The U.S. cannabidiol market burgeoned after the passage of the Farm Bill in 2018. The Farm Bill legalized the commercialization of CBD-based products as long as they do not contain any more than 0.3% THC levels.
Federal regulators decided to legalize the use of CBD after researchers undermined misconceptions that the cannabinoid causes psychotropic effects. Extensive research ultimately proved that CBD offers a plethora of health and therapeutic benefits for consumers, with none of the hallucinogenic properties associated with THC.
Notably, most people are using CBD as more of an over-the-counter treatment to alleviate minor medical conditions such as headaches or pain. Moreover, CBD is also known to provide consumers with many beneficial nutrients such as protein, fiber and essential fatty acids.
Additionally, CBD provides consumers with amino acids, vitamins A, C, E, and B complex. Furthermore, studies have also indicated that CBD can be used to treat serious life-threatening conditions such as cancer, multiple sclerosis, HIV/AIDS, Alzheimer’s and Parkinson’s.
EASES COMMON SYMPTOMS
However, to note, there is no evidence that CBD cures or prevents diseases, even as researchers have boasted that CBD can help relieve some symptoms associated with some medical conditions. For instance, many conditions such as cancer or Parkinson’s can lead to chronic pain, which can affect daily life activities such as movement or even sleep. CBD is known to relieve inflammation and pain as well as stimulate relaxation.
Over the past year, CBD products have rapidly emerged throughout the U.S. and now consumers can easily find CBD products such as tinctures, topicals, oils and even vapes at their local convenience store, pharmacy and online. The widespread availability of CBD also highlights the massive expansion of the industry despite it being an underdeveloped market.
RESEARCH & CLINICAL TRIALS
Nevertheless, research and clinical trials are continuing to promote the benefits of CBD. And as a result, the U.S. CBD market is anticipated to deliver total sales of over $20 billion by 2024 while expanding at a CAGR of 49%, according to data compiled by BDS Analytics and Arcview Market Research.
CBD has been touted for its wide range of health uses, but so far, it has only been approved to treat childhood epilepsy syndromes, such as Dravet syndrome and Lennox-Gastaut syndrome. Last year, the U.S. Food and Drug Administration approved Epidiolex, marking the first approved cannabis-based drug.
However, the FDA has made clear that additional research is required in order to advance with more approvals. Notably, the FDA has since held numerous public hearings in order to further understand the efficacy of CBD. And while only one cannabis-based drug has been approved, the efforts of the FDA highlight that CBD is having a profound medical progression.
Currently, most consumers are using CBD to predominantly treat their insomnia or anxiety, but as clinical trials continue to develop, more approved CBD-based drugs could emerge. And according to WebMD, there is a long list of conditions in which there is insufficient evidence on the benefits of CBD.
For example, WebMD says there is a lack of evidence for bipolar disorder, Crohn’s disease, diabetes, dystonia, Huntington’s disease, schizophrenia and Parkinson’s disease. Nevertheless, researchers are actively conducting studies to better understand the effects of the compound.
Additionally, many industry experts believe that CBD could potentially become a medical breakthrough that could replace dozens of different traditional drugs on the market.
“While those in the industry, medical professionals and the public all seem to be in favour of CBD as a medical product, the stringent regulatory barriers in place before any product can be fully licensed require, quite rightly, extensive testing and trials,” said Dr. David Dawit, chief scientific officer at Eos Scientific. “The future of CBD looks incredibly promising.”