The CBD industry is booming right now; with startups springing up all over the country, the recent removal of hemp from the Controlled Substance Act’s definition of a Schedule I drug has made the growth, cultivation, and production of hemp and hemp-based products like CBD legal at the federal level. 2018’s Farm Bill has created a very profitable industry, and many entrepreneurs are trying to get their hands into the “Green Rush” that is CBD and hemp-based products. Here’s what we know about CBD and where the industry is headed.
No Longer Illegal
In 1970, President Richard Nixon signed into law the Controlled Substances Act, effectively banning the production or use of hemp/cannabis (these are cousin plants but listed together in the same category) under any circumstances. As a Schedule I Drug, both hemp and cannabis were lumped into the category where absolutely no use is permitted by the Federal Government, placing the plant(s) in the same category as drugs like Heroin and LSD.
This illegalization of hemp made hemp-based products hard to come by. Hemp, by nature, contains only a very small amount of THC (the compound found in marijuana responsible for the “high” you feel when inhaled or ingested) and a noticeable amount of another cannabinoid, CBD.
CBD is very different from THC in that it isn’t psychoactive, so you can’t get “high” from ingesting or inhaling the compound. However, CBD has a myriad of other uses, from recently being approved by the FDA as a drug for a rare form of childhood epilepsy to contributing to overall health and wellness.
A Versatile Crop
CBD is derived from industrial hemp (a strain of the Cannabis Sativa plant), which is one of the most versatile crops known to man. With fast growth and easy cultivation, hemp is a truly remarkable plant. The crop itself can be used for paper, biofuel, textiles, bioplastics, and much more.
Hemp also yields higher concentrations of CBD, which is the focus of this article. Cannabidiol is extracted from hemp and used in lotions, oils, food products, and even vape juice.
While the range of health benefits that CBD has to offer are only just being discovered, the FDA has recently approved a drug called Epidiolex, which is the first drug to ever be approved by the FDA that contains CBD as the active ingredient. The drug is used to manage seizures in patients suffering from rare forms of epilepsy in the form of Dravet Syndrome and Lennox-Gaustaut Syndrome.
This incredible breakthrough provides consumers with some measure of what CBD can actually do for the human body. There are millions of reports of CBD affecting mood, energy levels, and more, but the science behind these effects is still in its infancy. What we do know is that people love using CBD and swear by it, and that’s a pretty important factor when you’re considering entering the industry.
The State of the Industry
From 2016 onward, CBD has experienced a growth spurt; the 2018 “Farm Bill” helped encourage that growth spurt to reach even greater heights. With fewer restrictions on hemp and CBD, the industry is ripe for the picking, and companies are taking advantage of this new and budding market.
Top companies like Premium Jane offer a CBD product lineup that has become something of envy among the competition. With gummies, CBD oil, capsules, and topicals, you’ll find CBD in whatever form suits you best. The oil can be taken under the tongue, and with CBD-oil infused cream, you can apply CBD directly to your skin for maximum effectiveness.
With around $260 million in sales in 2016 alone and a projected growth that’s set to dwarf even that of the cannabis industry, CBD sales are expected to reach somewhere around $22 billion in the near future.
Essentially, the CBD industry has nowhere to go but up. As the demand continues to rise for high-quality CBD products, there will be plenty of providers reaching for a piece of the pie. Unfortunately, not all companies will offer the same level of quality as companies like Premium Jane.
It’s important to purchase your CBD products from a reputable company with good reviews and solid products. The CBD concentration, method of production, and the hemp used to extract the CBD should be of the highest quality. Anything less than that and you’re setting yourself up for a myriad of issues, mainly to purchase products that don’t work.
CBD might not be as famous as its sister compound THC, but it certainly has a bright future ahead of it. With sales already in the hundreds of millions, and projections looking at somewhere around $22 billion in the future, it’s safe to say that CBD isn’t going anywhere anytime soon. As the science progresses, we’ll likely learn more of the great benefits of this versatile compound and everything it’s capable of. Opinions expressed here are the opinions of the author. Influencive does not endorse or review brands mentioned; does not and can not investigate relationships with brands, products, and people mentioned and is up to the author to disclose. VIP Contributors and Contributors, amongst other accounts and articles, are professional fee-based.
I am a women’s rights activist, running junkie, and eternal marketing student. I help companies market their brand to millennials and gen z. In my spare time, you’ll find playing with my golden retriever and reading the newest business books by my fire.