The future of the CBD and Cannabis industry
The buzz around the CBD and cannabis in the past few years have indeed skyrocketed. It is not a thing happening every day that a product gives such flow enthusiasm to the market within such a brief period. The CBD and cannabis industry has somehow managed it as it is expected to harvest $16.32 billion in the US by 2026. Tapping into this market has never been an easy job as it requires a lot of patience, consistency, and assiduity. However, if you can maintain your position in the market, making a great fortune is typically a certainty because there is a meteoritic rise of CBD and cannabis to one of America’s favorite wellness products for medical conditions ranging from inflammation to anxiety. But what does the future hold for this skyrocketing industry? In this article, we will discuss some changes that might occur in the CBD and cannabis industry in the upcoming years.
CBD Sales Will Increase
CBD is now legal in 10 states, which means it is likely to make more sales than ever. Some experts even say that the CBD and Cannabis industry has the potential to make $130 million per year in the upcoming years and the future. Now, this won’t happen in 2020 or 2021, but the sales figures represent how the rapid CBD industry is growing. The sales on July 4th this year were estimated to be $400 million.
Efforts will be made for Legalization
The legalization movement will be more active, and the activists will work hard to get the CBD and Cannabis legalized in other states. States like Minnesota, New York, New Mexico, and New Jersey are more likely to get the CBD and cannabis legalized. However, other states will move towards legalization more slowly, because they are on the verge of decriminalization of marijuana and enacting a comprehensive medical marijuana bill. Let’s take Virginia for a moment who has decriminalized marijuana. States like Texas will also decriminalize marijuana at some point in the future.
Limited Banking Opportunities
With all the right things coming up in the future for the CBD industry, there is a big obstacle coming in the form of limited banking opportunities. The businesses within the CBD industry cannot work with the federally insured banks. This will naturally create a barrier for smaller operations, and the transactions with the private funding will continue to dominate.
Awareness will be raised
Scientists are continually researching about all the potential benefits of CBD and Cannabis related to health. These include lowering cancer risks also. The public will be more aware of the CBD and its benefits regarding general health. This will result in making more sales and more brands coming up in the market.
Diverse Range of Customers
With all the new CBD and cannabis products coming in the future, there will be a diverse range of customers who will buy CBD wellness products. As the knowledge about the health benefits of CBD and Cannabis will increase, there will be more consumers who will switch to CBD products to cure their medical conditions.
We should keep all these critical points in mind as we plan to invest in a CBD business.