In the US the Farm Bill of 2018 made it an exciting year for CBD. With this, hemp and CBD are now legal and are all set for a market explosion. The hemp-based industry is bound to grow in leaps and bounds with CBD products flooding the markets. All you hemp fans out there, get set to enjoy an exciting year. Besides the incredible market growth, the year 2023 may spring some big surprises, such as more research on CBD, a proper regulatory framework, more acceptance of CBD in social settings, etc.
Here’s a list of all Trends set to Rock 2023 when it comes to CBD
To date, Epidiolex is the only drug containing CBD, which is FDA approved. Come 2023, we can see more and more drugs containing CBD which would be APPROVED by the FDA and can be used for various treatments like epilepsy, cancer, arthritis, etc. With increased research, such CBD-based medications are expected to make their appearance, perhaps within the next year.
Large Retailers stocking CBD products
Large retailers like Walmart and Target contain hemp-based products but none with CBD. However, come 2023, we can expect these large retailers to stock up on CBD-based products that will get more accessible to users. It is to be noted that Target once sold CBD products for a week in 2017, before discontinuing because they had their mind on the CBD.
More Social Acceptance
CBD will no longer be a taboo as it previously was, thanks to some big changes in legitimacy and seeing the results by the patients themselves. Many mainstream and respected brands have begun infusing food and drinks with CBD, the FDA approved the first CBD-based medication, the 2018 Farm Bill fully legalized hemp – all this is paving the way for CBD to be a socially accepted norm. Thus, CBD will most likely gain societal acceptance with many more people.
CBD Infused Food and Beverages
CBD has wonderful anti-inflammatory, anti-anxiety, anti-insomnia, and pain management benefits, and is incredibly safe and effective. Many new cafes have instantly grabbed the opportunity to sell products containing CBD. For instance, in Caffeine Underground, a busy Brooklyn Cafe, you can find regulars purchasing CBD foods like CBD coffee, at least 3-4 times every week. They help with issues such as arthritis, stress, and even ADHD. As a business report predicts a big future for CBD-based food and drinks, indicating the industry could hit $22 billion by 2022, the growing popularity of CBD among cafes makes it safe to say that CBD-infused food is here to stay.
Newer CBD Products with Wider Selection
With increased hemp production and FDA approval, you can expect hemp-based brands to just up their game and continue to find new items to put CBD in. CBD is being infused in every product, from skincare, haircare, to even medicines, bath bombs and so many other products. As top brands continue to grow, they will innovate offering multiple products to win over customers. Look forward to more products such as sleep-specific and even CBD dog treats.
Improved Quality in CBD Products
With no proper regulation, some CBD products were just disappointing to say the least, when it came to quality. With FDA looking up to strictly regulate and monitor, companies really look to enhance the quality of their products, tailoring them to be more effective for the conditions they claim to cure. This regulation by the FDA will not only improve the quality of the CBD products but also help companies create consistent, high-quality products.
CBD Influence will Increase in the Beauty Industry
Though cannabis has been mainstream for quite some time now, it’s of late that some new and top brands are coming up with cannabis-infused creams, moisturizers, and lotions. CBD offers an effective cure for defeating signs of aging, fine lines, and wrinkles. Skin ailments like psoriasis are also cured. A lot of research has been going on with regard to the use of cannabis in skincare products. Age, lifestyle, gender, impact on the skin are various factors to be considered. We can expect a whole range of skincare products to rock the industry with their CBD range in 2023.
Increased FDA Regulation
Without proper regulation in the past, several questionable enterprises were running around in the CBD circle. Thus many untrustworthy companies started producing products with little to no CBD. In fact, the FDA had to send warning letters to many companies that claimed to treat conditions and illnesses. Now the FDA regulatory framework upping its game will help keep companies accountable.
Many companies in the past have not maintained transparency about their hemp-based products and how they conduct their operations. However, in 2023, they can’t expect to get away with them. With the impending regulations from the FDA, companies that offer CBD products need to be more transparent in how they conduct their operations. This increased transparency will offer customers a better choice and discern the brands which provide quality CBD products. This increases the accountability of companies.
CBD Companies will get Insurance and Bank Access
Due to the 2018 Farm Bill, companies manufacturing CBD-based products will now enjoy insurance and banks. Thus this will increase the number of companies foraying into the CBD business and increase the overall quality with the competition. Additionally, hemp farmers can also receive insurance for hemp crops combined with grants for research which will encourage them to adopt quality practices. 2023 promises to be a whole new year for the CBD industry. Ensure you make the most of it!