The health and wellness industry is going to benefit from cannabis
The cannabis industry continues to grow exponentially. As governments begin to see marijuana through different eyes and relax legislation, this trend is not only going to continue, it’s going to explode. One market that is ripe for expansion is the health and wellness industry and some are now predicting that it could be worth as much as $3.7 trillion within just a few short years.
The trend can already be seen on some levels. Altria, the company behind Philip Morris and Marlboro cigarettes, just made a huge investment in marijuana’s Cronos Group. Estée Lauder, through its Origins subsidiary, has launched a face mask that contains sativa oil derived from hemp.
Among some of the products coming down the pipeline are anti-aging serum, lip balms, moisturizers, deodorants and many more. The passage of the 2018 Farm Bill by Congress is going to play a major role in hemp being able to be developed to create an entirely new market and many are expecting wellness businesses that get involved with cannabis or cannabidiol (CBD) could experience growth of as much as 50% each year for the next several years.
We’re only now beginning to understand the possibilities cannabis can offer. Research leads to new discoveries almost on a constant basis, which will only help to reinforce cannabis and the role it plays in virtually every consumer market. Health and wellness, which is a market that has already been on an upward trend for the past decade, could benefit greatly going forward.