CBD – or Cannabidiol, to give its full name – is a product that is extracted from the cannabis sativa plant, which is commonly known as marijuana. Over the last five years, CBD extraction, production and commerce has become and absolutely huge industry.
Unlike marijuana containing THC, CBD products have no psychoactive effect. This means that it can be successfully used as a wellness product without impairing the mental state of the user.
CBD has been marketed in many forms, and for many uses. CBD coffees, cakes, oils, vaporizer liquids and tongue drops are all very popular. It is relatively hard to separate the fact from the fiction when it comes to figuring out the benefits of CBD intake. It has been claimed to aid in the easing of anxiety, joint pains, insomnia and a whole slew of other problems. Research is still ongoing – with scientists trying to determine how much CBD actually helps in an experimental setting, as opposed to out in the chaos of society, where many factors influence health.
Regardless of the ongoing scientific debate about the effectiveness of CBD, the fact remains that it has spawned a huge industry. It is worth taking a deeper look at how the CBD industry is made up in order to understand its size.
What Sectors Make Up the Industry?
– Cannabis growers have found a legal avenue through which to expand. Cannabis growing agricultural projects are often sophisticated, and use the latest agricultural techniques.
– Extraction and manufacturing corporations have experienced growth due to the demand for the production of CBD oils, foods, vaporizer liquids and supplements.
– Manufacturers of CBD extraction equipment compete to produce machines that yield the highest concentrations of the cannabis product from the smallest amount of plant. As the industry diversifies, more and more specialist equipment is being produced. The standards are extremely high.
– The wellness industry has seen growth due to the demand for CBD. CBD is often marketed and sold as a wellness product or paramedical substance. Small businesses have sprung up offering innovative new ways of consuming CBD products.
Just How Big Is the Industry?
To put it simply, the CBD industry is huge – and it is experiencing continued growth. It is estimated that the CBD industry is worth around 9.3 billion dollars, and is generally considered to have grown by figures in the billion dollar region every year.
According to a recent report by the business site Forbes, the CBD industry could grow to a whopping 20 billion dollars in the United States alone by 2024. It is what you might call an ‘exploding’ industry, with investment pouring in from wealthy people eager to make a buck from an emerging sector. Don’t rush into making an investment in CBD. Consider whether you will be able to find a niche in a market that is quickly becoming oversaturated with get-rich-quick schemes. If you can find a profitable niche to make your own, you’ll be making a very sound investment indeed.
— Featured photo by Flickr user Leslie L, Creative Commons