The CBD industry is growing significantly since laws are being passed to legalize hemp. At least 47 of the 50 states allow its citizens to use hemp recreationally or for medical purposes. Nebraska, South Dakota and Idaho are the remaining three regions that do not allow people to use hemp for any reason.
Now that the hemp industry has gained major traction in terms of acceptance and usage. This industry is starting to explode in growth. In 2017 the legal weed market produced $367 million dollars and by 2022 it is expected to amass $2 billion dollars.
This is a huge sum of money for an industry that is fairly new. The growth of the marijuana industry is outpacing established products in its class such as alcohol and tobacco.
What is driving the huge growth of the hemp business?
Many medical professionals and pharmaceutical companies have discovered the pain – relieving benefits of this substance. This is one of the primary reasons that it is now being used to treat people. It is also a primary reason why the hemp industry as a whole is starting to flourish once again.
While the Federal Food and Drug Administration (FDA) doesn’t necessarily approve of hemp as a verified treatment option; many medical professionals know that this substance works. Also, many medical professionals that are able to prescribe this substance for healing treatment prefer its use it to opioid based medicines.
One of the best benefits of medical hemp products is that people cannot get hooked on it like opioids. It also does not have the same effects as opioid based meds. Rarely (if ever) does any person overdose from smoking too much hemp. However, other side effects do occur. Still, this substance is preferred by medical doctors when it comes to utilizing its healing benefits.
Another important factor for the growth of marijuana has do with pain. For some strange reason, millions of people are experiencing a lot of pain in their bodies. Most people who are enduring pain usually do not have a real cause for their development.
Doctors cannot figure out why so many people over the last 20 years are dealing with chronic pain. This is especially true for people who do not have conditions that would produce this type of effect. In a sense, it seems as if the pain is being artificially generated within a lot of people’s body.
Doctors can also trace the root cause of pain in individuals who are experiencing health issues which lead to this condition. Medical marijuana is used to alleviate this problem and many patients are taking to it when nothing else will bring them relief. Also, some patients are in so much pain that medical hemp is the only thing that keeps them functioning.
The change of public opinion is probably the most important reason for the growth of the hemp industry. Starting sometime in the late 90s people started to soften their views on hemp. This trend started to slowly continue throughout the 2000s. Then sometime between 2009 and 2013 a lot of people started to view hemp in a positive light.
By 2014 hemp was gaining more popularity. By 2016 many people were being prescribed hemp treatments for pain sufferers. By 2018 hemp had become accepted by most U.S. states and millions of people were enjoying it for different reasons.
In 2019, there are hemp restaurants, dispensaries and clinics that sell marijuana to the public. There has also been an explosion in hemp harvesters or farmers who produce this crop for commercial use. The industry is now being regulated by state governments with some federal guidelines helping to direct its course.
The hemp industry is also being taxed, tracked and closely watched. The wholesale and retail marketing of hemp is at an all time. Hemp businesses are starting to show up all over the place and people are trying to cash in on this trend by getting involved. These are some of the major reasons why the hemp business is going nowhere but up.
Generational Acceptance is everything when it comes to the CBD Industry
Millennials are a driving force in the legalization and use of CBD products. People from this generation have a different view of this substance. They do not see hemp in the same light as the previous generations (Traditionalist, Baby Boomers, and Generation X) did in the past.
Millennials and the generations following them (iGen, Generation Alpha) are the ones who will embrace the use of hemp wholeheartedly. The millennials and the generations following them will not likely push back against the use of hemp as a whole.
There will always be people (regardless of generation) who will not support this substance. However, the average person born from the late 80s to 2019 will have a more a favorable view of hemp. They will grow up in a time when hemp is not being portrayed as some scary narcotic for evil drug dealers and crazy addicts.
Why is it important for the millennial and the following generations to perceive hemp in a different way?
The bottom line is that the current and future generations will eventually become adults who will use and support hemp. In other words, they will be the primary consumers of these products during the 2020s and the 2030s. They will also be the people growing and developing the hemp industry as a whole.
The CBD Business owner will primarily come from the millennial and Generation Z populations. The investors will also be a part of these generations as well. Generation X and some remaining Baby Boomers will also contribute to the growth of the CBD industry. However, millennials and Generation Z will make the biggest impact on it. As long as the majority of people from these groups favorably view CBD, the industry as a whole is going to get bigger and stronger.
People are already able to enjoy restaurant food with CBD oil in it and they can also have non-alcoholic drinks infused with substance. While commercialized CBD oil health drinks are not in the mainstream now, it is just a matter of time before people can purchase them from a local grocery or corner store.
Hemp-based snacks and packaged foods have been sold for years. In time, America’s love for fast food will be blended with weed and a fast food restaurant featuring hemp substances is going to spring up. People might not be able to get “high” from the food but they will be able to enjoy the other health benefits that hemp offers.
The worth of the hemp industry is going to be defined by these groups of current and future Americans. They are going to have sway over the development and commercial success of this product. They will also determine its overall value and worth in the coming years.
The Hemp Industry in Terms of Development and Investments
No industry can grow unless it’s developed. The only sure path to developing any kind of commercial operation for success is money. In other words, the hemp industry is going to need more investors to grow into a stable and profitable economic producer.
People with extremely deep pockets will primarily fuel this industry. They will have a lot of money to influence it from the start. The industry is also going to grow because of smaller investors whose resources are pooled together for this purpose.
Wall Street has been providing investors a ton of opportunities for risking their money hemp growth, production, and marketing. There are many medical hemp and cannabis companies.
There are also cannabis retail outlets and different enterprises where investors can put their money to work for them. Cannabis ETFs and Industrial Help stocks are also other areas for investments. All of these ventures will contribute to the overall value and worth of the hemp industry.
There are plenty of legitimate up and coming hemp companies. Hempworx is one of these establishments where average people are growing a tremendous business in the CBD Industry. This company offers high grade organically grown hemp products from their private farm.
The organization is growing and is just one example of the available commercial hemp organizations on the market today.
Once again, investments are necessary for fueling the hemp industry. Without investments, it will be hard for this industry to develop to its full potential.
CBD businesses are no different from any other type of commercial outfit. The only difference is that they sell a unique product. Other than that, basic business rules for growth and expansion apply to them as well.
Some experts state that the hemp industry within America is expected to be worth close to $40 billion (or more) by the year 2030. That is a sure sign about the staying power of hemp products and the bright future of this industry.