To the moon: 3 reasons why CBD growth is here to stay
Cannabidiol (CBD) is an emerging industry derived from the gradual legalization of marijuana products in the United States. Companies in this space sell nutrition, supplement and recreational products that include edibles, oils, lotion, pills, vaping, and even pet food.
This is possible because many suppliers offer hemp-oil goods without tetrahydrocannabinol (THC), a controlled substance found in marijuana that gives users the feeling of being “stoned.”
CBD products are poised to capture a growing share of the alternative-medicine market.
This is driven by a growing distrust of Big Pharma and the harmful side effects of traditional medication, as well as growing adoption by younger generations. According to Gallup, CBD is most popular among 18-29 year olds with 20% of that demographic regularly using the substance. The second most popular age group is 30-49 with 16% regularly using CBD.
CBD growth in the market
So how big is the industry? The U.S. cannabidiol market is expected to reach $1.8 billion by 2022.
“CBD has slowly become a mainstream category that you see in national stores and that’s testament to its usefulness for health and supplement purposes,” says Josh Delaney, CEO of Fab CBD.
The 3-year old CBD brand has served millions of visitors to their website and offers products like 300-2400mg CBD Oil, CBD Gummies,1000mg-3000mg CBD Salve, even CBD Dog Treats. FAB CBD’s dog treats are made without corn, wheat, soy or dairy. The company says the oat-based snack is made THC-free and is beneficial for your furry friend.
Not surprisingly, the pandemic has significantly boosted online sales. Delaney says the company will soon launch new offerings to better serve customers.
Here are three common health uses of cannabidiol.
While more research is needed, users report CBD’s ability to treat anxiety disorders, post-traumatic stress disorder (PTSD) and addictions. It has been credited with therapeutic benefits without the “high” associated with tetrahydrocannabinol (THC).
According to a 2019 Consumer Reports study, 64 million Americans have tried CBD in the previous 24 months and 22% said it helped them supplement or replace prescription or over-the-counter drugs.
Some consumers take CBD in various forms to reduce or eliminate pain, as well as reduce inflammation. For example, people apply oils, cream and lotion to treat chronic pain such as arthritis, muscle and joint pain.
As mentioned, more research is needed but many companies promote the product as a painkiller. According to the Food and Drug Administration (FDA), hemp-derived products are legal in all 50 states. But they cannot contain more than 0.3% THC.
While there are various use-cases for hemp oil, many users digest gummies or pills to treat insomnia. While empirical data is needed, there are many testimonials from consumers who say CBD helps them to fall and stay asleep.
Research from 2019 found that 79% of patients reported lower anxiety levels and 67% reported better sleep.
While there are many positive effects, consumers should conduct due diligence into CBD brands because products are often mislabeled or publish unverified claims. Consumers should consult a physician to see if hemp-related products may affect one’s treatment or therapy.