In the very same week that Camilla, the Duchess of Cornwall hailed CBD in a recent visit to a London Farmers’ Market, and online searches for CBD surpassed searches for “Kanye West”, you will be pleased to know that following the removal of hemp from federal prohibition under the Controlled Substances Act of 1970 (CSA), the cannabidiol or CBD market has been positioned to witness exponential growth!
At CBDecoded, it is our priority to make sure we share objective information, keeping you abreast of movements and developments in the CBD space in an honest and timely manner. With that said, it is really encouraging to learn about all of the above, particularly as nearly a century ago, federal regulators deemed hemp unsafe because it was classified under the cannabis family.
The common misconception about hemp was that the plant caused psychoactive effects on the consumer. However, emerging studies have completely contradicted the misunderstanding. Consequently, U.S. federal regulators decided to delist hemp from the controlled substances list.
According to Financial Buzz, the removal of hemp from the CSA is anticipated to create a financial domino effect, and it is particularly worth noting that banks will gain the confidence to provide accounts and more robust financial products to hemp companies. In return, it will allow credit card processors to process hemp-derived CBD accounts, both online and in major retailers. Subsequently, more and more retailers will explore the possibility of adding CBD-based products onto their shelves. A win-win for all.
As you know, since November 2018 in the UK, the legalisation and growing awareness of cannabidiol or CBD’s health benefits has pushed the market into mainstream retail. CBD is known for its multi-faceted uses such as its ability to alleviate minor conditions like headaches, which you can learn more about on our site. However, CBD can also be used to treat serious symptoms associated with medical conditions such as cancer, epilepsy, and multiple sclerosis. Moreover, researchers have mentioned that CBD helps with quitting smoking and also mitigates the withdrawal symptoms. Many see legalizing CBD as yet another step to potentially fully legalizing cannabis. According to data compiled by Technavio, the global CBD market is expected to accelerate at a CAGR of 31% during the forecast period from 2018 to 2022.
An exciting time ahead. Don’t forget to follow @CBDecoded on Instagram!