Where Do You See CBD the Hemp Market’s Future Five Years from Now?
CBD, or cannabidiol, is a compound present in cannabis. Currently, it is gaining popularity because of its potential therapeutic properties. The aficionados of cannabis have welcomed CBD for its potential to combat anxiety, seizures, and many other ailments. It is reported to be a rapidly rising star because of its capability to offer physical and mental benefits.
By 2020, the CBD industry will have escalated profoundly, with a potential market share of around $2.1 billion. Currently, you can witness its explosion in products ranging from pet-soothing drops and pain-reducing muscle rubs to the wonderful ‘magical latte’. In other words, you can smoke it, drink it, eat, it, spray it, and rub it in your skin, even though the legal status of CBD use in the US is still to be determined by the court.
According to the Hemp Business Journal, the US market was not in radar for hemp-based CBD products 5 years ago. Its worth was calculated at $190 million in the year 2017, and is estimated to escalate by around 700% by 2020. People are using CBD hemp oil very eagerly, but is it even legal?
Is hemp-based CBD legal?
Cannabis law varies widely, but there are local laws which define the legal status of different forms of cannabis.
· In some states, recreational cannabis is legal, so people there can use CBD made from either marijuana or hemp with freedom.
· If you reside in a state where only medical marijuana is legal, then prescription is required to buy it.
· Some states allow medical marijuana, but there is limitations on the THC level.
In the US, laws regarding CBD are incomplete and unclear, leaving citizens without any clear answers or protection. However, as there is an increase in demand for CBD, the regulatory bodies responsible for regulating cannabis and CBD products are recognizing inconsistencies in their rules and policies.
However, one thing is certain, and that is that federally, marijuana is still regarded as a Schedule I substance and so is banned. The confusion here is that even though marijuana and hemp are versions of same species – cannabis – they are bred to display genetic variations. The former is grown to provide high amounts of THC, while hemp is bred to have negligible levels of THC.
Hemp grown according to specific guidelines as per the 2014 Farm Bill is called industrial hemp. A state-licensed farmer grows this hemp, which has less than 0.3% THC. If you are using hemp-based products containing no more than 0.3% THC, then you are within the law. However, it is not an answerable question for majority of shopkeepers who sell plethora of CBD products.
What is the CBD future?
CBD fans are happy to enjoy products made from hemp. Moreover, they will feel happier still to hear that a bill was introduced in April with a request to establish hemp as an agricultural commodity, as well as eliminate the doubt surrounding hemp derived-CBD – in other words, there is a push to differentiate between hemp and marijuana. Furthermore, there is an argument to remove CBD and related products from the Schedule I drug list, opening doors for hemp-based products which can calm the mind as well as support overall well-being.
The hemp industry and its fans are awaiting approval on a federal level. With too much momentum surrounding it, the possibility of a legal future for hemp-based CBD products is high.