This article was written in early 2019, there’s no doubt a few things may have changed in this rapidly increasing industry.
CBD, or CBD, or cannabidiol, is one of the two most prominent molecules found in the cannabis plant. CBD doesn’t have the psychoactive properties that THC has. THC is the component in marijuana that makes you feel “high”, where as, CBD is known for its calming and healing properties. CBD has been researched and shown to have positive effects on anxiety, pain, insomnia, PTSD, and so much more. In June 2018, the FDA cleared a medicine called Epidiolex, which is comprised of CBD and is used to treat rare and aggressive forms of epilepsy.
Although CBD has been around the consumer marketplace for some time, it only just recently boomed in popularity. CBD oil is popping up on every street corner in one form or the other. By itself CBD oil isn’t all that popular as its taken orally through a dropper and is generally a bitter and unappealing to taste. CBD infused products are plenty and broad. Everything from foot cream to gummy bears are being infused with CBD
New products are popping up almost every second of the day. The growth that the CBD market as experienced all within a short time span has been ridiculous! CBD dispensaries are popping up on street corners all over the US and online sales of things such as CBD infused bath bombs and coffee are off the charts. CBD even has its own cryptocurrency and blockchain. People are becoming overnight millionaires and CBD businesses are climbing the Forbes List.
Edibles are the major cash cow of the CBD market. Gummies and candies are becoming a fan favorite and can be picked up at your neighborhood gas station. Coffee shops are selling infused lattes and restaurants are selling food that has been infused and then cooked. The edible business is booming but regulation might just cause it to slow…
With no day-to-day regulation on CBD many companies have “back-seated” quality in favor of quantity. Between discovering that 7 major CBD companies had very little to no CBD but rather had higher amounts of THC and a large brand of CBD gummies testing positive for harmful amounts of lead, the FDA cracked down on CBD infused edibles. This eventually lead to the FDA calling a ban to CBD edibles and that it is illegal to sell. New York was the first to carry out this ban and will start fining establishments who are selling these products. This of course isn’t permanent. Companies will have a period for “education” where they can continue to sell their product while they learn and transition to the FDA’s regulations.
If the edible ban has you down, never fear! There are infinite amounts of body care products that are being infused with CBD. Sephora, one of the top makeup companies, has just announced that it intends to roll out a skin care series infused with CBD oil. Along with makeup, companies are releasing foot creams, acne washes, and just about everything in a Bed, Bath, and Beyond store. Which is ironic because a recent retail chain has open up in , the Midwest claiming to be just that. A Bed, Bath, and Beyond but for CBD.
CBD has also had an adverse effect on Hemp production. The US has very little regulation on CBD but one requirement is that the THC content of the oil has to be below .3%. Hemp is different from the marijuana plant in that it contains very minimal THC in its makeup and a larger CBD population. So to adhere to the US regulation, CBD is being extracted from hemp rather than marijuana. So with the boom of the CBD industry, the hemp industry is pulled along for the ride. In a recent Motley Fool article, it was reported China had nearly $1.2 billion in hemp sales (which led all countries), followed by the United States at $1 billion, the whole of Europe at $980 million, and Central and South America at $220 million. However, by 2022, New Frontier Data’s report estimates U.S. hemp sales will have jumped to $2.6 billion. Of this $2.6 billion in hemp sales, half of all hemp sales will be generated from hemp extracted CBD.
CBD does have genuine medical and health benefits and it is a major boom to the marketplace. The possibilities for CBD are endless and I don’t see the industry slowing down anytime soon, even when regulation hits. In the meantime, while regulations are setting in make sure you do your research before you start any new CBD product. Go with a company who has had a proven past and can guarantee quality. You might even want to dabble in CBD business. Don’t be caught sleeping while the next period of “The Green Gold Rush” passes.
