According to a recent study by BDS Analytics, the cannabidiol (or CBD) market is anticipated to reach $20 billion in sales by 2024. This number includes products sold through licensed dispensaries, pharmaceuticals and, and in general market retail.
So what exactly is CBD? Cannabidiol is a chemical compound from the cannabis plant and, unlike its counterpart tetrahydrocannabinol (THC) it’s not psychoactive (ie: users will not experience a high from using CBD).
One of the most significant factors for this booming market is the use of cannabidiol across a variety of industries including cosmetics, health products, food and drink, skin care, pet products and more. CBD’s ability to be infused in diverse products gives this growing market a wide reach.
Makeup companies are integrating CBD into their products, pet owners can use CBD infused medications to help aid their dog’s anxiety, cafes are selling the ingredient in new lattes and so on. The CBD market’s diversity means endless possibilities for products – perfect for entrepreneurs trying to start an online business.
Furthermore, all of these products are possible through the spreading legalization of CBD. As the legality of cannabis increases across the United States, the market grows and will continue to increase over the coming years.
And while CBD is trending, many may be asking: Is it safe?
Many studies have concluded that CBD is both safe and non-addictive. According to a report made by the World Health Organization, “CBD exhibits no effects indicative of any abuse or dependence potential.”
Roy Bingham, Co-Founder and CEO of BDS Analytics, explains how quickly and successfully the CBD marketing is growing, saying, “We’re witnessing CBD maturing from a cannabis sub-category into a full blown industry of its own.”