The demand for cannabidiol (CBD) and hemp-based products have shot up after 33 US states legalized medical marijuana. Now, thousands of dispensaries spread all over the country offer a wide range of weed products, which include CBD oil and other cannabidiol-infused products. Analysts at Grand View Research project that the hemp market will be worth $10.6 billion by 2025. The demand for CBD is expected to grow at 14% CAGR.
Another report, this time by The Hemp Business Journal, said that the industry is seen to skyrocket by 700% from 2016. From being a $202 million industry in 2015, it will turn into $2.1 billion. With this rapid growth, various health and wellness and pharmaceutical companies, are currently investing in the cannabis- or hemp-derived substance. Even giant beverage manufacturers like Coca-Cola, InBev, and Heineken expressed their interest in investing in cannabidiol-induced drinks.
The CBD market is expected to further boom after Pres. Donald Trump signed the 2018 Farm Bill into law in December 2018. With this development, manufacturers can source the substance from hemp, which is now deemed legal under this legislation.
With all the activity and enthusiasm about cannabidiol, many people are still clueless about how the efficacy of this substance. This article aims to give you a short run-through of this medical wonder.
What is CBD?
Manufacturers extract cannabidiol from cannabis or its cousin hemp. As of this writing, scientists have been able to isolate at least 113 different cannabinoids or compounds from the Cannabis plant. Of these, humans can use two of the – CBD and THC (tetrahydrocannabinol).
You can consume cannabinoids for medical use, and many doctors prefer prescribing CBD to their patients because it does not have mood-altering property. This substance is very safe that even the WHO has released a report attesting to the safety and potency of this substance. Many studies have proven that even in massive doses, cannabidiol does not give harmful side effects.
Cannabidiol as Medicine
In the past years, a growing body of research showed the efficacy of using cannabidiol as a treatment for many diseases. Even researchers at the WHO have been convinced of the potency of this substance to cure a wide variety of diseases. Aside from chronic pain, which cannabis has been known to treat since the ancient Chinese period, it can also have therapeutic effects, some health conditions;
CBD can also be used to treat acne, eczema and other skin diseases. Other studies also showed the substance’s potency to stop substance abuse, including alcohol, tobacco, and narcotics. Some studies even showed that CBD could help cure HIV/AIDS.
Cannabinoid can influence the endocannabinoid system (ECS). The ECS is a newly discovered parts in the human body that produces cannabis-like compounds. This system of organs plays a crucial role in keeping the internal order (homeostasis) of our body in check. While the ECS usually does not need external influence to work correctly, several factors including aging and constant stress reduce its potency. Once the ECS loses its efficacy, it will lead to a condition called clinical endocannabinoid deficiency (CECD), which can result in the emergence of many diseases and other health problems. Consuming CBD and THC products would help the ECS function properly.
Ways to Consume Cannabidiol
There are many ways to take in cannabidiol. You can now buy various CBD products that you can consume by:
Before the passage of 2018 Farm Bill, purchasing cannabidiol products was a challenge for many people. Then, you could only buy CBD only in states where medical cannabis is legal. The reason was the federal government still enforced the Marijuana Tax Act of 1937 that prohibits the use and sale of marijuana, including its every compound, product, mixture, derivative, or preparation. So, despite the declaration by of WHO and recommendation by many doctors and healthcare specialists the use of cannabidiol is still restricted.
Now that Pres. Trump signed the 2018 Farm Bill, the term “marijuana,” which was included in the 1972 Controlled Substances Act, had been amended. Now, hemp, which was considered as a cannabis plant even though it only contains less than 0.3% THC, is no longer considered an illegal substance as cannabis. With the passage of this bill, a massive new industry has been opened to farmers and CBD manufacturers all over the country.
CBD’s Bright Future
Thanks to the 2018 Farm Bill, we expect CBD products to become further widespread. It can even surpass the estimated figure supplied by The Hemp Business Journal. Rolling Stone also predicted that the CBD market would surge to $22 billion by 2022.
However, despite the signing of the bill uncertainties remain, especially to the legality of using the substance since the bill only focuses on the growing and production of hemp. Even so, because of the growing familiarity of people to the health benefits of CBD, more advocacy groups and even politicians are pushing for decriminalizing the use of cannabidiol. More people also expect the legalization of marijuana use at the federal level.
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New Report Predicts CBD Market Will Hit $22 Billion by 2022