US CBD Sales To Grow An Average Of 107% Annually Through 2023
CBD was first discovered many years ago, but its full range of uses and benefits were still very much unknown. However, the knowledge surrounding the many benefits of CBD has just recently been widespread. With massive sales worldwide, CBD is truly taking the world by storm. The CBD industry is no doubt growing tremendously and increasing its sales as its popularity continues to spread: CBD sales have gone from $3.4 billion in 2014 to almost $11 billion in 2018.
How does the CBD industry account for this spike in sales? It certainly helps that pharmacies, retail outlets, stores, shops, and supermarkets all now sell CBD products, in addition to the fact that many people are now acquainted with it and use CBD for various purposes. In the year 2018, $620 million worth of CBD products were sold in the United States. It has been estimated that CBD sales will grow 706% in 2019 to around $5 billion and to $23.7 billion by 2023.
So what is CBD and why is it making such an impact in the world today?
Cannabidiol, widely and simply known as CBD, is one of the many cannabinoids found in the cannabis plant. There are many cannabinoids in the cannabis plant, with Cannabidiol and Tetrahydrocannabinol (THC) being the most popular. The cannabis plant has two varieties or species: hemp and marijuana. Most CBD products are gotten from hemp.p
What’s so interesting about CBD? CBD is completely non-psychoactive. This is because it does not contain the intoxicating effect THC has. THC is the cannabinoid that gives the ‘high’ effect when marijuana is taken. CBD, in this regard, has THC of less than 0.3%. Therefore, users and consumers of CBD oil and products do not have to worry about getting ‘high.’ This fact alone makes people interested in using it, hence its massive sales and popularity.
The United States Of America has recorded a lot of sales from CBD and CBD products. There are lots of environmentally sustainable farms in the US where the hemp used to make CBS is grown. This ensures that the CBD is pure, without contamination and safe for consumption.
CBD is legal in all 50 States of America as long as it contains less than .03% of THC. This was put into effect with the signing of the 2018 Farm Bill, where CBD is now seen as an agricultural product. The signing also made it known that CBD should be taken as a supplement and not as a medication. Regardless of that, the Food and Drug Administration ( FDA) approved Epidiolex as a drug to treat two rare forms of epilepsy in children: the Dravet Syndrome and the Lennox-Gastant Syndrome.
CBD brands and companies are springing up, adding to their quota in increasing sales generated by CBD in the US. They plant hemp, produce CBD oil from different extraction processes, and sell the products to people. There are also online CBD brands where people make orders and have the products delivered to their doorstep.
The popularity and growth of CBD in the US mean it is very beneficial. How is it beneficial? Research has been made on CBD and studies carried out, and it has been proven that CBD can treat certain ailments effectively.
The United States of America has a lot of people working in various sectors and organizations. These people tend to go under stress once in a while, and the need to bounce back becomes very necessary. Since CBD helps in this regard, sales have grown massively. CBD helps to treat chronic pain, reduce inflammation, treat epilepsy and seizures, acne, and also in cancer treatment. It also goes as far as being a treatment for pets. Indeed, CBD is a wonder-working product.
Supplements have been made from CBD for people to use, to effectively and efficiently treat ailments. People take CBD as oil, mixed with hemp oil or coconut oil, as a tincture, as a spray or even as creams and balms. Some others apply it directly to their food. Whichever one it is, all work towards the same goal, which is to make one feel whole again.
The human body contains an Endocannabinoid System (ECS) which regulates and controls certain activities in the body such as appetite, sleep, pain, and energy balance. CBD works alongside the ECS to increase the productivity of the body. It has however been advised that before starting any CBD treatment or using any product, you consult a physician to find out if CBD is good for you. This is because some people experience side effects after using CBD products. These side effects are nausea, headache, loss of weight, and general weakness. The physician to consult is one who has in-depth knowledge of CBD, its uses, benefits, and side effects. In this way, you won’t be making a mistake.
Research on CBD is still ongoing, and this research is still in its infancy stage. It is, therefore, necessary and crucial that consumers of CBD products should know everything about it and understand it before starting a CBD treatment.
Finally, CBD sales in the United States of America is increasing massively as the day goes by, and it is not showing any signs of stopping soon. In this regard, many brands are channeling their marketing energy into the CBD industry. Retailers are also not left out; they see the need to bring CBD products closer to the local consumers and the ones living downtown. They also make sales and a great deal of profit. People who are confused about where to get CBD products simply have to check online, over the internet; there, they find lots of CBD companies and purchase from their desired one. Because of all these, the US CBD sales are expected to grow an average of 107% annually through the year 2023. More brands are coming up, and more sales will be recorded. Truly, CBD has come to stay.