Cannabidiol, CBD for short, is a product of cannabis and it has a wide application for various health conditions and therapeutic purposes. Recently, there has been an increase in the demand for CBD oil, among other cannabis-derived products. The market has been moving globally and the estimated value of the market is already projected for US$10.6 billion by 2025.
In the third quarter of 2019, larger demands are being placed on the products. Here are factors responsible for the recent high demand for CBD oil.
1. More Pharmaceutical demands
Having found the vast benefits of CBD, many health practitioners are recommending it for their patients who may have health conditions such as depression and anxiety, alleviation of Cancer-related symptoms, and even pain. More so, so many recommendations keep growing for CBD oil and other related products that serve important health benefits.
2. Dietary awareness purposes
The food industry in the never-dragging (food) market is optimizing CBD products to provide dietary functions for its customers. Many of those who were discouraged because of the negative stigma of cannabis in the past are trusting the foods because they are certain that the Foods and Drugs Administration must have passed them.
3. Favorable Policies
Major states in the U.S. have passed the bill to allow the sales of edible marijuana products and extracts. States California, for example, passed the bill that encouraged physicians to recommend marijuana products. Colorado, Alaska, Montana, New Mexico, and so many other states have legalized the use and sale of (medical) cannabis with low tetrahydrocannabinol contents.
With these laws, more companies are stepping into the light and more people are bold to make open demands for CBD oils and other derivative products.
4. Contribution from Investors
Large multinational companies are investing in the marijuana industry, making it possible for people to largely trust the industry and the market, and giving birth to more manufacturers of CBD oil and products. Knowing well that investors contribute largely to a market, Sugarmade, Cannabis Strategic Ventures, Hemp Inc. and so on opened a large demand chain in the market via their active contribution and supply to the industry.
5. Campaign and awareness:
Since many states have favorable policies for the sale of CBD and other cannabis-related products, many companies now make campaigns and awareness programs. For example, cbdMD, a US-based CBD company has been doing a lot of awareness and market promos that would open people to trust the cannabis product and market. The cbdMD team is a team of notable athletes who are giving voice to the company’s products, talking about the immense, yet true, values of CBD.
With a vision to offer premium products, cbdMD embarks on rigorous quality assurance routines both internally and externally, making sure that while their marketing strategy works, consumers of these products would come to meet quality products as described.
There are no doubts about it; the CBD markets will only witness an upward call in the economic perspective, finding its strength on the aforementioned major factors.