CBD Trends 2021
The new year sets new expectations regarding the hemp CBD industry. Two years ago, many predicted that there would be an increase in the sale of CBD goods in 2020. It turned out to be true, but no one would have expected the coronavirus epidemic to be the causal factor for it. Look at any list of CBD product trends 2020 published in December 2019, and you would not see the word ‘COVID-19’ mentioned there. This proves that the future is unpredictable.
While the epidemic threat is still there, some CBD industry changes are also likely to happen this year. The industry continues to boom, but what would the year be like for it? Here, we will compile some predictions on CBD trends in 2021 that you should watch out for.
Six Hemp CBD Trends For 2021
CBD Sales To Continue Being On The Rise
Thanks to its growing popularity, industry insiders and experts expect that cannabidiol sales would keep going up over this year. The sales figures have only been increasing over the past few years, and no change is likely to happen to that. If you go by New Frontier Data’s estimates, the CBD marketplace would be worth $1.30 billion next year. On the other hand, a BDS Analytics and Arcview study indicates that the sales would reach over $20B in 3 years. The figures are startling, but it is important to realize the infinite potential that the industry provides.
The FDA To Soften Its Position On CBD Goods
The Food and Drug Administration approves selling only one CBD product as a treatment option, and that too, for specific forms of epileptic seizures. For your information, the FDA is the federal agency that decides which goods can enter the marketplace, and what forms of claims are permissible about these products. Industry experts expect the federal government agency to relax those rules and regulations. They also hope that it would assess the legislation again, and put cannabidiol in Controlled Substances Schedule V or perhaps remove it from all the schedules.
For your information, substances that come under Schedule V have a lower possibility for misuse than those in the preceding schedule. It is worth noting that, that is just a technicality, and that, there has not been any reported case of CBD overdose. A substance overdose can only happen due to misuse or abuse; CBD is non-addictive, so it cannot cause this issue.
CBD Products To Be More Diverse
Two fascinating aspects of CBD goods are that these are versatile and diverse. Cannabidiol comes in a variety of shapes and sizes; adding to its advantage, it is consumable in various ways. There is already a vast set of CBD goods in the market, but industry experts expect it to grow in the coming years. Cannabidiol brands continue to experiment and make progress through CBD beverages made with nanotechnology.
Companies from several other segments are branching out to include CBD products in their portfolios. Undoubtedly, this is one of the best ways to cash in on the existing popularity of cannabidiol. The market now has a wide range of CBD goods, including everything from gummies to pillows. That product count will only grow to help meet the burgeoning demand for CBD.
CBD Investment To Go Up
It is a good idea to invest in a CBD business, considering the ample chances to make profits and grow. For that reason, top corporate businesses are ready to put money into a CBD enterprise. Several businesspeople realize those possibilities. That is why you may come across several CBD businesses in the lists of top-performing stocks. Besides businesses, even people are attempting to gain from the CBD market boom. The CBD market growth is expected to exceed 55% annually in the coming few years.
More States To Be On Track Of Legalizing Cannabidiol
The process of legalizing cannabis and products derived from the plant has been going up worldwide. The US passed the Farm Bill in 2018, which legalized the manufacturing and trade of hemp and its CBD derivatives. Several US states have made the utilization of cannabidiol legal, but it is illegal in a few states even today. Anyhow, according to industry experts, those few states are in the process of legalizing CBD goods.
The Cannabis Dispensary Count To Grow
There is a growing trend of starting new cannabis dispensaries due to cannabidiol’s continuous growth. These are all retail outlets that can sell cannabis derivatives to people in the US who have medical marijuana cards. Despite all those strict laws and guidelines, the dispensary count is going up and will keep growing. Individuals now apply for licenses and permits to start these outlets in new places to help meet the requirement for the products from customers.