2020 may have been a tough year for many industries but cannabis, specifically, CBD. The popularity of CBD products rose to unprecedented levels.
We have started a new year and we can’t help but wonder what it holds. Will 2021 bring good news or give us terror? All indications point to the fact that it’s going to be great for CBD.
The following are some of the predictions we’ve made on the CBD market:
1. CBD to be marketed as a health supplement
CBD became legal in 2018 when the farm bill was passed, but there are still rules and regulations around the extraction and sale of CBD. For instance, it must be marketed as a food supplement, not a health supplement. Ironically, research shows that CBD has numerous health benefits. We hope that the government will allow CBD to be marketed as a health supplement. Some of the health conditions that CBD helps with include cancer, chronic fatigue, multiple sclerosis, Alzheimer’s, and Parkinson’s disease.
2. Switching from OTC to CBD
Many people still buy OTC drugs to manage various health problems, but these drugs may not work at all and the effects are typically short-lived. More people are experiencing that CBD is an effective remedy against various illnesses, and this makes them forego OTC drugs. CBD helps treat many health disorders; it’s cheaper and can be ingested in diverse methods. We expect that more people will switch from buying drugs in local stores to hitting up CBD dispensaries.
3. Diversification of CBD products
The CBD industry is powered by supremely innovative companies. And one thing is sure. They haven’t emptied themselves clean. We are set to see new products that break limits. With diverse CBD products, the market automatically expands, as people have more ways and formats of enjoying CBD products. If you consider the taste of raw CBD oil to be unpleasant, you can work around that by going for an infused CBD product where the flavor is enhanced enormously.
4. Removal of Restrictions against Cannabis Research
Do you sometimes wonder why we know so little about cannabis? It’s simply because the government imposes limitations against cannabis research. Yep, if you be a research institution with an interest in cannabis, the government will simply frustrate your efforts to go through with your plan. But we are saying that this practice is going to fall. Research institutions will finally have an easy time conducting experiments on hemp-derived CBD to tell us its full benefits.
5. Market Segmentation
The CBD industry is relatively young, and many companies put an effort into attracting the average CBD consumer, but as the industry balloons, we expect market segmentation. Companies will target specific demographics. Boomers… Millennials… Sex & Gender…
Senior citizens are one of the largest market segments as CBD helps overcome many problems that boomers relate with. CBD is also a hit with the Millenials as it helps them overcome mental disorders and achieve relaxation. Market segmentation stimulates competition and ultimately increases product quality and service delivery.
6. Improved Job Markets
In recent years, the cannabis industry has been one of the leading job markets. With all these CBD dispensaries coming up, managers and budtenders are needed, and the CBD industry is connected to many other economies that also benefit. As the CBD industry expands, there are going to be vast opportunities for employment creation. If you have been thinking about starting a business, there are many business ideas you could implement in the CBD market. This is the early phase so the advantage is on your side. If you start a CBD business now you’re going to make bank in a short time.
The future couldn’t be more bright for the CBD market.