There’s no doubt you’ve noticed it: The CBD industry is absolutely booming. It seems to be everywhere these days, and with good reason: The experiences of many, as well as some scientific evidence, has shown that CBD has the potential to help people relieve the worst symptoms of certain disorders.
Given the popularity of the industry, it is no exaggeration to say that its future looks bright and that there only appears to be room for the CBD industry to grow. Here’s a quick look at its future, and why CBD has become so popular.
Why The CBD Industry Is Booming
The scientific understanding surrounding CBD is still evolving, and it seems that more research is being conducted on a regular basis.
While much research remains to be done before scientists and medical practitioners can have a better idea of how CBD works, it does appear that CBD has the potential to be able to help alleviate numerous illnesses, including:
- Sleep disorders (such as insomnia) and related sleep trouble.
- Skin care, including scar reduction, acne, rosacea and eczema.
- Pain relief.
- Depression and depression-related issues, such as PTSD.
- Anxiety and stress relief.
- Numerous neurological conditions, including Alzheimer’s and dementia, Parkinson’s and Multiple Sclerosis.
- Alleviation from the side effects of cancer drugs.
- Seizure disorders.
Studies are ongoing to determine additional potential uses for CBD. For example, the American Kennel Foundation announced that they would be funding a study to determine if CBD could be helpful in treating seizures in dogs.
They also offered an “expert advice” article on potential ways in which CBD could be helpful to dogs, going as far as to issue recommendations for how CBD could be safely administered to these pets.
CBD’s booming expansion in the United States was largely fueled by the 2018 Farm Act. The Farm Act clarified that CBD should not be considered a Schedule 1 drug, provided it was manufactured from hemp and contained less than .3% THC. As a result, CBD has become widely available in all 50 States.
International acceptance of CBD has also exploded. The compound is now legal in dozens of countries, largely located in Western Europe.
Given the changing nature of attitudes towards cannabis in general, and its changing legal scene in the United States (medical marijuana is currently legal in 33 States and Washington, D.C., while recreational marijuana is legal in another 11 states and D.C.) it appears likely that more and more countries will liberalize their cannabis laws, including as it pertains to CBD.
The Likely Future of CBD
The studies around the CBD industry have proved that it has the massive potential for growth. One estimate says that the CBD market will generate $20 billion by 2024; another argues that this study is, in fact, too conservative, and that CBD will actually hit $22 billion by 2022.
Regardless of the specific amount, you only have to look around your grocery store, drug store or gas station to see it: CBD is everywhere. A recent Gallup Poll found that 1 in 7 Americans, or 14%, use CBD, and that number appears set to rise.
The customer demand is clearly there, the laws of economics make it highly like that the supply will exist to fulfill it.
At the moment, FDA regulations on the manufacturing of CBD are sorely lacking. While the FDA has issued cease and desist letters to CBD companies which have made unsubstantiated medical claims, they have not, as of yet, developed regulations to ensure that CBD drugs are labelled accurately or tested before used.
This is a major problem for consumers: A 2017 study from the University of Pennsylvania tested a variety of CBD products and found that nearly 70% of products were mislabeled. In some cases, the mislabeling even affected THC levels, which could present a major problem for individuals who are legally or medically unable to consume the substance.
While more reputable CBD sellers have resorted to third-party testing to verify their labels, there are no regulations requiring as much. However, the FDA has said that they are exploring potential CBD regulations.
At the moment, only one CBD-based medication is available for prescription: Epidiolex, which is for children who suffer from rare seizure disorders.
However, given the pace of research, the explosion of demand for CBD, the FDA’s new willingness to approve CBD-based drugs, and the sheer economy of the substance, it appears very likely that the future will hold additional CBD based prescription drugs.
CBD – The Future Is Bright
As you can see, the future of the CBD industry seems bright. Science has shown its potential, users are finding relief from what ails them and the compound has become widely available.
Thankfully, there are many websites which allow for the purchase of high quality CBD. If you’re interested in learning more, check out Nature’s Arc Organics.