CBD in 2020: America finally embraces a once misunderstood cannabinoid
If you have been following news within the realm of CBD, also known as cannabidiol, this once misunderstood cannabinoid is becoming more mainstream by the day. According to a study published by Medgadet, an independent journal of the latest medical gadgets, technologies, and discoveries, the CBD market in America alone will likely see a compound annual growth rate of over 125 percent by the year 2026. It is also worth noting that a separate study published by Forbes, a bi-weekly financial and business magazine, projects the CBD market will reach $20 billion by 2024 if this unprecedented growth continues. On the global front, several European countries are also experiencing a similar rate of growth in the CBD market as well.
Why CBD oil and other CBD products are growing in popularity
For those who are not already in the know, CBD is one of the many cannabinoids found in the cannabis Sativa plant, which, coincidentally, is the same plant from which marijuana is derived. While most people are familiar with tetrahydrocannabinol, also known as THC, the cannabinoid in marijuana that triggers a euphoric high, many are now starting to familiarize themselves with CBD. And this is happening for several reasons. Firstly, there is less stigma surrounding marijuana as a whole as it is now legal in 33 states for medicinal purposes. It has also been legalized for recreational use in 11 out of the 50 states. Further, the passing of the U.S. Farm Bill in 2018, which made it legal to possess and sell CBD-infused products, further removed some of the stigma surrounding CBD. Of course, in the same year, the Food and Drug Administration approved Epolidex, which is a medication derived from CBD and used to treat seizures. Collectively, both of these events went a long way toward making CBD more accepted in America.
High grade CBD oil in 2020
In discussing CBD in 2020, it is worth noting that high grade CBD oil makes up the largest segment of the CBD market. This is especially noteworthy given that so many people are using CBD and CBD-based products to treat a wide range of health problems. According to a study published by Harvard Health Publishing, a subsidiary of the famed Harvard Medical School, high grade CBD oil and many other variations of CBD has proven to be an effective alternative to traditional medicine for those struggling with chronic pain, anxiety, depression, and insomnia. It is important to note that these benefits were reported by those who used high grade CBD-based products, which generally contains a high concentration of the cannabinoid. That said, if you choose to buy CBD oil to combat similar health problems, you should thoroughly research the product before making your purchase to ensure it is of the highest quality. For example, if you’re seeking relief from chronic pain, CBD-based topical products that contain between 250 mg to 1500 mg of CBD would be ideal.
The business side of CBD in 2020
With a growing number of consumers choosing to buy CBD oil and other CBD-infused products to treat a variety of health problems, there has been a significant number of new dispensaries popping up all across America. And not too surprisingly, many of them are turning a sizeable profit. To help substantiate these claims, we need only look to an article published in Yahoo Finance, the world’s largest business and financial news platform, which referred to the CBD market as a bright spot in 2018’s retail sector. According to the well-researched article, while many other businesses in the retail sector were cutting jobs, filing bankruptcy, and struggling with a severe decline in revenue, CBD dispensaries were thriving by comparison. It is also worth noting that these same businesses did a lot to boost employment numbers as well, insomuch that they played a critical role in contributing to the following:
- Employing more than 121,000 full-time U.S. workers
- Employing more than 50,000 indirect full-time workers
All in all, the cannabis industry, which includes CBD dispensaries, were able to capitalize on the nearly $11 billion that consumers were spending as they rushed to buy CBD oil, gummies, sublingual products, teas, and other CBD-infused products in hopes of resolving a variety of health problems.
The future of CBD in 2020 and beyond
Most statisticians, economists, and those who are heavily involved in the CBD market all seem to agree that consumer interest in CBD oil and other CBD-based products will likely continue to grow in the coming years, especially as more studies come out detailing additional health benefits associated with this particular cannabinoid. In fact, a study published in the European Journal of Pain, which was conducted on mice, revealed that when applied topically, CBD was highly effective in reducing pain and inflammation associated with arthritis. Another study found that CBD-based products, namely those that contain high grade CBD oil, may even be effective when it comes to inhibiting inflammation and neuropathic pain, both of which are caused by numerous chronic diseases, including multiple sclerosis, multiple myeloma, and certain cancers. As researchers, scientists, and physicians discover new health benefits associated with CBD, more and more consumers will start turning to it as an alternative to traditional over-the-counter and prescription-based medicine. In response, the demand for these products will continue to grow.
More businesses are poised to start selling CBD in 2020
To meet the ever-growing demand of consumers eager to buy CBD oil and other CBD-based products, more dispensaries have started popping up in California. As of the writing of this article, the state is home to 261 dispensaries; however, that number is expected to climb to 631 by the end of 2020, according to an article published in the Los Angeles Times, the largest metropolitan daily newspaper in the United States. There may also be more dispensaries opening their doors to consumers in the state of Oklahoma as well. State records show that there were nearly 1,700 dispensary licenses issued to Oklahoma residents who are preparing to sell marijuana and CBD to consumers. Given its popularity and therapeutic value, it is not unreasonable to think that many other states will start to follow suit.
CBD in 2020: What you should know before opening a CBD dispensary
If you’re thinking about starting a business, opening a CBD dispensary can be quite lucrative. However, there are a few things that you should know before taking on such a business venture, including
Understanding the difference between CBD and Marijuana
While many consumers are anxious to try CBD, many often confuse it with marijuana and believe that these products will provide them with a euphoric high. Some may even want to purchase these products for that sole purpose. As a dispensary owner, it is going to be your job to educate your customers. That said, you should familiarize yourself with the differences between CBD and marijuana so that you can help debunk any misconceptions that they may have. For example, you will want to let them know that CBD products contain only a trace amount of THC. Therefore, they will not get high from ingesting them or applying them topically. Further, you will want to inform them that these products are not addictive. According to a report published by the World Health Organization, CBD and CBD-based products have not been shown to exhibit any signs of dependence in humans.
CBD in 2020 health benefits
In some cases, customers might have unusually high expectations when it comes to CBD oil and other CBD-based products, particularly when it comes to health benefits. While there is evidence showing they can be used to treat or even resolve some health problems, they may not be the right choice in every instance. Therefore, patients should speak with their physician if they have concerns about safety and efficacy when it comes to these products.
Whether you’re thinking about turning to CBD oil or other CBD-based products to cope with a chronic health problem or contemplating opening a CBD dispensary to generate wealth, there is no time like the present to get started.
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