CBD is going to have a major impact on a number of industries in the next 5 years. There is so much research going into how it can benefit as many people as possible, such as helping people with anxiety to treating potentially fatal conditions like cancer.
To date, the FDA only approves the use of CBD oil for treating a serious but rare form of epilepsy. However, in 2018, the Farm Bill made hemp-based CBD legal so it might not be long before states across the control also legalize it.
So far we have only described how it can benefit in medical terms but with the way that it’s headed, CBD oil is going to play a much larger role in society. Here is what you can expect to see in the next 5 years in relation to CBD oil.
1. CBD Oil Will Promote Business And Create Jobs
In the next 5 years, CBD oil will promote business and create jobs. Let’s describe the former first.
Traditional banks do not usually fund or provide banking options to businesses involved in the marijuana industry. This is mainly due to legal reasons.
This has created a need for banking services to such companies. Small lenders and credit unions are beginning to fill the gap, providing them with cash and other products to help grow their businesses.
Since 2014, there have been 486 local banks and credit unions taking on clients in the cannabis industry, and this number is only going to increase over the next few years.
To name one in particular, Severn Bancorp, a bank based in Maryland, provides banking services. In return, they charge cannabis companies large fees for maintaining their accounts and products.
Now let’s talk about the creation of jobs.
With the legalization of CBD oil, you can expect many sectors to create jobs to accommodate. One sector that stands to benefit is law.
Depending on your location, the law dictating whether CBD oil is legal is still up to interpretation according to CoolThingsChicago. This means that legal advice is necessary for trading in the cannabis and CBD industry.
Lawyers responsible for this are appropriately called ‘cannabis lawyers’. You can expect to see the number of practices specializing in CBD to increase in the next 5 years.
2. CBD Oil Will Hit The Beauty Industry
CBD oil is going to attract much attention over the next 5 years in the beauty industry too according to Kyro. Due to its anti-inflammatory properties, CBD oil can help to relieve pain, while also helping to reduce and clear breakouts and acne with antioxidant properties.
For these reasons, it’s entirely possible for large manufacturers to start producing creams, moisturisers, etc containing CBD. It wouldn’t be surprising to see companies using it with facial products like mascara and lipstick too.
Sephora is a large retail company that has started to do just a thing. They are selling a number of products, listing CBD as an ingredient. Other companies use it too – they refer to these products as ‘beauty and bong’.
Over the next 5 years, with more legalization and acceptance of CBD, there will be more and more products like these hit the shelves of online stores too. At the moment, most CBD is sold via brick-and-mortar stores. so it’s only a matter of time before e-commerce becomes a major player in the CBD oil industry.
Companies are already preparing for it. For example, the European company MeadowLife allows consumers to access and purchase CBD oil online.
When e-commerce becomes the norm in the US, expect CBD retailers to scale faster and grow exponentially; more people can get access and have it shipped directly to their door.
3. Food And Drink Companies Want CBD Oil
You’ve probably heard about pot brownies before. But what you probably didn’t know is that there are lots of food and drink companies that want to use CBD oil too.
For example, Dixie Elixirs produce truffles and other treats infused with marijuana, with other companies following suit, including high-end chocolate company Defonce Chocolatier.
According to research conducted by IWSR, more people are consuming products that contain both alcohol and cannabis. With fewer people drinking alcohol than ever before, breweries, wineries and spirit companies are looking at cannabis-based drinks.
For example, in the UK, a company called Diageo, responsible for producing popular brands such as Smirnoff Vodka and Guinness, are in talks with Canadian cannabis companies to create a drink together.
AB InBev has already taken the leap, joining up with Tilray in a deal with $100 million.
Producers of alcoholic beverages also often offer non-alcoholic alternatives so consumers can enjoy their drink without coming into contact with the drug.
They will also do the same for their CBD oil-infused drinks along with other soft drink producers. This sector alone is expected to be worth $600 million by 2022.
It has been reported that Coca Cola is in talks to roll out a CBD-infused beverage so watch this space.
4. CBD Oil Will Be Used To Treat Serious Illnesses
While the other previous uses are great, you can expect the interest surrounding CBD to explode in the medical industry.
To start, the National Cancer Institute has reviewed a number of studies into this area and while there have been mixed results, there is promising potential that it can be used for treating cancer.
While there also exists some research that connects cannabis and carcinogens chemicals, there is no conclusive direct link between the intake of marijuana and cancer. Furthermore, ingesting CBD does not leave the body at risk to the same carcinogens as marijuana.
In the present day, there are yet to be any large clinical trials that are testing if cannabinoids can be used as a definitive cancer treatment. All the studies that have been taken thus far are in small samples.
Conclusion
There are so many industries that CBD oil will impact. It’s being integrated into society more and more every year. It’s just a matter of when, rather than if, you will change your mind about it.
Contributed by Codrin Arsene