With new rules and regulations covering the marijuana industry, numerous adult-oriented items infused with 0.3% CBD are flooding the market. With new studies recording the potential medical benefits of CBD, the demand for such products is increasing. New industries are trying to expand their services into the CBD market. According to research conducted by BDS Analytics and ArcView, the CBD market will rise to $20 billion industry by the end of 2024.
Retail sales
CBD has become a health-conscious product. In 2018, the sales of hemp-related products were around $238 million but, in 2019, the sales have spiked 57% more than last year. With more and more investors pouring over marijuana stocks, it is possible to find numerous products in the near future. As of now, starting from bath bombs to oil, you can find numerous consumable and topical application CBD products. CBD products have gone past the pharmacies and have reached the malls and grocery stores in many states of the USA. However, only 28% of the total sales have come from retail stores. 41% of sales were boosted by internet platforms.
The popularity of the product
Currently, there are 33 states where marijuana is legalized for medical purposes and ten states are open for recreational hemp. Many main-stream supermarkets are yet to open their business for CBD products. However, according to BDS Analytics reports, these supermarkets will first start with topical solutions, spray, patches, and others, before digging into consumable products.
Who are buying CBD products?
According to a new poll, around 14% of adults in America are using these products. This percentage value amounts to 1 in 7 adults. The most common age group who are interested in the product is young working minds between the age of 18 and 29. Around 8% of the users are more than 65 years of age. 44% of the customers are using CBD oil, tinctures, and related products. 26% are into topical application products, 22% are into capsules and only 19% are into infused beverages and food items.
Number of CBD products in the market
The number is growing by the minute. Do you know that the wages of a cannabis work is far higher than an average working American? This shows the demand in this industry. Currently, you can find more than 850 branded hemp-based products and 150 CBD products including top brands like Dwight’s American marijuana. As the industry develops, we can see a number of industries rising from America.
The problem of fakes
With the current boom and profit, it is no mystery that numerous fake products have uprooted to make small-time money by scamming people. Every now and then, there is numerous news about people falling sick after using fake CBD products. With no FDA regulations and government control, it is harder to track these products. However, the FDA has banned more than 25 brands for mislabeling and advertising fake promises related to CBD. There are numerous articles on the internet, which provide ideas and tips to weed out (pun intended) the fake products in the market. The authenticity of those ideas is another questionable element.
A guide to CBD products
Above mentioned 150 brands of CBD products are not similar. When it comes to CBD, it is an umbrella term. You can find numerous types of products under it, with varying properties and benefits.
There are two major types of CBD products; CBD Extract and CBD Isolate. CBD Extract is an oil-based substance, which is usually dark-honey colored. These are similar to concentrated solutions. If you find these in any store, you will always find a syringe or container to dilute it for the right dose. These have maximum benefits and are also called full-spectrum products. This is a consumable product. The extract is also found in pill or oil-capsule style. The components in these capsules might vary based on the type of brand. Some brands have high-quality CBD from high-quality hemp plants. In some cases, an oil carrier is added to extract. These capsules are fast in action but, lower in effect.
CBD Isolate or Broad-spectrum products are usually white power in structure. These are processed and have a lesser effect than the CBD Extract version. However, they are low cost and they absolutely do not have any mood-altering effects. This isolate is used by mixing it with any oil, usually coconut oil or MCT oil. It does not dissolve in water. In some cases, these powders are added to a capsule. You can sprinkle them in your food items or smoke it. The Isolates are used in beauty products like lotions, toners, soaps, bath bombs, serums, masks, and others.
Do you want immediate effect? Try CBD concentrate. These are edible forms and they give the effect in less than five minutes. The effect can last even 3 hours. This is of very high concentration and has to be inhaled using a vaporizer or heater. This is usually used by smokers to get out of addiction.
The newest style of CBD is the water-friendly CBD. As mentioned before CBD is fat-soluble and not water-soluble. But, the water-friendly CBD can be dissolved in water enabling to make beverages infused with CBD. Both extract and isolates can be used for beverages and snacks made of CBD. Common snacks found with CBD are chocolate, gummies, brownies, cookies, suckers, and others. These are commonly opted by those using for the first time. This helps to mask the natural taste of the product.
If you are looking for a long-lasting effect, you could try the CBD suppository. However, the procedure of using it might be unconventional. Suppositories are small bullet pills, which have to be inserted into the user’s anus to aid direct absorption into the bloodstream leaving the effect for 8 hours.
Apart from these, there are pet-versions. You can find specific products for each species of pets. Common types of CBD products in the pet section are cookies, sprays, capsules, tinctures, and others. Beyond all these, there are numerous new products, hybrid and others in the market.
