Cannabidiol (CBD) has been having an outstanding decade. The cannabis extract is still very divisive, but over the years, it has been able to worm its way into people’s hearts. The compound has proven itself quite effective against a host of medical conditions, ranging from chronic pain, anxiety, and depression to high blood pressure and seizures. A product so versatile could hide for only so long, and as word of its range of benefits spreads, demand for the product will only increase.
In a bid to exploit this market and give farmers all over the country the opportunity to invest in a new profitable cash crop, Congress passed the Farm Bill in 2018, in effect legalizing the cultivation of hemp, the plant responsible for producing CBD. Earlier this week, the USDA passed the much anticipated interim final rules on hemp, thus creating a framework that would provide regulations for the unregulated industry. Well, hemp farmers and CBD processors are in for more good news.
New figures from a report by Fact MR show that the global CBD market is expected to grow by 40% this year. Over 50 countries worldwide have passed legislation legalizing, either medical or recreational marijuana. In the US, over half of the population lives in a state that has some sort of cannabis legislation, and there already exists an FDA-approved CBD drug. Market analysis shows that within the next few years, the CBD market from industrial hemp in the U.S. alone will be at least $26 billion. “The significant business of cannabis is currently based in North America, which accounts for two-thirds of the global cannabis market,” says a report from Health Europa, adding that “Europe is showcasing a great premise for the market with sales doubling over the year 2018.”
Most, if not all, the demand for CBD products can be attributed to the compound’s potent medical properties. Plenty of anecdotal evidence has surfaced over the years, claiming that the cannabis extract can help manage everything from small issues like insomnia, anxiety, and acne to severe conditions such as high blood pressure and diabetes. Cancer patients use CBD to alleviate the symptoms of cancer and the side effects of chemotherapy, such as nausea and vomiting. The non-psychoactive extract has also been found to reduce seizures in children with rare epilepsies such as Lennox-Gastaut syndrome.
As more scientific research is done on the efficacy and side effects of cannabidiol, demand for CBD products will be expected to increase. Analysts are of the view that the entire CBD industry, including companies like Dama Financial and Neutra Corp. (OTC: NTRR) is confident that the industry has a bright future.
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