Cannabidiol (CBD) has developed a positive reputation not only by those who use the product, but for those within the industry. Industry insiders expect that by 2027, the CBD industry’s value will reach $57 billion.
CBD Industry Predictions for 2019
Here are five other expectations, at least for this year:
Growth and Jobs
First, the CBD industry is expected to grow in the next few years. By 2022, legal sales may reach over 27% per year, and ultimately, $22 billion. Such growth necessitates more jobs. The industry is expected to grow 21%. The industry currently employs anywhere from 125,000 to 160,000 workers and by 2022, that figure could reach 340,000.
Better Understanding of CBD
Second, it is expected that understanding of CBD will improve as well. Though the general information around in the past few years has cast CBD in a poor light, it looks like the tide is turning. With more legalization, researchers have been able to study cannabis and its properties so that everyday consumers can make the right decision for their needs.
Currently, a number of universities have also been teaching about CBD. For example, a course on the Psychology of Cannabis is being offered at the University of California, Davis. Further, a course of the biology of cannabis is being offered at the University of Vermont. These types of courses expand knowledge concerning CBD and may impact its perception as well.
Impacting Other Industries
Third, CBD may impact other industries that are interested in using the substance in their products. For example, large scale brands such as Johnson and Johnson is researching medical marijuana and has signed with some brands to create future products.
Another sector that is using CBD is the wellness and beauty industries. There are dozens of products, such as creams, oils, and supplements that contain CBD. And interestingly enough, the food industry is also looking into the substance as well. The industry is rich in edibles that are infused with CBD.
Maybe a Replacement for Alcohol
Fourth, CBD may be, to some at least, a replacement for alcohol. There are a number of reports that show a decline in alcohol use where CBD has become legal. Whether this type of effect will carry over time is still questionable.
Lastly, there is a major question as to whether the federal government will designate CBD as legal. The federal government, if it does legalize CBD, may be able to rake in a great deal of tax revenue and generate more jobs. Further, the shift may be made more likely due to the shift in public perception. The more support that medical marijuana has, the more likely it will be that the federal government legalizes it.