By Kaisha-Dyan McMillan, journalist specializing in the cannabis industry
Cannabis and hemp-derived CBD products are forecasted to generate $20 billion in sales by 2024, according to BDS Analytics and Arcview Market Research. One of the fastest-growing consumer product categories in the U.S., CBD’s ability to address a range of ailments without producing intoxicating effects has led to its evolution from a cannabis product category to a market all its own.
Explosive consumer demand for CBD products has led to their appearance in supermarkets, convenience stores, cafes, spas, and other non-dispensary retailers, despite the lack of agency oversight and confusion over CBD’s legality. For cannabis hemp businesses in California, a state with a longstanding culture of healthy living, CBD’s acceptance reaches far beyond cannabis into the larger wellness industry.
High Demand In A Legal Limbo
Even though cannabis is legal for all California adults under Prop 64, the California Department of Health applies federal law in its regulation of cannabis products. While the passage of the 2018 Farm Bill allows for the growing and cultivation of industrial hemp in the U.S., sourcing CBD from industrial hemp for use in food, cosmetics, and other products is illegal. The FDA also has yet to approve and regulate CBD, which means even under California law “CBD products are not an approved food, food ingredient, food additive, or dietary supplement”.
Nevertheless, consumers have started embracing over-the-counter hemp CBD to largely address pain, anxiety, and sleeplessness. CBD product sales in licensed dispensaries have been reportedly growing more quickly than overall dispensary sales since 2014. At the same time, CBD’s popularity appears to be fueling growing consumer interest in cannabinoids: BDS Analytics and Arcview Market Research project a combined market of THC and CBD products will lead to the establishment of a cannabinoids market worth $45 billion by 2024.
Explore how California operators can learn from the intersection of cannabis and wellness by joining us for “The Case for Why There Should Be Integration Between Cannabis & Natural Wellness.” This educational panel is one of many to be featured at NCIA’s 3rd annual California Cannabis Business Conference, the only industry trade show focused on the unique challenges facing the largest cannabis market in the world. Join us October 8-9 in Long Beach – Register today!
Kaisha started journaling when she received her first diary at the age of 9. The practice of using words to document thoughts, process feelings, and weave a story was intuitive from the moment she set pen to page.
When considering a niche in 2016, she originally chose cannabis because of her experience taking it for wellness. After taking a weekend seminar at Oaksterdam University to educate herself further, it became clear that her marketing background and writing skills were how she could best help this burgeoning industry. Her favorite cannabis copywriting projects are those that reduce stigma, provide education, and help consumers understand how cannabis could be a viable holistic option for their needs. As a Gen X African-American woman, her journalistic focus is on the women and people of color doing amazing things in the industry, especially in her hometown of Oakland.