4 reasons why CBD businesses will be huge in 2018
Cannabidiol is a part of the hemp or cannabis plant that has gained popularity in the recent past due to its strong treatment benefits for various conditions and diseases. CBD is special because unlike other cannabis products, it is not psychoactive, hence it does not make one high. Here are four reasons why CBD businesses will be huge in 2018.
- Growth in the number of consumers of CBD
The market size of CBD and its products has grown steadily over the years due to increased awareness of the health effects of the product. According to the Hemp Journal, it is estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020. This is especially for CBD oil which a large percentage of users and non-users are interested to learn more about it. Users range from athletes, sick people, traditional marijuana users and ordinary citizens who use it on a daily or weekly basis.
- Increase in the number of CBD products in the marketplace
There are over 800 products of CBD in the marketplace currently, hence giving CBD to be a rapidly developing edge in the market. A range of products such as CBD oil, chewing gum, cream and health supplements exist and have been patented by various firms for distribution. Also, firms such as the CBD payment gateway for websites have been serviced to offer consultation and electronic payment solutions to other companies both e-commerce and retail alike that venture in CBD related products, especially CBD oil.
- Legalization of cannabidiol products by many governments
Due to extensive research that has been carried out on the health benefits of CBD, many governments have gone ahead to legalize these products that are high in cannabidiol and low in tetrahydrocannabinol. For instance, in the US, over 40 states have legalized CBD. Different cultivators have also been licensed to grow cannabis for production of cannabidiol. This will, in turn, make the products easily available for both consumers and merchants. Oversight bodies have also been established to ensure control of cannabidiol sale and use.
- Huge revenue generation from CBD
Different investors and companies that are active in the cannabidiol industry have reported millions of dollars of revenue generated by the trade. These huge profits realized have made the companies aim for more efficient production of CBD in terms of packaging, production of different flavours and labelling. Therefore in 2018 it is expected that more revenue will be collected due to increased efficiency and customer interest in the product. Investment into the industry is also likely to grow substantially in order to meet the high demand and maximize profits from the industry.
From the above reasons it is clear that businesses that have ventured in the CBD business are going to reap very big in the year 2018 since the conditions for operation and investment in the industry are more conducive and profitable than ever before. This makes CBD the next big product to watch, it is eventually going to pull a surprise in this reign.
