Cannabis markets are going to be opening up in 5 different states that just recently approved of recreational and medicinal markets. This year cannabis and CBD sales have boomed and many CBD and cannabis companies are seeing their company grow significantly.
One of the most popular CBD companies in the U.S. today, known as Charlotte's Web, has had their own sales grow almost 20 percent.
Sales of CBD food items, like drinks and chocolates etc, has grown too, along with gummies being the most popular form of CBD edible today on the market.
The mainstream CBD market is expected to pass $15 billion by 2024, possibly reaching $18 billion or more.
Sales of those CBD edibles is already in the hundreds of millions, with thousands of products available today when you are looking to get CBD. However, though CBD is incredibly popular and being searched by millions regularly, this industry is still in its infancy, there is a lot of room for growth and education that still needs to take place. Although it has become well-known in the last several years, CBD is still highly restricted in many areas, even criminalized in some others.
Government authorities in various jurisdictions have continually toyed with the idea of the criminalization of one frivolous thc level or another, that gets found in those CBD products produced for the market. These strict thc levels for CBD make it incredibly difficult for the market to flourish, and for producers to create a great product that can be used and not burned up and wasted, because there is a lot that can impact that THC level that is outside of the growers control.
For any company today that seriously wants to get involved in the CBD market, it's highly recommended that they offer some sort of edibles product because that is what the people are showing with their dollars that they want. For cannabis though the most popular method of consumption is still flower and general smoking.
Even though a CBD company does offer edibles that doesn't mean they will automatically be successful either, regardless of the demand, as they are still going to have to provide value at the end of the day to those who buy it. Those edibles will need to taste good and be offered at a decent price, otherwise who is going to buy them? For this year, CBD and cannabis have continued to be one of the market areas that is seeing growing demand despite the slowdown in tourism and many other industries.