How Much is the CBD Oil Industry Worth?

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How Much is the CBD Oil Industry Worth?

The CBD oil market is booming. In fact, it could grow by a mind-bending 700% by 2020. Now, that’s a $2.1 billion business in consumer sales right there.

But, Why is CBD Oil So Popular?

Well, for starters, CBD (short form for cannabidiol) doesn’t get you “high” like THC, the main psychoactive compound in marijuana.  On top of that, repeated research shows that CBD is good for human health. It can, for instance, help reduce pain, counter depression, and lower the intensity of cancer-related symptoms.

Sure, there isn’t enough evidence to conclude the “healing power” of CBD, but the mere fact that it can likely improve the overall well-being of humans has caught the attention of millions across the globe.

The legalization of medical marijuana in most states has also spurred the interest. In the United States, the number of people using CBD oil and related products is continuing to rise by the day. More specifically, the consumer base stands at 512 million, up from 108 million in the last four years. Plus, Europe, Africa, and the Middle East, as well as the Asia Pacific region, are also catching up.

The Internet Factor

Advancement in technology, specifically internet growth has a role to play in the growth of the CBD oil industry. Nowadays, most people prefer to do their shopping online due to the convenience it offers. The same goes for CBD oil and related products.

Is the Legalization of Medical Marijuana a Good Thing?

Yes.

See, cannabis-derived CBD is illegal in most states and countries. Hemp-derived CBD, on the other hand, is more or less a nutritional supplement and is legal. In areas where the government allows the use of hemp-derived CBD freely, people have no problem shifting from cannabis CBD and related products.

…There Needs to Be Regulation Though

At the moment, there is little to no control in the CBD oil industry.

And, new manufacturers and suppliers keep hopping onto the bandwagon. In essence, what this means is that there are no quality controls, and the standards may vary from one brand to another. So, some regulation is necessary to prevent inferior CBD oil from getting into the market.

At the very least, you need to be sure that what you are taking is safe.

In conclusion, the CBD oil industry will keep growing as more people embrace the product. And, while there is no doubt that CBD oil is beneficial to the human body, be sure to use it in moderation.

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