How the CBD oil industry grew over the years

Over the years, cannabidiol or CBD has been making waves as a natural alternative for many ailments. While it’s often associated with weed or marijuana, as it’s extracted from the cannabis sativa plant, CBD doesn’t make you “high.” Unlike its cousin, CBD has no psychoactive compounds and contains only 0.3% percent of tetrahydrocannabinol (THC), which is the component that induces a feeling of being “high.” 

Due to recent medical and pharmaceutical studies, misconceptions about CBD are slowly being corrected. Because of this, more people are using it as a safe and natural way to help manage many of their health issues, including anxiety, depression, acne, heart disease, sleep disorders, and inflammation to name a few. However, that wasn’t always the case as the CBD oil industry wasn’t as popular or as accepted as it is now. 

CBD oil industry across the years

From its initial start, medical research in the 1980s found positive effects of CBD on pain. Because of this, CBD has grown to become a large money-making health product used by many across the world. 

Today, the EU cannabis market is booming with 31% of the world’s entire cannabis market, coming second to North America. It’s estimated to be worth more than half-a-million dollars. By the year 2023, the projected market value is $1.7 billion. Most of the hemp used to manufacture CBD in the US is from the European Union (EU), and it’s worth $57 billion dollars. 

CBD in Europe

In Europe, tourists and locals freely enjoy cannabis in coffee shops in The Netherlands. Others have joined cannabis social clubs in Spain, and it has been legalized in the Czech Republic. Some even cultivate it at home for personal use. 

Except for Slovakia and Italy, CBD is legal everywhere in Europe as industrial hemp is grown abundantly for the manufacture of CBD products. The EU has approved CBD products as “novel foods” and cannabis is also incorporated in vape juices. In Italy and Switzerland, it’s legal to sell CBD isolates to the public but not THC. 

CBD in the USA

The most promising forecasts for the CBD industry come from the US. In 2018, President Donald Trump signed the Farm Bill, wherein hemp, labeled as industrial hemp, is legal. This includes hemp-derived products, as long as those items are produced in a manner consistent with the law. 

As for Section 10113 of the Farm Bill, these products can’t contain more than 0.3% THC. The bill also removed hemp from the list of controlled substances at a federal level. Due to the legalization of hemp, this year’s sales shot up to an estimated retail between $600 million and $2 billion. By 2024, it’s projected to be worth more than $16 to $22 billion.

A report also concluded that CBD product sales in dispensaries have grown fast, confirming that more consumers prefer CBD products than THC, and that the industry has lasting potential.

Moreover, older and educated customers are resorting to natural alternatives rather than conventional drugs. Hundreds of new entrepreneurs are also venturing in the production and marketing for CBD products. In addition, the hemp industry is a source of fiber and paper, and CBD oil is now as solid as gold with its very promising owners.    

Because it’s marketed online, it’s important to source the best quality CBD oil if you plan to use it. CBD from the hemp plant is the safest, with a minimal amount of THC, which is regulated at 0.3% or below. Organic CBD like the ones grown in the US are also safe from toxic pesticides. It’s important to check the details of the product when it comes to the source and content. Feedback from previous clients may give you an idea about its efficacy and potency. You can find more tips here Cheef Botanicals when looking for high-quality CBD products. 

The growth of the CBD industry amid the current global economic crisis

In light of the new global health pandemic involving the novel Coronavirus, the cannabis industry may prove to be a cure for both the disease and the economy. Italy has reported that, based on consistent results of their autopsies, the damage caused by Covid-19 is more fatal to the cardiovascular system due to massive inflammation, thereby causing difficulty in breathing, bleeding, and later disseminated intravascular clotting. Looking at cannabidiol as a possible treatment may be feasible as it has been found to be an effective anti-inflammatory by relieving stress that helps in proper breathing. It is also an immune system booster.

On the economic side of this, CBD dispensaries have seen a recent upturn in mass sales while the stock exchange was slumping. Consumers have horded stocks of CBD to ensure that they can still use it in the event of a prolonged quarantine or lockdown. Several reports from North America and around Europe stated that consumers’ buying sprees resulted to CBD record-breaking sales. 

Key takeaways

The CBD oil industry has grown over the years and bears a very promising outlook. It proves to be a profitable business, as well as an alternative treatment to many ailments, especially now that the world is undergoing a health crisis. CBD as an industry will definitely continue to grow as more people patronize its products.