It’s not often that a cannabinoid gains global attention in such a short period of time. Just a few years ago, most people knew nothing about CBD. Now, it’s becoming a must-have ingredient in everyone’s daily health and wellness routine. The history of CBD is a thrilling one!
A recent Gallup poll shone an interesting insight into the growth of the CBD market; one in seven Americans consume CBD. That’s equivalent to 14% of the population.
With a profusion of products proliferating throughout the market, including topical salves, potent oils, cannabinoid-enriched gummies, convenient supplements and fast-acting tinctures, is it any wonder why the retail market is expected to constitute over 60% of CBD sales in the United States by 2024?
What is CBD?
Non-addictive, cannabidiol (CBD) is one of 113 identified cannabinoids derived from the cannabis plant. CBD accounts for as much as 40% of the plant’s total extract and holds more potential as a neuroprotective antioxidant than vitamin C and E!
Although clinical trials and research have been put on the backburner due to the cannabis plant’s Schedule I status, numerous preliminary studies on CBD have exposed its analgesic, anti-inflammatory, anticonvulsant and anxiolytic effects. Combined, these properties have reportedly been shown to help with the treatment of chronic pain, inflammation, insomnia and many other ailments.
Following CBD’s debut in 1940 – when it was discovered by Dr. Roger Adams and a team of scientists from the University of Illinois – its structure was elucidated in 1963. It is only recently that CBD has gained global attention, however.
The Rise of the CBD Industry
Although cannabis has been around for a long time – ancient Chinese emperors used to use it – the industry is in its nascent stages. A Bloomberg report revealed how, back in 2014, legal global cannabis sales rested at around $3.4 billion. This figure skyrocketed to $11 billion in 2018.
CBD has sprouted out of the cannabis/hemp industries and is dominating over its psychoactive cousin cannabinoid, THC (tetrahydrocannabinol).
A leading firm in predictive analytics and market research for the legal CBD and cannabis industries, Brightfield Group, released a report back in July 2019 spotlighting the CBD market. Analysts from the firm calculated 706% year-over-year CBD product sales growth in the U.S. this year, swelling to approximately $5 billion. By 2023, sales are predicted to top $23.7 billion.
Some additional stats about the CBD industry:
- Approximately 40% of Americans are keen to try CBD.
- CBD sales are forecast to reach $1.8 billion within the next three years.
- 66 percent of hemp-derived CBD consumers in the U.S. believe that cannabis should be legalized at the federal level.
- Global CBD market predicted to grow at a 58% compound annual growth rate (CAGR) from 2019-2026.
- Cannabis workers earn 11% more than the median salary.
- Demand for CBD oil industry employees soared 76% in a single year.
The passing of the 2018 U.S. Farm Bill Acts as Catalyst for CBD Growth
The hemp-based CBD market is estimated to be worth $7.5 billion by 2024. This is thanks in large part to the passage of the 2018 U.S. Farm Bill, which made the regulated production of hemp legal. Since hemp can be derived from CBD, the hemp-derived CBD market is really taking off.
Under the terms of the 2018 U.S. Farm Bill, CBD produced from hemp plants is legal if it contains 0.3% or less of THC – a mind-altering substance. If CBD is derived from cannabis, however, it is considered to be federally illegal.
Where To Buy CBD Products Legally?
A broad scope of retailers are jumping on the CBD bandwagon. The more companies start to capitalize on this global craze that is infiltrating the medical, health and wellness markets, the more you need to be aware of unlicensed businesses.
Licensed dispensaries located in cannabis-friendly states will stock everything you need, from tinctures and supplements to sprays and salves. You will likely need to apply for membership in order to buy from dispensaries, however.
Perhaps the most convenient option is to buy CBD products on the web and have them delivered directly to your door. Practice caution when buying CBD online by tracking down a supplier that stocks high-grade CBD, such as The BWell Market.
We ship and deliver to all 50 States! Whether you are looking for the best CBD oil for anxiety to be shipped to Texas or pure CBD oil for sale in Florida, we’ve go your back.