Hemp is the latest business boom, and companies are jumping on board with supplements, textiles, building materials, and more. CBD use is also becoming more common and its status in the economy is being felt. More than 1 out of every 4 Americans have tried CBD to relieve pain, stress, and anxiety, and by 2024, the CBD business as a whole is expected to reach $20 billion. The hemp market is extremely varied, though most commonly CBD itself and other types of hemp oil products, are being marketed to relieve stress and anxiety as well as many other maladies. With all the advancements from this miracle plant, it’s no wonder the hemp business is booming.
One of the biggest successes of hemp is that its CBD extract is being used to treat seizures with great success. While the only scientifically proven use for CBD is to reduce certain types of epileptic seizures, many users report significant results that show it may have many more applications. CBD has been shown to reduce seizures by up to 71%, regulate serotonin production, which keeps your mood stable, and has even been shown to increase neuroplasticity, which can improve learning and understanding new concepts. More studies are being conducted all the time, and it’s just a matter of time before we know just what hemp can do.
Commercially, CBD is one of the most popular applications of hemp, regardless of the fact little is known about its efficacy. Many people use hemp CBD in their lives to improve their lives based on anecdotal evidence or because of extrapolation of existing evidence to related systems. Within the past 2 years, use by people of all ages in America have risen sharply. Hemp CBD also comes in a variety of forms and many people use many of these forms such as spray or drops, vape, pill, as an edible food or drink, and even smoked. The large number of possible medical benefits have prompted many to incorporate hemp oil and products into their healthcare.
With all this experimentation comes great business opportunity. Not only is there business to be had through the cultivating, harvesting, processing, and selling of hemp, but there are also many ancillary businesses that stand to benefit as well. Containers, shipping, payment processing, building, facilities, equipment, and more are growing as a result of nationwide legalization of hemp. There are also strong needs for quality control businesses like labs and sterile equipment manufacturing for packaging and more.
New business opportunities are popping up daily in this industry, but lopsided deregulation is making it a tricky business to navigate within the confines of the law. Even simple things like credit card processing are tripping people up, so solving that problem will be a major business success. Keeping up with rapidly changing regulations creates unique challenges for the new industry, and those industries that get out in front of the challenges are going to be in the strongest position possible. Find out more about the future of the hemp business here.