Haven’t we all heard stories of how small business suddenly made it huge in a couple of years? Well, the story of CBD is going to sound similar. It takes a lot of analysis and research data to determine the future of a company and it has been observed that CBD will be doing remarkably well. The key takeaway here is- Identify huge markets at the start and begin marketing them. You never know when that small firm will turn huge.
Let’s trace the emergence of CBD and go all the way to future predictions:
1. Where It All Began…
2,737 BCE (that is a very long time ago) is the first time cannabis use was recorded. Emperor Shen Neng of China consumed it for medicinal purposes. It was initially cultivated for food and fiber purposes until it was discovered in more regions of Asia.
2012 marked the beginning of its legal existence in few parts of America. Gradually it established its place in 50 states.
Read about the complete history of CBD in brief here.
2. The Giant Leap Forward- 2012
2012 saw CBD making it to the shelves of some head shops and rare doctor recommendations. People were still getting accustomed to the idea of CBD after spending a lifetime believing it to be a Schedule 1 drug. The misconception of CBD possessing psychoactive properties is still taking time to fade away.
3. The Acceptance
In 2017-18, the CBD industry is racing to achieve a whoopin $159 billions by the end of 2018. From 2017 these products were found in natural products, cafes, beauty salons and the doctor’s office.
4. The Trouble With The Claims
A law demands that people cannot claim that CBD “treats” or “cures” any diseases. You can ascertain that it helps in the treatment but NOT that it “heals”. Due to this law, the products are marketed vaguely. However, in the coming years this law might change making the whole arena of marketing open for CBD.
5. The Gray Shade Of Law
As mentioned above, CBD finds itself in the gray area with the law. The FDA has approved only one CBD medicine- Epidolex. The industry has still grown considerably well with just word of mouth marketing. The Farm Bill, if passed, will make hemp containing less than 0.003% of THC legal. This will open up an entirely new market for farmers.
6. The Growth Of Epidolex
Epidolex prediction is the live example of CBD growth. It is the only one with FDA Approval and is expected to earn $625m in sales for a single year once physicians start prescribing it.
7. CBD Will Be A Billion Dollar Market
Chasing Markets said that the CBD industry will soon become a formidable segment in the consumer market and stocks. Based on statistics’ current projection, CBD growth could reach as much as $2bn in sales over the next four years, with people suffering from chronic pain and depression to be its most loyal customers.
8. An Opening For New Avenues
The best part about the CBD market is that it is multi-beneficial. Its discovery is a boon for the health industry and the patients suffering from illnesses. It will not only generate a huge amount of market leaders but it will also create jobs. So that’s a win for the economy of the nation!
9. The Statistics
A lot of credible business magazines and journals have predicted a huge figure for the CBD market.
Here is what Forbes estimates – The cannabis market is set to reach a market cap of $57bn by 2027. And if Hemp Gazette is right, then about $22.8bn or 40% of those sales will actually come from CBD.
The Hemp Business Journal estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources. That’s a 700% increase from 2016.
Matt Karnes of Greenwave Advisors is even more optimistic about the growth of the CBD market saying, “In terms of the CBD market size, I estimate an almost $3 billion market by 2021. Right now there are 15 states that allow CBD only — this is in addition to the 28 states plus DC that have legalized medical marijuana.”
10. Conversion Of Marijuana Users Into CBD Users
There is proof that the traditional marijuana users are agreeing to try CBD. A study conducted by Outco suggested that 38% of users and non-users wanted to learn more about the product and believe it will have a huge marketplace in the future.
To conclude, placing your bets on the CBD market would be safe as it is predicted to do exceedingly well. It is best to place your feet in the water when it’s warm. Early entrance in the industry will give you an edge and can eventually make you a market leader. So, do your research and think wisely.
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