Where is the CBD Industry Heading?

dark green leafed plant

Over the last couple of years, the world has finally opened up its minds to the medical benefits and therapeutic effects of cannabis or marijuana.

After extensive research, it was found that certain components of the substance help treat/address the symptoms of insomnia, chronic pain, cancer, PTSD epilepsy, Alzheimer’s, Crohn’s Disease, Multiple Sclerosis and even with opioid addictions.

However, before we move on to discuss the trajectory of the CBD industry, we need to keep in mind that CBD is not the same as Marijuana.

CBD is a non-psychoactive substance found in cannabis. Its most common forms are CBD oil or ointments. It is known for its pain-relieving qualities.

Why Makes the CBD Market so Attractive?

The fact that these products, such as Epidiolex, are endorsed by the FDA enhances their credibility and attracts more investment to the market as a whole. Another point that adds to the allure of this particular product is that there is no evidence of being detrimental to one’s health.

There is no doubt that among the countries that have legalized the use of CBD, the United States stands out in terms of the biggest market for medical and recreational cannabis. According to Arcview and BDS, approximately $9 billion is derived from the sale of medical marijuana/ CBD whereby $21.1 billion are owed to the sale of recreational marijuana.

Another reason why there is a good chance of this market turning out to be incredibly lucrative is due to the fact that CBD can be incorporated into a multitude of products such as beverages and edibles. This, of course, is in addition to the medical use of the substance.

Market Projections

According to research conducted by Brightfield Group, a company based in Illinois, the CBD market could boom to approximately $22 billion by the end of 2022. With the rate at which the CBD industry is expanding, it is not very a far-fetched approximation.

So far, the market has not only generated loads of revenue, but has also created jobs and alleviated unemployment to some degree. The estimated number of jobs created by this market is said to be over 280,000 by 2020.

According to research, we know that 58% of users of CBD are interested in infused beverages and other edibles.

Getting over the Taboo of Using Medical Marijuana

The use of CBD is becoming increasingly normalized and should come as an encouragement to those who shy away from using the product to help deal with their ailments.

Going to dispensaries and getting yourself CBD infused products is become common; however, not all states in the US provide licenses for distribution easily. Florida, however, is one state where there are approved dispensaries.

If you’re located in Aventura, Hollywood, Dania Beach or Hallandale Beach, FL., and are qualified to obtain medical cannabis, check out these approved medical marijuana dispensaries. Contact us at 754-777-8283 or visit our website for further queries.