CBD is one of the hottest topics as of late. Whether it is brought up in a discussion about marijuana laws or its many potential benefits, CBD products are something everyone seems to be talking about. And there’s a lot to talk about when discussing CBD. For example, the industry is expected to hit $22 billion by 2022 when sales were closer to $1.4 million just a few years ago in 2016. That's something to talk about and take into consideration if you’re considering investing in the market. Also worth discussing is the fact that 42 percent of CBD users gave up pharmaceutical drugs, according to one study.
So, with so much to talk about and so much buzz around it, why hasn’t the CBD industry fully taken off yet? Despite all that CBD can potentially do, there are a number of hang-ups that are holding the industry back.
One of the biggest things holding the CBD industry back is a misconception. While it is becoming more commonly known that although CBD can be derived from marijuana but is not the same as marijuana and does not give the high that marijuana is known for, not everyone is aware of that fact. Not everyone understands that the compound that causes the high is THC and CBD is THC-free, meaning that it can offer all of the medical and health benefits of marijuana without the impairment of a high. Because of that misconception, there are many people who oppose the use of CBD.
CBD has a lot of potential uses, and there have already been studies done to show its benefits when it comes to things like seizures and even pain relief. However, the benefits that CBD can offer are quite broad and non-specific and include everything from help with cancer, chronic illness, and anxiety and depression to reducing acne and even helping overcome addiction. Because it can help with so many different things, there are some who are skeptical of the reality of such claims and aren’t willing to look into it further, let alone make a purchase.
Although it is becoming easier for marijuana companies to get funding, funding is still one of the biggest issues that hold the industry back. The funding issues aren’t necessarily tied directly to the fact that a business is marijuana based, but because lenders consider things like risk and market volatility. Because of laws and regulations and the market can be difficult to get into and it isn’t guaranteed. Even if a company is able to get into the market, Google and Facebook don’t allow marijuana and CBD companies to advertise, making it difficult to effectively build a brand.
As with any industry, there are certain regulations imposed on CBD products like CBD Oil and CBD Gummies. Perhaps even more than other industries, though, some of the regulations placed on the industry are stringent and can hold companies within the industry back, stunting their opportunity for growth. The requirements for growing, harvesting, processing, and then selling marijuana and the CBD product are not easy for every company to meet. Furthermore, certain laws restrict companies to selling only within their state among other restrictions, holding the companies back.
Lack of Regulation
On the other hand, despite the regulation that does exist, there is still a relative lack of regulation in the industry. Although a lack of regulation may not initially seem like a problem, it can be a point that holds the industry back because of concerns from the consumers. For example, when the product, its source, its purity, and its efficacy are not regulated and verified, consumers may feel wary of it, even if it’s top of the line.
Lack of Education
On top of everything else that is holding the industry back, a lack of education on what CBD is, what it can do, and how it can help is a big hang up. There aren’t many doctors who have had the time to immerse themselves in studying it; therefore, they cannot recommend or prescribe it to patients. Without the education on its benefits, (and even its risks), the industry will continue to be held back until people really understand and are ready to take full advantage of all of the benefits it has to offer.
As much buzz as there is around the topic of CBD, the industry still has a way to go before people will really be able to enjoy the benefits that it offers. As more people become educated on the compound, regulation stabilizes, and misconception and skepticism are eradicated, though, companies within the CBD industry will be able to see the growth they’re hoping for and better achieve the goals they’re setting while helping those who can really benefit from all of the positive properties of CBD.