Last year, 2018, was a massive year for the CBD industry. These kinds of products became so ubiquitous that even the term “CBD gummies” was recorded as the 3rd most popular search on all of Google. We saw a meteoric rise in the number of distributors of these kinds of products, and depending on where you live, you may have seen them pop up in food and drinks on the menu of many of your local establishments.
Given how big of a year the industry had in 2018, what is in store for this alternative medicine as we turn the page to 2019? I think it will become even more prevalent and prominent than the prior year, and there are a couple reasons why.
What’s in Store for CBD in 2019?
There are two major changes in the industry that led to such a big increase in 2018, especially in the later part of the year, that will pave the way for an even bigger year in 2019. I also project that this rise will continue for many years to come, and industry experts agree with me on that. In another post on this site, I wrote about a 5-year projection provided by the CEO of Level Brands. He projects that the industry as a whole, which grossed nearly $1 billion in sales last year, could be a $20 billion industry in five years.
Back to my point, there are two reasons why this rise seems likely.
The first was the declassification of CBD as a Schedule 1 drug. Under its prior classification, CBD was on par with some of the hardest street drugs available like heroin.
With its move to a lower class by the FDA to a Schedule 5 substance, it is now on the same level as prescription painkillers like codeine, as well as cough syrups and anti-diarrhea medicines. This is a sign that the FDA is recognizing the therapeutic value of cannabidiol when used safely and cultivated by responsible distributors.
The second landmark development that pertains to the CBD industry is the passing of the 2018 Farm Bill, which I write about here. This new Farm Bill, which requires periodic updating (most recently in November 2018), there is all but a guarantee of steady supply of CBD sourced from hemp for the years to come. This bill passed by Congress and signed by the President is a stamp of acknowledgment that not all compounds from the cannabis plant are created equal. While marijuana still is illegal on the federal level, it is now legal to grow and distribute CBD nationwide. This cannabis compound, under the restriction that it contains less than 0.3% THC, has been removed from the Controlled Substance Act. Due to this, expect there to be many more growers and distributors with this barrier to entry removed.
How High Can It Go?
The most pointed to estimates for the industry are produced by the Brightfield Group, who expects that this industry will grow from its current level of around $1 billion to possibly more than $22 billion by the year 2022. That’s a reason to celebrate for many of us who use these products (particularly those from Thought Cloud CBD) to get through the pain and stresses of everyday life, as well as provide them to our pets to improve their health and well-being. I know how much these products have impacted my life positively, and I’m excited that they will be even more available for years to come.
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