Why CBD will be a billion dollar industry in less than 5 years
The cannabidiol (CBD) market has all the rights to grab attention in the cannabis industry without any guilt!
CBD is one of the most popular chemical compounds found in the cannabis sativa plant. It has shown some promising benefits in improving overall health and wellness. The CBD infused products are high in demand, especially CBD oil since it has no side effects or THC (a psychoactive element).
THC offers similar health benefits like CBD but it has been considered unsafe since it causes psychoactive effects in the user. CBD has been considered legal in all 50 states since it is derived from hemp and not marijuana plant. The sources have revealed that THC content found in hemp is too less to cause a psychotic effect. However, this can be as less than 30% of the THC found in marijuana. Hence, CBD has been widely accepted by many healthcare experts and patients.
Recently, CBD has been also introduced in the beauty industry as a powerful ingredient for treating or overcoming numerous skin ailments. Moreover, it’s been widely used for pets as well because of its unique anti-inflammatory and anti-anxiety properties.
Hemp Gazette had published that FDA had approved the first CBD-infused drug named ‘Epidiolex’ in the month of June and has been available on prescription.
CBD's exponential boom
According to the Chasing Markets, the CBD industry is soon going to be developed into a dreadful segment in the market. Established on the Statista's current projection, the growth of CBD can go as high as $2bn in terms of sales over the next 4 years. Moreover, most of the valued customers of CBD will be those suffering from depression, anxiety, chronic pain or sleeping disorders.
This shows that CBD has the ability to not only earn billions, but it would also open a new approach to bring in revenue. It is going to of course open new job opportunities while boosting the nation’s economy.
The CBD industry is now eventually gearing up to experience higher returns. Forbes published that CBD is all set to hit the market cap of $57bn by 2027. Also, if the prediction made by Hemp Gazette would go right, CBD can cross $22.8bn or 40% of the sales on the daily basis.
Looking at the current market situation, a few CBD companies are already rocking in the industry while showing an exponential growth in the industry. For instance, GW Pharmaceuticals excellently developed Epidiolex drug which has been placed at the top for treating seizures. Unfortunately, this drug is not doing well in terms of sales.
PotNetwork Holdings, Inc. is the next big company showing a promising result in the CBD industry. Another CBD company has been using several posts and has witnessed sales in one year itself. Therefore, the company’s sale closed in the month of June at a whopping $2m which is 80% higher than compared to the sales that were achieved last year.
The major contribution was made by the marketing and production team who’ve been persistently working to stand strong and compete against the fast-moving market.