Cannabis isn’t going anywhere. Today, it has become trendy and one of the popular ingredients used for experimenting with various wellness products and solutions. All the legalities surrounding cannabis are vast and will keep changing from time to time. Having said that, today most of the nutraceutical companies are on with multiple experiments regarding CBD products. It can lead to huge profits for these brands. That aside, it might also have several legal ramifications, which can differ across the legal jurisdictions.
It can get slightly complicated to move through the cannabis industry, as it comprises of cannabidiol, marijuana, and hemp. If you look at the United States, the sales of CBD products are anticipated to increase by more than $646 million this year. It is estimated that the natural product and specialty market make around $184.3 million. Here hemp is one trendy ingredient, irrespective of its use and regulation. Today you can buy online from CBD Luxe to know how the companies are leveraging the nutraceutical trends.
Hemp is present
Back in the 1970s, cannabis got known as Schedule 1 and didn’t get permission to be cultivated in the United States. Apart from that, the Hemp Farming Act of 2018 brought in a change. Today, growing hemp is legal, and that enables people to make use of more CBD products, that comprises of the nutraceuticals as well. The proponents of this act will argue that it can help stimulate the economy, develop job scopes, and refresh the farming communities. That aside, a recent estimate suggests that the hemp industry will be at $1.9 billion approximately by 2022. It seems to be a huge increase from what it used to be in 2017.
It is essential for nutraceutical companies in several ways, as the trendy ingredient gets used in several functional goods and supplements. It is also used in beverages. When nutraceutical companies start to purchase the hemp grown in the United States, chances are that they will have increased control over the supply chain. Hence, qualifying the suppliers will be simpler.
The studies projected that from 2019 onwards, CBD would boom. Here the nutraceutical companies along with the beverage and food brands, are waiting to add it to various products. Hence, CBD has a chance to impact the functional food industry greatly. The supplement organizations have started to integrate it to various formulas. Today, the figures are motivating and it might appear that CBD acts as a goldmine of opportunities.
Even though hemp proves to be good for a few dietary and food supplement, when it comes to the United States, people have an inclination towards CBD. The FDA in 2018 had sanctioned certain drugs that contain CBD for treating seizures. The other drugs that contain CBD are under clinical trials, awaiting positive outcomes.
Hence, CBD is here to stay, and nutraceutical companies will make the most of it in the years to come. That will ensure that you have better CBD products that you can use in your daily life.