In recent years, the numbers of articles and research publications about the plant constituent, cannabidiol (CBD) have skyrocketed. As a result, there has been a dramatic increase in public awareness and demand for these products, especially in various rehabilitation and medical settings.
After the 2014 Farm Bill was enacted, which legalized the domestic cultivation of hemp for research purposes, the catalytic event which propelled the CBD industry forward was the 2018 Farm Bill. The enactment of this law effectively legalized CBD on a national level by confirming the removal of hemp from the definition of “marijauna.” While each state currently still maintains their own patchwork of laws pertaining to CBD and cannabis in general, the growing popularity of cannabidiol for a myriad of purposes continues to expand.
What the Numbers Show
According to data from Statista, “It is expected that U.S. consumer sales of cannabidiol will reach around 1.8 billion U.S. dollars by 2022.” In addition, these products are said to be quickly becoming abundant across fast moving consumer good (FMCG) markets in the United States with tinctures and oils now accounting for 59% of products.
Other analyses from BDS Analytics show “US sales of cannabis- and hemp-derived CBD products [will] surge from $1.9 billion in 2018 to $20 billion by 2024, a compound annual growth rate of 49%.” What this means is our society is not only becoming more accepting of the idea about using such products, but medical practices and businesses are expanding their revenue streams as a result.
Regulatory Hurdles not Slowing Growth
Despite the fact the FDA was tasked with the daunting challenge of developing a cannabis product pipeline, they are slowly updating their processes. Depending on residual outcomes from the 2020 election we could possibly see an update in the 2nd quarter of 2021. Although CBD products still remain unregulated by the FDA, a wide range of populations are actively using these plant-derived products.
In fact, in a 2019 survey of over 1,000 adults ages 54 and over found that out of everyone surveyed, 51% reported an improvement of their quality of life after taking CBD products. The survey further uncovered that with experiencing reduced pain and inflammation, nearly 89% of respondents would recommend CBD to their friends or family members.