Cannabidiol or CBD is one of the fastest growing industries over the past decade. With the legalization of marijuana in both medical and recreational form sweeping the nation, the derivative CBD has managed to make strong inroads. From treatments for various medical conditions to being included in alcoholic beverages, skin cream, and even ice cream, CBD seems to be popping up everywhere.
It should be noted that CBD does not contain THC, which is the substance that gets you “high” from inhaling marijuana. However, its effects include reducing anxiety and inflammation which assists in pain relief. It is those qualities among others that has led to a revolution in which CBD is included in so many
Emergence of CBD
Cannabidiol is derived from the flowers and buds of marijuana plants. It is legal in the 30 states which have approved marijuana for use in medical and recreational areas. Plus, it is legal in 17 more states specifically, leaving only 3 states where CBD cannot be legally sold. It’s acceptance into the mainstream was gradual until 2018 when hemp was removed from the list of
controlled substances in the Farm Bill.
That opened the floodgates and new companies were formed which use CBD in a wide variety of ways. The largest company today that is built around CBD is The Hemp Haus, based out of Kansas City Missouri. The company sells balms and tinctures that are infused with CBD in 6,000 stores across the US, along with roughly 2,000 doctors’ offices. With an estimated revenue of $45 million in 2018 alone, The Hemp Haus stands poised to grow even larger over the coming years. They are not alone as many companies are now selling CBD-infused products of all types.
Growing CBD Business
With the removal of hemp from the controlled substances list, it not only allows for the sale of CBD, but the legal growth of hemp as well. Hemp has many uses even beyond CBD but allowing for its growth means that companies can literally grow their profits. This makes availability cheaper so that more can be
However, despite the remarkable gains in the CBD industry, there are still challenges as well. The network of state rules and regulations can be tricky, even in states where marijuana has been legalized for recreational use. Nationwide, the growth of the industry has been hampered by social media sites such as Instagram shutting down the accounts of companies like The Hemp Haus.
Despite all the challenges, the industry itself is growing across the nation. With new companies popping up on a seemingly daily basis, the overall profits are now reaching a combined billion dollars. This type of growth not only legitimizes the industry. But in turn provides a new, powerful way to make money with so many different types of CBD-infused products.
The future looks bright for CBD, especially given it’s wide acceptance across the US. With the regulations relatively few and far between in the states where CBD is legal, there industry is wide open for continued growth and expansion.