With CBD products promoted right on the Academy Awards stage, there’s no doubt this market is growing like never before. СBD sales are expected to increase to $22 million in the next three years.
Partly, such fast growth is caused by the status of a wellness product that CBD got thanks to its pain management features without producing the high. Wellness goes beyond adult-only and medical-only consumption, so the demand for health CBD products is blowing up.
Sephora, a big beauty brand, now has dedicated shelves for CBD. This year, many Oscar gifts were CBD products. Even Martha Stewart is in the game.
Cannabidiol is added to cosmetics, food, beverages. It’s used to reduce all kinds of pain, from headache to menstrual cramps.
The Farm bill that came into force last year contributed a lot to the CBD popularization. It legalized cultivating CBD and made it possible for CBD to cross state lines.
There are still problems to solve. FDA is developing regulations for edible CBD. Currently, edible CBD-containing products are restricted in New York, Ohio, and Maine. It’s not legal to sell food and beverages with cannabidiol there.
At the moment, about 7% of Americans use CBD product, and this number is predicted to increase to 10% in the next couple of years, bringing new users to the growing wellness market.