Past and future: the growth of CBD medicine
Even in the last decade of the past millennium, CBD medicine was criminalised and banned in many countries. So, what caused such a drastic change? What changed the stance of the regulatory boards in the 21st century?
It was the growing realisation of how much the healthcare sector benefits from CBD medicine. In ancient times, China, India, and other oriental countries explored the idea. However, it lost its status with the coming of Westerners as they branded it bad for health.
Recent discoveries in the healthcare sector are helping the Cannabidiol (CBD) regain its lost ground. In many countries, pharmaceutical companies are impacting regulatory boards in making favourable decisions for the CBD medicine to make the percolation process easier.
What made the pharmaceutical companies change their minds about CBD?
CBD is just one cannabinoid among many found in the cannabis plant, but it is not psychoactive, unlike THC (tetrahydrocannabinol).
CBD medicine can provide relief from pain, which led pharmaceutical companies think of it as an alternative. They are now extracting CBD oil from the plant and using it with carriers like coconut or hemp seed oil to come up with a proper medicine.
A cure for bodily pain
The recorded mention of CBD’s use to treat bodily pain goes back to 2900BC when Chinese people made significant advancements.
The modern science shows that the human body contains an endocannabinoid system (ECS) that plays a crucial role in assisting appetite, pain, sleep, and immune system response. Researchers got to know recently that CBD medicine can help the endocannabinoid system in building up a defense against various illnesses.
Medicinal developments from this like Sativex is now doing rounds in several countries as a treatment against sclerosis. In fact, CBD oil is also good for arthritis.
Helpful against anxiety and depression
Several studies have shown that CBD medicine could be a treatment for anxiety and depression, and its impact would be much different from the regular drugs where side-effects like insomnia, agitation, drowsiness, sexual dysfunction, and headache are common.
Use in cancer patients
Treating cancer triggers side-effects like vomiting, nausea, and pain. Studies have shown that a proper blend of CBD and THC can be a better option in such cases.
Acts against acne
Be it pollution or skin issues, whatever may be the reason, a lot of people are now showing signs of acne and they are worried about the permanent scar it could leave on their skin. CBD oil’s anti-inflammatory properties can help in treating the disease.
Although researches are getting substantial backing from various institutes, the end results are yet to be conclusive. Several researchers have shown in their studies that CBD oil is be beneficial for the treatment of sclerosis and epilepsy, and two CBD oils have now been approved for the treatment of epilepsy and MS.
What is happening across the globe?
Most of the revenues will come from the Americas as several countries have started decriminalising cannabis in order to explore healthcare possibilities. Europe and the Asia Pacific regions are also making significant progress, however, regulatory boards are still not lenient on the CBD oil market.
The FDA is also not convinced, and , physicians are not getting the legal authority to prescribe these medicines, which means some bumps for the market.
Market Research Future (MRFR)
Do you want the latest news and updates from Medical Cannabis Network? Click here to subscribe to all the latest updates, and stay connected with us here.Even in the last decade of the past millennium, CBD medicine was criminalised and banned in many countries. So, what caused such a drastic change? What changed the stance of the regulatory boards in the 21st century?
The Future of the CBD Industry
Within our rapidly changing world, entrepreneurs and investors can find a steady and consistent promise in the growing CBD industry.
Even with the slow change in laws worldwide, the cannabidiol (CBD) industry is changing the way consumers deal with wellness and self-care. Today, a significant number of people are choosing a more holistic approach to these outlets.
The wellness industry boasted a $4.5 trillion market in 2018, according to the Global Wellness Institute’s statistics and facts.
This means entrepreneurs can find success with new products and services to enhance consumer experiences. Moreover, despite the state of our current economy, even if the CBD industry is affected, it will still make investors considerable profits based on its substantial growth.
CBD brands can expect to see a promising ROI from an industry that grew at a rate of 700% in 2019 in the U.S. alone, according to the Brightfield Group. The group predicts that this market will garner as much as $27.3 billion by 2023.
In 2019, the industry was estimated at $7.1 billion USD for the global market and should reach $9.3 billion by the end of 2020 as projected in a CBD market report by Grand View Research.
The second-largest CBD market, Europe is also experiencing an explosion of consumer purchases of CBD products. While the younger generations of Europeans definitely are key consumers, 77% of Europeans surveyed believe everyone should have access to CBD products.
With access to almost any form of information at their fingertips, consumers are educating themselves about anything and everything. Nowadays, wellness sits atop the list of concerns for much of the world’s population.
In order to deal with these concerns, many people are actively searching for more information about CBD products and there’s mounting research that indicates increased interest in the CBD industry.
Recent research showed that in April 2019, 6.4 million searches for CBD were made on Google’s search engine. In this peer-reviewed JAMA Network Open research letter, there was a 160.4% increase in searches for CBD from 2017 to 2018.
Popular Products and Services
A 2019 Consumer Reports survey shed light on which CBD products consumers preferred. Most bought their CBD in the form of edibles. That equated to 35% of consumers purchasing some form of CBD-infused food or drink.
The survey also revealed that drops and vaping devices made up 30% of consumers’ preference when purchasing CBD products.
BDSA Analytics reported that gummies are one of the most popular edibles among consumers with $147 million in sales in 2019.
Investing in these CBD products could set anyone looking to make a profit on the right path.
ROI in the CBD Industry
A high return on investment (ROI) usually involves a good amount of risk. When starting any business, entrepreneurs must understand the risks involved with their specific market. Although the CBD industry has a potential of risks due to regulations and start-up costs, there are many ways in which investors can mitigate these challenges.
For example, partnering with an experienced and reliable CBD white label distributor can help resellers and retailers save time and money on their initial launch. Additionally, these partnerships can provide expert guidance when navigating the complex legal regulations of the industry.
This means that business owners can sail past the “high risk” and start seeing the “high return” quicker and easier than anticipated.
the CBD industry, there ’s definitely risk involved, yet the industry is set to thrive when considering the increase in demand.
Today, individuals and large corporations continue to invest billions of dollars into this thriving industry. Even Martha Stewart plans to launch her own CBD line, according to an article in Forbes.
Investing in the CBD Industry
While dispensaries have been one of the most common ways for consumers to purchase CBD products according to the 2019 Consumer Reports survey, our world has drastically changed in the year 2020 with COVID-19 and all of the restrictions involved.
Considering that more and more consumers are using the Internet to purchase their products, transitioning to an e-commerce CBD company makes sense.
On average in 2017, approximately 20 new companies ventured into the CBD industry with the product being central to their business, according to Future Market Insights CBD Market Analysis. Most of these companies were start-ups offering food, cocktails, lotions, and a variety of other CBD-infused products.
Whether you’re an entrepreneur looking to form a partnership or an investor looking into other options, it’s always important to educate yourself as much as possible.
Before settling on any investment, evaluate these key components:
The Source of the Hemp
Find out where the CBD is sourced. For instance, one of the best places to grow and manufacture CBD is in Colorado. The state’s landscape and weather make it a perfect place to cultivate a quality product from the start, according to the article The Best and Worst States to Grow Hemp.
The Manufacturing Process
After cultivation, there’s the processing, extraction, refinement, and isolation of the CBD. Learning more about this process will give you a better understanding of the kind of CBD oil that the consumer will receive upon purchase.
One of the most important parts of the manufacturing process involves the extraction method. Many manufacturers prefer the CO2 extraction method because it produces CBD in its purest, most potent form, according to the CBD Awareness Project’s article, How are CBD Products Made?
In such a competitive market, quality matters more than ever. If consumers don’t receive the expected benefits from one brand of CBD, then they’ll surely move on to another brand.
Third-party independent laboratory testing adds legitimacy to the quality of a company’s CBD oil because the industry is full of companies making questionable claims about the value of their products.
If the company provides its consumers and investors with a variety of products, then it has the potential to tap into all different types of markets within the CBD industry. In growing markets with so many possibilities, it’s valuable to invest in companies that offer an array of edibles, tinctures, smokables, and more.
Many companies offer entrepreneurs much more than quality CBD products, including branding and marketing services. If this is the case then knowing how a company handles these other services becomes another important criterion to examine before making any investment.
Regulations, Legalities, and Challenges
Although the 2018 Farm Bill deemed industrial hemp legal in the United States, the laws differ from state to state. So, even though hemp-derived CBD with .3% THC or less is legal at the federal level, some state laws may have their own agenda.
For instance in Idaho, the use of hemp-derived CBD is legal as long as the product contains no THC along with detailed rules involving different parts of the plant as noted in the article CBD Laws By State 2020.
Worldwide, the laws regarding CBD production, distribution, and use become even more complicated and confusing.
Because of this, it’s worthwhile to learn more about these legal issues if you plan to invest internationally. Alternatively, finding a partner that is well versed in these matters and can guide you through the potential legal hurdles is invaluable.
Still, North America and Europe currently dominate the market, producing 3/4 of the product worldwide, according to Future Market Insights CBD Market Analysis.
Therefore, wisely choosing where to invest will narrow down the possibilities and take the edge off of high-risk investing.See what’s in store for this budding industry with expert insights and market research. ]]>