The CBD market is estimated to reach a total of $20 billion by 2024. This indicates that, in just two years, the cannabis industry will have an annual growth rate of 49% across all distribution channels.
The industry still faces significant challenges in terms of banking, insurance and advertising. But, in general, it is growing in acceptance and possibilities. Especially when it comes to cannabidiol or CBD. Its therapeutic properties are being harnessed for treatments against depression, anxiety, chronic pain, inflammation, etc.
Now, we are talking about CBD gummies, tinctures and topicals, just to mention some of the most basic presentations. All in order to offer more natural and economical alternatives.
CBD: $20 billion in sales by 2024
What should you know about cannabidiol (CBD)?
- It is a compound found in hemp and cannabis plants.
- Its therapeutic properties have been used to produce a wide variety of products. Due to its effectiveness and profitability, it is estimated that the CBD industry will reach $20 billion in sales by 2024.
- Both hemp and CBD are federally legal following the passage of the 2018 Farm Bill.
The potential of the CBD industry has aroused the interest of companies and freelancers to the point of wanting to explore possibilities in terms of launching new businesses. The amount of money you need to start your own CBD business depends on a number of factors, but generally speaking, it is possible to make an estimate based on financial savings. However, the industry continues to present challenges within the current legal landscape. Ultimately, though, it is a unique opportunity given the acceptance and profitability of the market.
Full-spectrum CBD vs. CBD isolate
If you’re an enthusiast of the CBD market, you’ve probably already heard the terms “full-spectrum” or “isolated“, which depend (it should be noted), on the extraction methods used.
- Full-spectrum: CBD oil extracted from the plant may contain other cannabinoids and compounds from the plant of origin.
- Isolate spectrum: CBD isolate, on the other hand, is a concentrate containing only the CBD substance.
Both forms of extraction are important for the industry. For, they allow different products to be developed depending on health needs. And although the purity of the CBD isolate is the main objective in most cases, some studies suggest that the full spectrum enhances the sedative effects of the concentration.
Meanwhile, the industry continues to introduce new products. Among these, the following stand out:
- Sublingual tinctures: CBD oil in small dropper bottles.
- CBD edibles: Gummies and candies mainly.
- Vape concentrates: CBD oils and waxes to vaporize and inhale with the help of an electronic device.
- Capsules and pills: To treat convulsions, digestive problems, etc.
- CBD Topicals: Gels, creams, and sprays for pain, discomfort and inflammation.
CBD is a great business opportunity, provided it is approached correctly. The quality of suppliers is key, as well as prior preparation. But, without a doubt, we are talking about an industry that is here to stay.