The CBD market is rapidly increasing. According to MontelMS.org post on using cannabidiol for pain sponsored by Cowen & CO confirmed that the market is increasing with the possibility of expanding even further in the near future. This bank is based in New York where CBD oil products have gained great popularity. According to the study that sampled 2500 people, seven percent of the respondents agreed that they have at one time used CBD (cannabidiol) products. CBD is one of the active elements found in marijuana; however, it does cause highness in the taker.
What surprised the Cowen & Co was the revenue expected to be derived from the CBD market. They found that the market would have reached $ 16 billion by the year 2025. This figure is much higher than what was projected on the sales of retail products in 2018. The estimated figure was $600 million to $2 billion.
The sales are highly affected by the existing marijuana laws. The CBD products devoid of THC (Tetrahydrocannabinol) are legal. THC is the active element in marijuana, which is responsible for affecting the brain. Although CBD products are legal, recreational marijuana remains illegal under federal laws. This has negatively affected the CBD market limiting the market for the CBD products.
This legal hindrance has led to questions on whether the projections were right. Currently, only one CBD product is approved by the FDA. As a result, the government has been conducting crackdowns on products that are purportedly sold as medicinal products. Some states have also started to control the CBD products sold as food. Recently, New York State has restricted selling CBD products sold as food in hotels and restaurants.
The study showed that people understood various forms of CBD products. About 20 percent of the people who had used CBD products disclosed that they have tried CBD products that are infused in beverages. The usage was more in the young generations where the rate of usage was recorded at 9% for individuals under the age of 35 years. The age group between 45 and 55 years recorded only 6.4% of usage while the older generation of people aged 55 years and above only recorded usage of 3.7 %.
The increasing popularity and projected growth in revenue are due to the wide range of products under different brands. These products have been made available to the consumers through the new selling avenues such as Amazon among other digital selling platforms. The products have also become popular due to the positive impacts on the consumers where some people have agreed that they truly work for them. For example, some individuals have used them to reduce anxiety or as antiinflammatory with satisfactory results.
CBD products have become popular in the current world. Their popularity is reflected in the expanding market that is projected to grow bigger in the coming years. The discovery of more uses and expansion of laws means even a bigger market will be realized.