In 2019 the cannabis industry made a lot of progress and many firsts made history. Illinois became the 11th state to legalize recreational marijuana. A new legislation, the SAFE Act provides banking services to legitimate marijuana-related businesses. Most importantly a marijuana reform bill The MORE Act will correct the historical injustices of failed drug policies that have disproportionately impacted communities of color and low-income communities.
With the explosive growth of the cannabidiol (CBD) it no longer is a cannabis sub-category. It’s now a full-blown industry of its own. It has taken a strong hold with the public and will continue to generate products and profits.
What’s ahead for CBD in 2020?
Hemp Farmers will Level Out
Land licenses given to U.S. farmers to grow hemp quadrupled this year, according to the Vote Hemp advocacy group. That said, many of these first-wave farmers jumped into the industry without any real experience. With the increased regulatory compliance on the horizon, expect to see those that can’t keep up exit the business.
Consumer Awareness will Improve
From bath bombs and beverages to pet oils and dog treats; there’s a dizzying array of products that contain CBD. That said, now more and more people are going to pay attention to the product they are taking. They will realize that certification and dosing matters.
As CBD continues to dominate the wellness arena expect to hear more questions about the “it” ingredient. This includes, how do I know that it’s safe? and, Is this product right for me?
Introducing other Cannabis Derived Compounds
This year expect to see lesser-known cannabinoids get widespread attention. Did you know that CBG and CBN are two compounds similar to CBD? They can help with sleep, pain inflammation, appetite, among other symptoms.
With companies introducing interesting new products that use minor cannabinoids, expect more concerns from the FDA about safety and use to arise.