The Rise and Growth of the CBD Industry Since 2018
For centuries, civilizations have used cannabis for medicinal and recreational purposes. Cannabis has benefits but was mostly illegal in the United States from the Marihuana Tax Act of 1937 until 1996 when California first allowed the use of cannabis for medical conditions.
Since then, more states have legalized it for medical use. A growing number of states have also been legalizing it for recreational use, starting with Colorado and Washington in 2012. This rising permissiveness opened the door for the 2018 Farm Bill, a change in federal law that brought on a boom in the cannabidiol market size and a wave of new products.
The Farm Bill: What Changed Everything
In 2018 Congress passed a revamped version of the Farm Bill, a law regulating agriculture that it updates every few years. The Farm Bill of 2018 partially undid cannabis-banning laws like the Marihuana Tax Act of 1937 and the Controlled Substances Act of 1970.
It did come with a stipulation that the cannabis grown had to be industrial hemp. In the previous Farm Bill of 2014, Congress had defined industrial hemp as cannabis with no more than 0.3 percent tetrahydrocannabinol or THC, the chemical compound that causes the high. The 2018 Farm Bill legalized all products derived from industrial hemp.
This stipulation opened up the door for hemp industries to branch out and explore the other opportunities stemming from the cannabis plant. Scientists knew that CBD existed and had isolated the compound in 1946, but because of the USA's rules, research on what the compound could do was limited.
Since the legalization of industrial hemp, research has quickened to find out what CBD can do and whom it can help. This research led to the development and approval of Epidiolex, a seizure drug made of highly purified CBD. However, other forms of CBD have not been approved by the FDA for any medical use.
CBD Industry Taking Off and CBD Industry Growth
The CBD industry came onto the scene well before the 2018 Farm Bill, but these companies operated without federally lawful domestic cultivation. The first products to come to the US were imported from China but were quickly deemed unsuitable for mass distribution because of pesticides and heavy metals.
After the Chinese products, CBD products started coming in from several European locations, which led to legality questions and eventually the use of domestic cultivation after 2018. The FDA approval of Epidiolex meant that the government considers CBD a drug, but CBD made by other companies has no federally approved uses. States had to make their own decisions on how that CBD could be used. Could it be put in food and sold, or did it need to be more regulated?
Every state now has its own set of CBD rules. A few states forbid it except for Epidiolex, while another small set has CBD completely legal in all forms. The largest group of states have several restrictions in place but mostly ban CBD from being sold in food.
Through the years, the CBD industry has seen unprecedented growth. Since the Farm Bill of 2018, more and more online and brick-and-mortar retailers have sprung up. The market has exploded with information as well. Studies are multiplying to see what CBD is capable of and how to use it. The CBD market size has gone from a few sites online and a few stores across the country to CBD being sold in 47 states.
cbdMD Coming Onto the Scene
cbdMD came into the scene very early in the CBD industry boom. Our approach has been to educate consumers on products that would work well for them and about CBD as a whole. We come at things with a positive and informative attitude. We want everyone to know what CBD can do for them and how it works.
We have a process that starts with non-GMO, American-grown hemp. Then we test to make sure it meets all standards and have it tested again by a third party to ensure there is no bias about the hemp quality going into our product. Then we combine the hemp extracts with other high-quality ingredients to create products for every lifestyle, from tinctures to gummies to topicals – even pet products.
Once the final product batches are complete, we test them through an independent lab once more to ensure purity and potency. We also make those final lab results available on our website for your inspection.
Because of our willingness to answer questions that consumers are asking and our products’ quality, we have grown rapidly from a tiny startup to who we are today. We want to be the best place of education for the CBD industry. We have also expanded into new and exciting partnerships.
We have paired with athletes like MMA fighters and track athletes and podcasts like the Joe Rogan Experience and Armchair Expert. We work with athletes to help them perform their best in their matches and out of them, and working with podcasts allows us and users to hear anecdotes about how CBD has helped them.
Where are we going from here? We are working to become the place to go to for CBD education. We want to have all the answers you need, like what CBD oil is the best for you or what CBD product will be the best for your pet, as well as answers to questions you may not have even thought about yet. We are going to continue to grow and expand in the CBD industry.
Wrapping Everything Together
The Farm Bill of 2018 changed everything for the CBD industry. Once US farmers could grow industrial hemp, the CBD industry exploded from a few distributors importing products from Europe to hundreds of companies bringing thousands of different products to the marketplace. Before the Farm Bill, there could not have been a publication titled "The CBD Report." Some researchers and insiders knew about CBD before, but it could never have gained as much attention without the Farm Bill of 2018.
cbdMD came onto the CBD scene very early and has established a name for itself by winning awards and answering questions that our consumers have. We have worked to ensure the best quality of our product by having a strict process, and because of that quality and dedication, we have partnered with high-ranking athletes and podcasters to get their thoughts.
To keep up with what we’re doing, as well as what’s going on in the CBD industry at large, keep following this blog for news, product launches, educational articles, and more.