A study by Cowen & Co. forecasts the CBD market revenue from the CBD oil market to reach up to $16 billion by 2025. Nearly 7% of the total 2,500 participants were already using CBD products at the time and the ratio of consumers using CBD is expected to skyrocket as the availability of the product increases.
CBD is an anti-inflammatory substance found in large quantities in hemp, a Cannabis Sativa plant. Cannabidiol or CBD is widely touted for its alleged medicinal benefits such as reducing stress, depression, anxiety, sleeping disorders, and relieving muscle stress, spasms, etc.
Many celebrities and athletes swear by their favorite CBD products and claim that CBD has helped improve their overall lifestyle. Actresses are often seen wearing pointed stilettos at the red carpet and events, which are not only uncomfortable but also cause injuries if worn for a longer period of time. Many celebs including Jennifer Aniston, Emma Wilson, Kim Kardashian West, and Olivia Wilde use CBD products to improve their overall lifestyle.
CBD has become a regular ingredient in many people’s lives now.
Some use CBD oil in their food such as in salads, while others apply CBD infused creams and topicals to an affected area. CBD is readily available in a wide range of products, from skincare to food, such as oils, capsule, tincture, isolate vape pens, bath bombs, chocolates, gummy bears, etc.
The legal experience of Allison Schollar has placed her as an advisor to this emerging cannabis industry. CBD companies often face the wrath of legal complications and scattered compliance frameworks across the United States.
Schollar works with various companies, including multiple small to midsize businesses and other emerging companies in the cannabis industry. These firms focus on the new CBD delivery methods like thin-film CBD products. Alison said the company is also working on a new CBD oil-based energy strip.
Another client is set to streamline the delivery of these CBD products. Schollar further said this partnership is aimed towards vending machine development specifically for CBD based products. She said these are smart machines, for instance, if the machine doesn’t have the right product, it can be shipped to the destined location the next day.
Schollar said the machines seem to be a great idea for national yoga studios, gyms, and other facilities where people are highly enthusiastic about CBD oil. Many athletes use CBD softgels and oils to relieve pains and aches and promote restorative sleep. By providing vending machines with CBD products, cannabis companies can boost customer access to CBD in a more accepting zone.
Schollar is planning to expand product offerings in the CBD pet market as well. As a fervent animal lover, Schollar sees significant growth potential in the field for a dog, cat, horse, and bovine treatment.
For Alison, CBD product innovation is only her latest step in a life full spent at the forefront of groundbreaking issues. When Scholar isn’t working on innovative ideas with CBD companies, she is supporting real estate-related services and artists and acts as a board member for the Concert Artist Guild.
CBD has been a trending compound since December 2018, when the U.S. federal government legalized hemp under the Farm Act. CBD is widely touted for its alleged medicinal benefits, but there’s still some resistance in the FDA’s approval of CBD in dietary supplements and drinks.
The agency had issued warning letters to 15 companies for marketing their CBD products with medicinal claims and mislabeling their products with lesser concentration of THC while the products contained higher amounts than permitted. The federal government only allows a maximum concentration limit of 0.3% per unit.
Products containing a higher concentration than 0.3% per unit are illegal and thus, should not be sold or consumed.
The agency has recommended consumers to buy only from legitimate brands that are authorized and sell safe products. Make sure that when you buy CBD products, they are approved by third-party labs and naturally derived.