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CBD: These three letters spell big business

From beauty and skin care to food and drinks – and even pet care – CBD is everywhere. The CBD products market grew more than 80 percent in 2018, reaching $591 million, according to the Brightfield Group.

Cannabidiol, or CBD, is touted by producers and fans as a natural product that treats ailments ranging from anxiety to arthritis and from seizures to cancer.It’s often sold as an oil or added to food, health and beauty products. And it’s become widely available at a time when interest in plant-based alternatives has soared.

“Everyone and their mother is starting a CBD line right now,” Bethany Gomez, director of research for Brightfield Group, told Inc. “It’s absolutely a gold rush.”

Brightfield Group says the CBD products market grew more than 80 percent in 2018, reaching $591 million, and could reach $22 billion by 2022, per Inc. The Chicago Tribune reports selling CBD products has become a popular part-time job for women.

A Texas-based CBD product maker told the Tribune business has exploded in the last two years, and about 70 percent of the company’s brand ambassadors are women.

Cannabis delivery platform Eaze reports 21 percent of CBD product consumers are women baby boomers, per The New York Times. A 2017 survey found women are more likely than men to use CBD products and also more likely to stop taking traditional medicine once they start using CBD products.

The 2018 Farm Bill put hemp growers and CBD-product manufacturers at ease, Forbes reports, shifting hemp from an illegal substance overseen by the Department of Justice to a crop managed by the Department of Agriculture.

This Article Originally Appeared on BizWomen Buffalo
Photo from OlegMalyshev

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