It is the inherent property of every industry to come with its unique predicaments and opportunities. marijuana gummies comes with its peculiar problems. Containing less than 0.3%, the substance creates falls in an ambiguous legal area. On the other hand, its sprawling medicinal and recreational applications make it too lucrative a market to let go of. Additionally, the market shows great promise as of now.
Present market scenario
It is estimated that in 2021 the global CBD oil market stood at 5.18 billion USD. The projected growth estimate is around 16.8% in 2030. In the forthcoming years, the most growth is expected to be seen in the tincture category of CBD oil. The reason for it is that it is primarily used in the medicinal field. It has numerous neurological applications. It is a potent medicine for problems such as anxiety, depression, and movement disorders like Tourette’s syndrome. The oil works wonders for people with choric pain, even cancer patients. It works almost as effectively as opioids on this front, with the notable difference that it is not addictive.
The consumption of THC gummies is also rising in the recreational category. The CBD companies pouncing on the upsurge of demand have produced a broad spectrum of products available. It is also readily available because of the many avenues from which one can procure it, from e-commerce websites and specialty stores to pharmacies or retail stores. With the growing demand and slacking regulations, the industry will only grow hereafter.
Challenges faced by the CBD Oil industry
- The most significant problem of the CBD industry is that it lies in the grey area in terms of legality. The laws are predominantly discrepant at the international, national, and state levels. They get pegged down as a high-risk industry and fail to garner much support from most merchant services.
- The common perception of the people also plays a pivotal role in developing any industry. It is the misconception of people that CBD is the same as marijuana. Even though it is a derivative of the hemp plant and has only minor narcotic effects, it is still perceived as illegal. The industry suffers greatly due to the negative impression of a chunk of society.
- Yet another plight of the merchants is the payment of employees. The payment for the employees and other services received must be made through cards or some form of online transaction. Due to the high-risk nature of the business, most banks refuse the approve the transactions. The other option they are provided with is to pay plethoric fees to process the payment.