Detailed Analysis of CBD Market and Its Future
Despite lots of controversies and issues with legalization, the industry of CBD is growing rapidly. Being one of the most exciting markets of the United States, rather the world, it is potential enough to have a promising future.
Cannabidiol is one of hundred identified compounds of the cannabis plant. It is also a medical product that is known for not having the intoxicating content of THC. This is the main reason behind the growth of the CBD market throughout the globe. CBD is legalized in 28 states including Texas for the medical and recreational purpose under certain conditions. There is an increasing body of medical science and research that supports CBD use for several ailments including chronic pain, anxiety disorder and many neurodegenerative conditions.
Market Analysis: From 2015 to Present
Since millennia, CBD oil has been used to treat several ailments, but before the 1960s, the individual compound of the cannabis was not identified. Dr. Raphael Mechoulam revealed the structure of CBD and THC. By the 1980s, the research to discover the positive impact of CBD was started. In 1988, its effectiveness along with the endocannabinoid system is discovered and the pharmaceuticals were licensed to farm weed for creating a synthetic drug featuring CBD. In 2006, Harborside Health was created to isolate CBD. In 2009, the Steep Hill Labs and Marijuana dispensary found marijuana strains with the high levels of CBD.
In 2015, the market of CBD oil and other products exceeded $202 million comprising $112 million of marijuana-derived CBD products and $90 million of hemp-derived products. In 2016, the amount of hemp-derived product made a business of almost double, $170 million. The business analysts find that the growth of the CBD market indicates 55% of growth per annum and that is quite promising. According to them, by the 2020-2021, it will reach the billion-dollar market.
There are many investors who are utilizing this growing market of CBD. There are authentic businesses and fraudulent ones as well. You have to make up your mind from where you are going to take your product. You are going to use it as medicine, so depending on its quality, its effectiveness on your ailment would vary. CBD Plus is one of the reputed and experienced companies that have been trading in CBD oil and other products of CBD for a long time. The testimonials are quite promising. If you are willing to get CBD products, come to us and get our quality products at a reasonable price. We have CBD stores in Texas, Oklahoma, Arkansas and many other places in the United States. Visit our stores or find it from our online platform.