CBD, or cannabidiol, is making waves across the country as more and more states are legalizing its use. Due to more states allowing consumers to use CBD, a new industry has been born and it’s gaining traction—fast. In fact, it’s estimated that the CBD industry will be worth roughly $22 billion by 2022, according to the research firm Brightfield Group.
With that said, it’s important to understand how the CBD industry is growing and what it means. Whether you’re an aspiring business owner looking to start your own CBD business or a CBD user, take a look at where the CBD industry is headed.
Higher demands
The CBD industry is booming. However, this increase in demand is creating a struggle for US farms to keep up with the production of industrial hemp. If you’re a business owner, this is an easy hole in the market that you can fill. While you don’t need to be a farmer yourself, you can open your own hemp farm, extract CBD from your plants, and sell it to dispensaries and suppliers.
One aspect of the hemp-growing industry is that many CBD products don’t contain the amount of CBD they say they do. This is because growing hemp that has enough CBD without exceeding the THC limit of 0.03 percent is difficult. And, because this industry is relatively new, there aren’t best practices on how to grow the perfect hemp plant. However, if you work with a team of scientists and professionals and find a way to grow and harvest top-tier hemp plants, you can make a name for yourself in the CBD industry.
More uses
One of the reasons the CBD industry is flourishing is because there are numerous uses, ranging from mental health to skincare, that are making the industry boom. This leaves room for a variety of businesses to specialize in certain CBD products. For example, CBD.co is the best CBD marketplace for CBD edibles, oils, drinks, and even pets. Other businesses focus on skincare, health, and recovery.
Take a look at some popular uses:
- Pain: Many users use CBD for pain relief. This is because CBD interacts with your body’s receptors in your endocannabinoid system to produce pain-relieving effects.
- Recovery: Many athletes and gym-goers are harnessing the power of CBD for its anti-inflammatory properties that help them recover faster and feel fresh the next day without feeling sore.
- Anxiety: CBD also interacts with receptors in your central nervous system and alters serotonin signals, which is the neurotransmitter that controls your mental health, which is why people suffering from mental health disorders turn to CBD to reduce anxiety and depression.
- Sleep: Anxiety is one of the leading causes of insomnia. If you’re having trouble sleeping at night, CBD can help by calming your nerves and relaxing your body.
- Beauty: CBD has also broken into the beauty industry, being infused with beauty products like face creams and shampoos.
New tech
As with any industry, technology is taking over. Below are some ways technology is changing the CBD industry and helping it grow:
- Cryptocurrency: Banks are giving CBD companies a hard time when it comes to processing transactions and keeping them secure. Cryptocurrencies are giving an alternative payment method to consumers and help CBD companies avoid issues with hard-to-work-with banks.
- CBD extraction technologies: As previously stated, it’s hard for farmers to extract CBD from hemp plants and create powerful and effective CBD products. Luckily, new CBD extraction technologies, such as CO2 extraction equipment, are helping hemp farmers extract pure CBD.
- Quality-tracking software: Blockchain software is now providing solutions to consumers by allowing them to scan CBD products to learn where their CBD is coming from, how it was processed, and more, to hold CBD companies accountable for their products.
Wrapping up
The CBD industry is booming, and for good reason. CBD offers many nutritional and health benefits to users, which is increasing demand and allowing more people to gain access to this beneficial product. For business owners, this means there is a demand that needs to be met. Knowing how the industry is growing is important to your success. New technologies and innovative products can help you gain a competitive edge to become a top distributor in the industry.
