CBD is short for cannabidiol, which is one of the compounds that make up the cannabis plant. Often referred to as CBD oil, cannabidiol does not contain delta-9 tetrahydrocannabinol (THC), which is considered the psychoactive compound that produces a euphoric high. For this reason, CBD has become the go-to treatment for a wide variety of ailments, including anxiety, seizures, pain, and inflammation.
This natural remedy has even been known to help curb nicotine addiction, clear up acne, reduce the symptoms of multiple sclerosis, act as a sleep aid, and treat mental disorders, such as schizophrenia. Although it is widely available, 17 states have laws that regulate the sale and use of CBD. Despite this fact, CBD is projected to become a billion dollar market.
CBD Market Projected to Grow 700%
With projected consumer sales of $2.1 billion by the year 2020, the CBD market is expected to increase by 700%. Some financial experts expect sales to reach $3 billion by the year 2021. One of the reasons for the exponential market growth is due to the fact that people who can’t obtain medical marijuana are trying CBD oil instead to treat their medical condition. While medical marijuana is legal in 30 states, it can be difficult to acquire. It’s not as simple as getting a prescription from a doctor.
Patients who want to try medical marijuana as a potential treatment option must first have a qualifying condition. While these conditions vary from state to state, they usually include cancer, severe pain, HIV/AIDS, and other chronic and debilitating conditions. Patients must also register for an identification card, for which there is usually a registration fee. Without this card, they cannot legally use medical marijuana. Instead of jumping through all the hoops to have access to medical marijuana, many people are realizing the positive effects of CBD oil.
The Popularity of CBD Oil
In 2016, there were over 800 CBD products in the marketplace. Since that year, the CBD market has doubled in size, equaling $200 million as of May 2018. As the growth continues, marketing directors of CBD products, along with herbal leaders, hope to see CBD oil become completely legal in all 50 states, with less strict regulations. In order for this to happen however, the FDA would need to discontinue classifying hemp-derived products, such as CBD oil, a Schedule 1 drug.