With the legalization of cannabis and recreational marijuana, the cannabis and hemp industries have grown by leaps and bounds. This has left many people wondering whether or not the growth and sustainable and what the market outlook looks like in 2020. There have been numerous entrepreneurs and corporations that have been looking to capitalize on something called the green rush. There are even national hemp expos that have been happening, looking to get the word out regarding the legalization, the various products, and the benefits of using CBD and other derivatives. What does the market look like for 2020? Is this growth trend going to continue?
First, it is important to note that legalization is not limited only to the United States. There are growing movements to legalize the plant outside of the United States as well. This is going to create international advantages which are only going to lead to further growth. This is going to allow these businesses to grow their customer base as well as their funding. There are other countries, such as Colombia and Portugal, that have been among the international leaders. The potential for global expansion of this market has many people in the industry excited about the future of this product.
Next, the CBD market still needs to mature, which is already showing signs of happening. CBD is being added to numerous products throughout the retail system, ranging from food to makeup. This means that the market is primed to diversify, which is only going to create more opportunities for growth. Consumers are starting to get savvier when it comes to the potential applications of CBD. They are starting to demand more from their products. This has led to a paradigm shift in the industry and the potential for exponential growth is there. Companies and entrepreneurs are starting to capitalize on this opportunity.
Finally, one of the areas for concern is the potential government regulation. Because the market is so young, there hasn’t been much movement in the way of legal oversight or the establishment of requirements. As state after state starts to legalize cannabis and hemp, it remains to be seen what regulations, if any, are going to be put in place. What effect might these have on the potential market? This still remains to be seen.
Overall, the market outlook for hemp and cannabis products in 2020 appears to be positive. The market has been growing by leaps and bounds over the past few years. It is likely that this trend is going to continue in 2020 and beyond. The market is primed to diversify and the customer base is only going to continue to grow.