The hemp industry has experienced an increase in the demand for CBD in recent years. This, however, doesn’t mean that the business has reached its peak because we have just started scratching the surface of CBD’s potential concerning its usage.
How the CBD craze started
CBD became federally legal in 2014 for the very first time in 75 years after the 2014 Farm Bill was passed. This saw the licensing of special farms under state Hemp Research Pilot Programs. The legalization opened the door to mainstream acceptance, but CBD was still considered as a fridge product. Companies looking to sell CBD products have to work with these special farms licensed under state Hemp Research Pilot Programs.
Regulation of the CBD products
Many states still do not know how to regulate CBD and there were regulatory contradictions between state departments. The companies also had a hard time trying to obtain ordinary banking services and even shipping partners to transport the products.
CBD products market
Although larger corporations and traditional marketing platforms did not want anything to do with CBD, independent retailers adopted the product well. Pharmacies, chiropractic offices, and nutrition stores recognized the demand and health benefits for their customers and hence stocked the product. Customer interest built slowly until 2017, and with marketing opportunities blossoming, there are possibilities of some companies not being concerned about the quality of their products, which damages the customer’s perception of the efficacy of CBD. You can always get more info about CBD products before using them to choose which product is right for you.
The 2018 Farm Bill
December 21st, 2018 saw the hemp industry take its largest step forward following the passage of the 2018 Farm Bill that transitioned hemp and CBD from pilot programs to permanent legal status. This caused a paradigm shift in how Americans looked at and treated CDB almost overnight. FDIC banks were not left behind because they were ready to open accounts for CBD companies. The customer service teams fielded questions and also shifted from whether the product was legal to what CBD products would be right to use. Medical research universities are now co-sponsoring studies on the possible effects of CBD products. The removal of CBD products from the World Anti-Doping Agency’s list of banned substances came as good news to sportspeople.
Lack of medical research about CBD has raised many claims that CBD is just the latest health fad. This, however, has not affected the customer’s increasing demands for hemp. There is increased clinical research about the product and experienced CBD users have become more vocal on its effects and it is clear that it is not just a health craze. Harvard Medical research recognized inflammation as a common factor in many diseases, and CBD’s anti-inflammatory, non-psychoactive properties make it suitable for use.
The 2018 Farm Bill saw interest from major retailers with the amount of retail stores across America stocking CBD products increasing significantly. The innovation that is currently building up makes it impossible to predict exactly how the CBD will be in the coming years.