever growing list of physical and mental ailments treated by cannabidiol (CBD) oil, along with the growing trends toward using natural remedies over pharmaceutical alternatives, it’s no wonder the CBD market is booming. While CBD is currently classified as a Schedule I substance making it federally illegal, the current wave of statewide legalizations of marijuana along with the push towards ending federal prohibition leads the way for a bright future of CBD sales.
CBD is one of the many compounds found in the marijuana plant. Unlike THC, the compound that gives you the “high” feeling when consuming marijuana, CBD is non-psychoactive meaning it doesn’t come with the intoxicating effects associated with cannabis. It does, however, act as a natural pain reliever, reduces inflammation, treats epilepsy, reduces anxiety, along with many other beneficial uses. CBD is also non-addictive according the the World Health Organization making it an excellent alternative to many pharmaceuticals used to treat the same problems. In fact, a recent study done by the Brightfield Group found that 66% of CBD users considered CBD to be more effective than over the counter alternatives as well as 52% who found it to be more effective than their prescription medication.
CBD sales continue to rise despite the legal grey area in which they reside. While still federally illegal, CBD can still be found for purchase in any of the states that legalized marijuana for recreational or medicinal use. One big result of this is the restrictions in place to not allow the sale of CBD oil on Amazon.com, the nation’s biggest retailer. In addition to the states with legal cannabis, most other states have special laws that allow for the use of hemp derived CBD oil under special circumstances. All of this coupled with the nation wide push towards ending the federal prohibition of marijuana leaves the market for CBD oils wide open for growth in coming years.
In the Brightfield Group’s recent study on CBD, they estimated that marijuana-derived CBD sales would hit $176 million in 2017 alone. This added to the projected $291 million in hemp-derived CBD sales makes nearly a half a billion dollar market for 2017. This is a huge increase from the $130 million in hemp-derived CBD sales from 2016. With sales increasing by over 50% per year, it’s no wonder why Brightfield expects the hemp market to reach $1 billion by 2020.
With all the information coming out regarding the safety and effectiveness of CBD, it seems likely that the trend of using natural CBD over pharmaceuticals will only increase as time goes on. This combined with the movement toward ending the federal prohibition of cannabis ensures a bright future for CBD sales.