January 25, 2019

Where is the CBD Industry Headed?

where will the CBD industry be in five years?

CBD was certainly one of the biggest stories in health and wellness last year, and it is shaping up to make an even bigger splash this year. The new Farm Bill that was passed late last year paves the way for even more growth and distribution of this alternative medicine for years to come. I speak more about that in another post (hlcomic.com/how-new-farm-bill-will-affect-cbd/).

There is even more prevalence and acceptance of this drug as the days go by. Pretty soon we may be seeing it advertised just like other name brand pain relievers and medicine. How far off is that? What is the future of CBD? I pose this question as it came to mind when seeing this feature from TheStreet.com today which interviewed an industry expert on where he thinks CBD is headed in the next five years. I found it to be an intriguing interview.

Where Will the CBD Industry Be in 5 Years?

The Street sat down with Martin Sumichrast, who is the CEO of Level Brands, to get his thoughts on the direction and potential of the booming CBD industry. Here is what he had to say:

“Studies show that the CBD market was probably less than a billion dollars in 2018. And a lot of that has to do with, first of all, it was new. Second of all, it was still considered a Schedule I under the federal law. So, now with the passage of the farm bill which had the hemp rider, which descheduled CBD, now it’s opened up. And if you look at different studies, we like to quote the Brightfield Group study, we’re talking about a market going at over $20 billion in the next five years, and some studies suggest that’s doubling five years after that. So, you look at the growth potential of the market is very large over the next decade.”

You can find a video of Sumichrist’s full interview at the article linked above, and I recommend you check it out for his insight. I don’t disagree with anything he said. It is already a massive market, with nearly a billion dollars in sales last year. Considering the year prior, you never even heard the term CBD being used, that is a huge number to be doing annually already.

And with the relaxed legislation that Sumichrist mentions, and I refer to in the opening paragraph, this industry is poised to go on a meteoric rise in the coming years.

My Thoughts

Even without the statistics on revenues backing it up, I can just say anecdotally that this business has been booming in the last year and is only set to grow even larger. There are so many different CBD brands to choose from, many of which I have reviewed here, and it seems like every day there is another one popping up. Even celebrities like Terrell Davis are getting into CBD products. It has even infiltrated the direct-selling method, with moms using CBD as a side hustle (personally, I’ll take being inundated with this medicine on my Facebook feed over the other MLMs that I see every day).

If I could invest in stock in this industry as a whole, I’d put everything I own into it. Expect to be hearing a lot more about CBD in the news, from your friends and family, and pretty much everyone! They are truly great products that bring tremendous benefits, and I’m glad that the secret is out and many are getting to enjoy a pain-free, stress-free life because of them.

5/5 - (2 votes)
About 

T.J. LaPanta is a Florida based aspiring comedian and health nut.
When he's not trying to hack his way through a post-graduate degree, he's slaving away in the kitchen, working out, or trying to score a date.

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