The market has seen an increasing amount of traction for CBD products over the past few years. Many products were produced before extensive research had been done. This unfortunately led to many misconceptions about CBD use because so many conversations revolved around its relation to THC. However, as a better understanding of the separation of THC from CBD has emerged, we are beginning to see a growth in the health industry advocating for CBD product use. Exploration of CBD in tandem with potential symptoms for a multitude of issues. From mental focus to physical inflammation. Due to these exciting possibilites, the CBD market is expected to grow even more over the next few years as legalization has become widespread, and more research on the product increases.
Many businesses that are participating in the CBD market are working hard to establish current and future relationships with customers and those in the medical field. For those companies already striving to claim their market share, they will see the most substantial profits as the FDA establishes rules for the industry. This will hold for those companies who have built trust with their brand. With many companies already searching for retail space in storefronts, the increased market will have a positive impact on the economy and offer new opportunities for employment and those seeking alternatives to their health and recreational activities.
Is CBD Legal in The United States?
In the United States, marijuana laws are changing quickly. The 2018 Farm Bill in the US has legalized the transport of Hemp, a product that has <0.3% THC, from a state where it was legally produced across state lines for distribution to states where the product is legal to sell. Though CBD is legal, it may be more difficult to find in some locations than others, particularly locally-produced CBD products especially if your state has laws written to keep CBD businesses out of the local market. Panacea Life Sciences is happy to to ship CBD products legally to all 50 states within the United States.
As a reminder, CBD Oil is legal in all fifty states. For those who partake of CBD for improving their physical or mental symptoms, legalization has proven to be a massive boon to the market. For those who use THC recreationally or medicinally, the laws are more complicated. States like Colorado, Washington, Oregon, California, Nevada, Maine, Michigan, Massachusetts, and Vermont have fully legalized THC use (both recreational and medicinal), including decriminalizing its use. The other state either offers it for medicinal use only, or it’s prohibited.
Getting Reliable Medical Advice – Your Doctor
Also known as the “Dr. Practice” channel, this offers many patients looking for an alternative route to help a more convenient and legitimate way to get treated with CBD or THC. Don’t expect many physicians dispensing CBD or THC, however. You may find Chiropractors selling CBD, however, and their neurological training often quite extensive. While many people want to take advantage of the benefits from CBD or THC, going to a dispensary for medical advice may not seem like the best route for them. Especially if they have hard to treat conditions or are fixated on stereotypical bias and the fear of legalities propagated from the 1950s-1970s.
People that get a professional recommendation or advice from their doctor will feel more secure about using CBD or THC for treatment of their issues. They will also feel better about getting their products from a pharmacy over a dispensary. While going to a doctor is excellent in seeing if THC or CBD would be right for you, some doctors may not be current on the latest information on the benefits. Some may also be waiting for more definitive research before prescribing any alternatives to the Big Pharma solutions.
Cannabis Dispensary and Medical Grade Cannabis
While seeking treatment with CBD from a doctor, it is that they can recommend or prescribe specific amounts to help hone in, fine-tune your needs, and assess your well-being as a patient. Open communication with your doctor is vital to find the right values for you. Plus, you may feel more comfortable taking a CBD products if your doctor recommends it.
With a dispensary, finding a product that is “medical grade” is difficult. Market knowledge within dispensaries are changing slowly as more businesses realize the importance of their products for customers increasing need and questions. Especially as misinformation online is quite possible, having a subject matter expert is becoming more needful.
Market Opportunity
A few years ago, the hemp CBD market had barely hit the radar. Nowadays, CBD has spread into other markets, including pharmaceuticals, cosmetics, and even food. Arcview Market Research projects that the collective market for CBD sales in the U.S. will surpass $20 billion by 2024. With this much of an opportunity currently coming from dispensaries, pharmaceuticals, and general retail, a lot of the analysis predicts more of this opportunity will come from general retail stores.
When you consider how much cannabis has become integrated into today’s society and the increased information available, it easy to see that the market share for CBD and even THC will skyrocket. While legalization is currently being sought on a federal level, many states have exercised their power and have opened up more opportunities than they initially expected.
With an annual growth rate of forty-nine percent by 2024 across all distribution channels is easy to see how CBD will dominate a good section of the market. Combine this with THC products, will create a total market share of $45 billion for cannabinoids by 2024. With full legalization eventually coming to pass, the market share of CBD will likely increase along with research and development of new brands and products. Support of legalization is growing amongst all political ideologies, and though there will be tight regulation on federal and state levels, neither will prevent the market from growing or even stagnating anytime soon. The nation will sincerely benefit from an improved legal status as a growing audience of people seek healthier and better alternatives for a new lifestyle.
