There was a lot of progress in 2018 when it came to the legality of hemp products. The federal government decided to back down a bit. CBD is no longer jumbled in with marijuana as a dangerous substance. A Farm Bill is being passed that removes cannabis plants with zero THC from the Controlled Substance Act. Whether or not the Bill would impact the 2019 growing year is unclear at this point. It is looking like the CBD market and hemp market will progress quite extensively for the 2020 year and beyond. It has taken many years to get to this point. While hemp has been grown for many years now, the Controlled Substances Act of 1970 placed all cannabis products into one category. The benefits of these products are finally being acknowledged. Many states have chosen to take on commercial endeavors. It is hoped that many more states will follow in 2019.
Will CBD Take Over the Market in 2019?
During the years 2017 and 2018, the hemp market in the United States doubled in size. The next five years are projected to be even more impressive. The legalization of CBD derived from hemp is a real prospect. The Farm Bill of 2018 is going to legalize all of the derivatives of hemp. That includes CBD, extracts, and various cannabinoids. There is an issue with making the claim that CBD will take over the market though. No state is going to be required to start its own hemp program just because of a change in legislation. States can decide to deny the hemp program if they want to. Having permission doesn’t mean that this will predict the future of CBD in 2019.
Issues with the FDA
There is the possibility that the FDA will start to focus more of its efforts on the hemp market. They have the right to do so. This could greatly affect how CBD companies function. The Food, Drug, and Cosmetics Act could have an impact on many CBD brands. You could even see a decrease in CBD brands and companies because of tighter restrictions.
The Profitable Side of CBD
The World Health Organization has announced that they don’t believe that CBD can cause harm or abuse to a person who uses it. Pharmaceutical companies are starting to pair up with investors to grow the CBD industry. A CBD-based drug called Epidolex was released this past summer. It comes from the cannabis plant and it has seen a lot of success for people. A CBD market analysis done by some industry experts is predicting a possible growth of $3 billion for the next five years.
If you are thinking about getting more involved in the CBD market, now is the time to get involved. With legislation changing as much as it is and allowing CBD to become legal, there is nothing holding the market back. If the market continues to grow, the quality and safety of CBD products will only grow.