CBD Sales are Growing at an Exponential Rate
With a major push to legalize CBD and marijuana across the world, the market is growing by leaps and bounds. Research studies are supporting this claim as well. In 2014, the global sales for CBD were $3.4 billion. In 2018, this number reached $11 billion globally. Clearly, the CBD and marijuana businesses are examples of big money. This market, which falls under the category of “going green,” is quickly catching on with both consumers and investors alike. The major reason for this change has been the shifting attitudes toward CBD itself. The growth of the CBD market may end up leaving all other charts in the dust.
For those who might not know, CBD is short for cannabidiol. This is typically an oil that is isolated from the plant. CBD is best known for the medical benefits it can provide. CBD is very different from the other major substance coming from the plant, which is THC. THC is the psychoactive chemical that gives the user a “high” when consumed. CBD can be extracted from both cannabis and hemp. Because hemp contains very low levels of CBD and is cheaper to grow, this is growing in popularity. This has contributed to the rapid growth of the CBD market.
Numerous financial research groups are predicting that the CBD market is going to grow exponentially in the future. In 2018, the US market for CBD products was $620 million. Many research firms are calling for the market to be worth more than $20 billion by 2023. This works out to an exponential growth rate that cannot be found in any other industry, including on Wall Street itself.
Why The Rapid Growth?
Of course, many people are asking how this growth is even possible. There are a number of reasons why. First, some of the biggest retailers in the world are starting to enter the CBD market. This includes companies such as CVS, Walgreens, Rite Aid, and more. Many of these locations are thinking about carrying CBD gummies, which are among the most popular ways to consume CBD and enjoy its health benefits. Typically, pharmacies have low margins. They can boost these margins by carrying CBD products. It is becoming more and more common to see pharmacies stocking topical CBD products, such as CBD moisturiser, which is becoming increasingly popular.
In addition to these pharmacies, even grocery stores are thinking about setting up partnerships to carry CBD products. This includes companies such as Kroger and Harvest Health and Recreation. Once grocery stores start to enter the industry, CBD is going to be accessible to more people than ever before.
The CBD market is going to grow exponentially in the coming years. Because CBD provides numerous health benefits such as pain relief and mood stability, more people than ever are enjoying CBD gummies. It will be exciting to watch this market grow in the future.
CBD Worldwide Sensation and Its Legalities
As a result of different marketing strategies, including paid survey efforts, online marketing, and traditional advertising channels, CBD is increasingly becoming more popular all over the world. The Transportation Security Administration or TSA in the USA are considering allowing the carrying of CBD oil because CBD product complies with the Farm Bill 2018 law or the Agriculture Improvement Act 2018. Hence, the sales of CBD products are reaching exponential rates.
The Bulgarian government just authorized a CBD company to freely sell CBD products or hemp-derived cannabidiol products in open markets. The Free Certificate of Sale was issued by the Ministry of Agriculture, the Bulgarian Food Safety Agency, and the Food and Forestry of Bulgaria to the CBD company, which also permits exports.
In China, more and more companies are getting involved in the cannabis industry, including the extraction of CBD. Hanma Investment Group (HMI) is the largest hemp production company that received the Chinese government’s permission to extract CBD. They have been hemp advocates and helped changed the negative perception of the people toward this plant. At the moment, the company exports about 90 percent of its CBD products to the United Kingdom, the United States, the Netherlands, Germany, and Japan.
Here’s a quick list of countries that allow CBD sale:
- European Countries: United Kingdom, Austria, Switzerland, Sweden, Slovenia, Romania, Portugal, Poland, Norway, the Netherlands, Malta, Luxembourg, Lithuania, Latvia, Italy, Ireland, Iceland, Hungary, Greece, Georgia, Germany, Finland, Estonia, Denmark, Cyprus, Croatia, Czech Republic, Belgium, and Bulgaria,
- North America: USA (some states) and Canada
- South America: The U. S. Virgin Islands, Uruguay, Peru, Paraguay, Puerto Rico, Guatemala, Colombia, Costa Rica, Chile, Belize, and Argentina,
- Asian Countries: Hong Kong, India, and Japan
Now more than ever, CBD sales are growing at an exponential rate brought about by the results of various research studies, legalization of industrial hemp, and effective marketing strategies. With increases awareness of the therapeutic benefits of CBD, many consumers are drawn using CBD products in their everyday lives.