Reflecting on the 2020 CBD Industry
In 2020, the CBD industry saw its appeal grow. Entirely new demographics of raving fans were created . . . and rather than seeing a slowdown due to the pandemic, increased demand pushed production. This past year, we witnessed tremendous growth and change for CBD purveyors—altering the landscape under our feet but also serving to strengthen our mission here at Cativa CBD. We’re taking a stroll down memory lane below to reflect on how far we’ve come. It goes without saying that we are also extremely excited about the bright future ahead.
Companies are All-In on CBD
The numbers don’t lie: a growth rate of 31.90 percent is expected for the CBD oil market through 2027. Many factors are believed to be contributing to this rapid expansion of the industry, including:
- Pandemic-induced stress and anxiety
- Growth of the self-care industry
- More CBD products in production
- Progressing legalization for farmed hemp
The word on CBD and its many benefits are spreading. And as you can see, the market is rising in a big way to meet that demand. In many states lawmakers have recognized the need for CBD/hemp oversight and regulation—a cause we applaud.
Not All CBD Products Are Created Equal
To that end, a reminder: any CBD product you purchase should include a very transparent quality control process. Otherwise, you can end up with fake CBD, unintentional THC contamination, and a host of other potentially scary results. Brands are doing a lot of exciting things with CBD oil—and that is very exciting—but consumer safety should always come first. “Market growth is wonderful and a big step forward, but we also want consumers to have adequate access to safe, clean CBD products. The global expansion of the industry is a positive and we do not want to see a flood of dangerous, unregulated formulations as a result,” says Luisa Escobar Worrell, COO of Cativa CBD.
What’s Next for the CBD Industry in 2020?
In an age when it is not uncommon to see a CBD-labeled product in every store, Cativa CBD continues to focus on creating the highest-quality products for consumer use. There will be new products debuting in 2021 along with continued finessing of our highly popular current lineup. Our company continues to source top science and wellness industry advances to keep our clients feeling great. Stay tuned for what’s coming next!