From Farm to Table: Unpacking the Budding CBD Industry and the Lives It Impacts
The Growth of the CBD Industry
Over the past few years, the CBD industry has seen immense growth. From oils to lotions to gummies, CBD products seem to be everywhere. The compound, which is derived from hemp or cannabis plants, is known for its potential health benefits.
Though the industry is relatively new, it is already worth billions of dollars. According to Forbes, sales of CBD products in the United States are expected to reach $20 billion by 2024.
Impact on Farmers
The growing demand for CBD products has created new opportunities for farmers. In order to keep up with the demand, farmers are switching from traditional crops to hemp. According to the USA Today, hemp acreage in the United States increased by more than 500% in 2019, with many farmers making the switch from crops like soybeans and corn.
However, the switch to hemp farming isn’t without its challenges. For starters, hemp is a highly-regulated crop. Farmers must be licensed to grow hemp and their crops must contain less than 0.3% THC, the compound that gives marijuana its psychoactive effects. Additionally, there is a lack of infrastructure for hemp processing, which can make it difficult for farmers to sell their crops.
Impact on Consumers
Consumers have embraced CBD products for a variety of reasons. Many people use CBD to relieve pain or reduce anxiety. Others use it to improve their sleep or to ease the symptoms of conditions like epilepsy.
However, the legality of CBD products can be confusing for consumers. While hemp-derived CBD is legal at the federal level, CBD that is derived from marijuana is still illegal. Additionally, regulation of the industry is currently limited, which means that consumers must do their own research to ensure that the products they purchase are safe and effective.
The Future of the Industry
The CBD industry is still in its early stages, which means that there is plenty of room for growth and development. As more research is conducted, we will learn more about the potential benefits and risks of using CBD. Additionally, increased regulation of the industry will help to ensure that consumers have access to safe and effective products.
One thing is certain, however: the CBD industry is already having a significant impact on farmers, consumers, and the economy as a whole, and it will be interesting to see how it continues to evolve in the coming years.