Signing the 2018 final version of Farm Bill was a major thrust that brought cannabis plant into the limelight. This Farm Bill was an enormous piece, which, among other legislation, supported the Hemp Farming Act of 2018. For clarity, hemp is still defined by law as the cannabis plant (yes, the same plant that produces marijuana) with one significant difference— hemp constituents cannot exceed 0.3 percent of the THC (the compound responsible for getting a person high).
For the next few years, hemp will no longer be equated under drug laws with marijuana, in fact, the department of agriculture will manage it as a crop (though with a certain level of restriction) rather than by the Justice Department as an illegal substance.
What It Means to CBD Oil Business
With the legalization of hemp, production and selling of CBD have been made cheaper, transparent, and easy to navigate for the consumers. Cannabidiol or CBD is now surging in popularity. A couple of years ago, very few people knew very little about CBD oils, but since the introduction of 2018 Farm Bill, CBD business has become the world's fastest-growing market. CBD oil industry is still young, and from the entrepreneur's perspective, this is a golden opportunity to capitalize on this brand-new industry. Almost all CBD oil brands are currently taking the market by storm, and they will definitely shape this year's e-liquid industry.
CBD Industry Is Growing Fast
According to the new data from New Frontier Data, CBD industry is getting "high." The current projection shows the business will hit $2 billion by 2022. The surge began in 2017 with the anticipation of new rules. For the first time, the CBD industry surged by 40% in 2017, hitting $367 million in sales. 2018 was a break-out year for CBD E-liquids with approximately $ 500 million sales. With 31 states officially operating frameworks that permit consumers to apply for medical marijuana and 10 states allowing marijuana for medical use, CBD oil business is now booming and has dominated the cannabis market in the past few months.
CBD E-liquid Market is Booming in 2019
To put the massive CBD boom into perspective, Giadha Aguirre de Caecer, the CEO of New Frontier Data said that by CBD products will account to approximately two-thirds of the $1.9 billion total hemp market by 2020, and about $2.1 billion by 2022. The fact is, consumers in E-liquid market views CBD oil as a miracle cure, and many CBD oil brands have penetrated the market in hundreds— if not thousands, of companies selling a wide array of CBD oils, vaping Juices, and e-liquids both online and in stores as they sell as fast as they are restocked