Ever since the passing of the 2018 Farm Bill, the CBD market has been rapidly evolving. CBD studies can hardly keep up with the influx of data as more and more people learn how CBD can improve their lives. Here, we’ve compiled some of the most insightful CBD market statistics we’ve encountered over the years to inspire and inform you.
2500 B.C. - the approximate year that the first medicinal use of hemp is recorded in ancient China
A pharmacological book advocated for hemp usage to alleviate cramps and pain and to promote inner harmony. Also in Ancient China, Emperor Sheng Nung drank tea infused with cannabis to improve his memory.
1970 - the year Nixon’s War on Drugs classified cannabis and all its byproducts as a Schedule I drug, conflating THC with CBD and making CBD illegal
At the time, not much was known about cannabinoids, and it was difficult to extract and separate THC and CBD from the cannabis plant. The controversial War on Drugs significantly slowed the research into the medicinal properties of cannabis.
1996 - the year California became the first state to legalize cannabis for medicinal purposes
This California law, Proposition 215, was introduced by a man named Dennis Peron in memory of his partner, Jonathan West, who had used cannabis to treat symptoms of AIDS. This marked the beginning of a nationwide shift in cannabis perception.
2018 - the year the Farm Bill passed, legalizing commercial hemp production across all 50 U.S. states
The 2018 Farm Bill, or Agriculture Improvement Act of 2018, allows industrial cultivation of hemp and hemp byproducts that meet certain licensure and THC requirements. This monumental decision has paved the way for the CBD market as well as hemp’s increased usage in sustainable textiles and consumer goods.
$1 billion - the value of the CBD market in November 2019
Many entrepreneurs have been cropping up in the cannabis industry as part of what’s been called the “green rush.” Cannabidiol has gone from a near-completely unknown substance to a household name in less than two years.
$20 billion - the projected value of the CBD market in 2024
An estimated 1,000+ CBD industries have cropped up in the last year alone. It’s also one of the most female-dominated industries, with an approximated three-fourths of CBD executives being women.
706% - the growth rate of the US CBD market in 2019
The growth rate is predicted to stay on this astronomical trend in 2020, despite the supply chain disruption as a result of COVID-19. New regulatory activity after the 2020 election could also have a significant impact on the future growth of CBD market statistics, but the direction the market will go is uncertain.
70% - the approximate CBD statistic of products in 2017 sold online that had misleading labeling
The only prescription medication involving CBD is used to treat epilepsy, and beyond that, over-the-counter CBD products are largely unregulated in most states. Because of the lack of FDA regulation, many companies have gotten away with selling inferior CBD products online. That’s why you need to ensure your product comes with third-party lab testing!
68% - percentage of Americans who supported cannabis legalization in September 2019
According to the latest CBD market statistics, an overwhelming majority of Americans support legalization for medicinal use, while a smaller but no less significant amount support marijuana legalization for all purposes.
10% - the number of Americans between ages 18-44 who use CBD regularly
Another CBD study estimates 7% of all Americans are regular users of CBD for pain, inflammation, anxiety relief, epilepsy, and much more.. This number is constantly growing as the popularity of CBD increases and the stigma surrounding cannabis decreases.
40 - the average age of CBD consumers
CBD generally tends to be more popular among young people than the elderly. CBD market statistics show that users are also more likely to be women, highly educated, and working full-time than non-users.
35 - the number of U.S. states where medical cannabis is legalized
Recreational use of cannabis is allowed in 15 states, while 16 states and the Virgin Islands have decriminalized cannabis. In addition, 975 bills are moving through state legislatures and Congress for the 2020 elections.
120+ - the number of different cannabinoids found in hemp.
CBD is just one of the many unique compounds found in hemp. When using a full-spectrum CBD product, these cannabinoids work together with CBD in a phenomenon known as the “entourage effect” to provide maximum relief.
0.3% - the maximum legal amount of THC in industrial hemp under the 2018 Farm Bill.
Hemp has to contain less than 0.3% THC to be produced industrially, according to the 2018 Farm Bill. The U.S. CBD market consists largely of products derived from hemp as opposed to marijuana.
90 seconds - the amount of time you should hold CBD oil under your tongue for sublingual application.
Sublingual application is the most popular method of administering CBD oil, but CBD oral ingestibles are arguably the most popular method of administration overall.
0 - the amount of harsh chemicals solvents, pesticides, herbicides, or other harmful ingredients present in EndoCoast CBD.
At EndoCoast, we pride ourselves on holistic, organic CBD oil that you can trust. All of our products are rigorously tested by a third-party lab so you can benefit from the maximum potency and efficacy CBD has to offer.
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