Why is CBD Important to the Marijuana Marketplace?
The entire marijuana industry is exploding in the United States, but as a part of the marijuana industry, CBD is experiencing particularly rapid growth. As Forbes notes, the legal cannabis market in the country is expected to create a quarter of a million jobs by 2020, which is far more than the expected jobs in manufacturing, utilities, or even government within that time, all of which will lose jobs. However, things are looking even more a-go-go for CBD, which Forbes calls "the cannabis market that could grow 700% by 2020." Using data from the Hemp Business Journal, they reported:
The CBD market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources. That's a 700% increase from 2016. In 2015, the market for consumer sales of hemp-derived CBD products was $90 million, plus another $112 million in marijuana-derived CBD products which were sold through dispensaries – bringing a total CBD market to $202 million last year.
Why? Well, first off, it's legal, circumventing many of the hurdles of the rest of the marijuana marketplace. Right now there are 15 states that only allow the legal sale of CBD, with another 28 that have legalized medical marijuana, and of course marijuana is still technically illegal on the Federal level, but CBD is not. Without those legal hurdles, CBD can adjust much more quickly and easily to market demands.
Although marijuana laws can and will continue to change in the future, making it generally more accessible in all forms, other aspects of CBD ensure its lasting importance in the marijuana marketplace. That's because most of the known or potential health benefits from marijuana come from CBD, not THC or any of the other compounds in marijuana, and when separated from THC, CBD is totally non-psychoactive. It won't get you high. CBD has been shown to help with conditions as varied as ADHD, addiction, diabetes, chronic pain, fibromyalgia, and sickle cell anemia.
For an extensive list of medical conditions that scientific research of CBD has shown the potential to help, check out Project CBD, which includes links to research organized by condition. And in addition to the growing body of scientific knowledge and evidence related to CBD, anecdotal stories abound, like that of retired champion MMA fighter Mark Kerr, who kicked his opioid habit with the help of CBD, according to friend and fellow fighter Bas Rutton. Mr. Rutton tells the story in a champions.co blog post.