Looking at the US market for CBD products, its growth since 2018 can only be described as humongous. Its 80% growth to generate $591 million was just the beginning and it is expected to generate about $22 billion by 2022. The stigma that has for a long time been associated with the use of cannabis is slowly fading thanks to the new ‘cure all’ compound called CBD. CBD stands for Cannabidiol which is a non-psychoactive cannabinoid that has been found to have a wide range of health benefits. With the legalization of medical marijuana in almost two thirds of U.S. states, everyone is rushing to get a share of this golden cake.
Cannabis is still listed as a Schedule I drug by the federal government but since the 2018 Farm Bill placed hemp an agricultural commodity, hemp derived CBD products can now be sold with no legal risk. Within three years CBD oil, which was barely known, is now everywhere and everyone wants to have it. More CBD-infused products are entering the market at a faster rate and you will not only find them at a CBD store, dispensary and pharmacy store but also your local grocery store shelve. The national retailers like Kroger, CVS, Walgreens and Rite Aid are already doing that and more are set to join.
What it means for you
You have a greater responsibility to choose the right product
The safe guidelines for the production, distribution and marketing of CBD products are still under development and until they are harmonized and finalized, the responsibility of choosing the right product and using it in the right way lies with the consumer. So, whether you are buying from the grocery store, CBD shop or online, the product labeling, ingredients and amounts should be always right.
The CBD prices will come lower
The law of supply and demand always apply to all products in the market including CBD. CBD is expensive when left in the hands of big-name brands and CBD producers. The rise of store brands and other low cost producers mean more competition which will eventually lower prices across the board.
More CBD product innovation
As the products continue to saturate the market, expect more innovative products especially in the health-and-wellness category to emerge. Innovative CBD- infused topicals, ingestibles, tinctures, gummies, beverages, snacks, sweets, personal care and so forth will be found in the supermarkets with others being common than others.
Increased worries in consumer safety
CBD products are heavily flying around and so far, FDA has decided to look the other way when it comes to expediting federal regulatory framework. This has left the states lost, confused and in need of guidance. Perhaps this wider distribution will force the FDA to step in and provide the much needed relief to the consumers across the states.
CBD is now heading mainstream as more people come to the knowledge of it. This is despite the little scientific research on the safe dosages, drug interactions and its long term effects. This, however, is not stopping people from pursuing this alternative health solution. On the other hand, the producers and retailers are not going to let such a good business opportunity to slip away.