Cannabis products are increasingly becoming popular in almost every part of the World. Many States in the US have legalized the use of medical cannabis as a result of the many health benefits that come with the products. The industry is expected to grow by 2020, and it will be worth $1.8 billion in value. Currently, the CBD and hemp industry has a value of $200 million. There are many researchers as well manufactures leading to the growth. Below is a detailed discussion of why the industry has grown and will continue to grow significantly in the near future.
People realizing the health benefits of CBD products
Many people in the USA have seen cannabis as a bad drug with bad influence. Many people specializing in the research of health benefits that come with cannabis products have done a great job in the last few years. They are giving reports and finding from their research that shows that cannabis has many beneficial compounds that are of great benefit to human health. One of the compounds is CBD which has become popular in the last few decades. The compound comes with many benefits that improve human health and don’t have a high effect.
As a result, many manufacturers of CBD product have come up. These companies are doing great work to let people know about the health benefits of cannabis products. On top of that people want natural products. It is known that many products have synthetic ingredients that are harmful. For that reason, most of the companies are extracting hemp products from organically grown industrial hemp plants from many parts of Colorado and even California. On top of that most of the products are extracted using procedures that ensure only high-quality products get to the market.
Call to remove the regulatory restrictions of hemp products are louder
When it comes to legalization of medicinal cannabis in many states, many legislators, and federal state officers work hard. The lawmakers use reports from experts in the hemp industry to prove the many benefits such as chronic pain relief that comes with hemp and CBD products. As a result, many states are moving ahead to legalize the use of recreational pot. Many of the states are just giving strict regulations that limit youths below the age of 21 to use the products. This has encouraged many manufacturers of these products, and that has helped the market for the products to grow.
Many companies in the industry
For an industry to grow, there must be many buyers as well as willing sellers. There are many companies and brands such as Bluebird Botanicals who are working diligently to be more competitive by bringing high-quality products to the market. The competition has led to the growth of the industry.
From above it is clear the hemp and CBD industry market is growing at a high rate. Many people are willing to use CBD product as they are natural and come with many health benefits. The market is expected to grow further as a result of new regulations that promote the selling of CBD products.