The cannabidiol industry isn’t going anywhere.
A recent report from London-based global market research firm Technavio predicted that the CBD oil market would see substantial growth in the next few years, pulling in a total of $1.9 billion from 2018 to 2022.
Cannabidiol, or CBD, comes from the Cannabis sativa plant and has shown promising results in treating a wide variety of conditions like epilepsy, pain, post-traumatic stress disorder, arthritis, depression, muscle spasms and more.
Who’s responsible for this massive industry boom? You guessed it – millennials, which make up the key demographic purchasing cannabidiol-derived items. A survey conducted in April found that 50 percent of young adults prefer the use of CBD over prescription drugs when treating mental health conditions like anxiety or depression. Technavio claims that the increasing global millennial population is likely responsible for the hefty market growth.
CBD can be used in formulas like topical creams, oils and edibles. While it comes from the same source as recreational marijuana, consumers won’t become “high” or addicted when they use it.
The effectiveness of CBD looks promising – a recent trial concluded that it helped relieve some symptoms in patients suffering from post-traumatic stress disorder, or PTSD. Patients who also received routine psychiatric medications and therapy for eight weeks were given varying does of CBD. At the end of the trial, 10 of 11 patients reported a decrease in their symptoms. Some also claimed that CBD helped reduce nightmares associated with their condition.
In another study, CBD alleviated symptoms in patients suffering from social anxiety disorder, which causes people to experience panic and severe stress during social interactions.
Consumer demand for CBD has significantly grown since the passing of the 2018 Farm Bill last December. The bill legalized the sales of commercial consumer products that comes from hemp. This means any part of the plant can be harvested for industrial use as long as its THC content remains at 0.3 percent or less.
While some skeptics continue to criticize the effectiveness of cannabidiol and hemp-derived products, one thing’s for certain – the CBD market is here to stay.