A lot is expected for the cannabis industry in the new year
2021 is going to bring a lot of changes, including to the cannabis space. There is already heightened awareness being developed over the anticipation that changes will be made at the federal level, and there’s no shortage of ideas of what will happen next. What is known, however, is that the future looks very bright for the cannabis industry, especially for the CBD (cannabidiol) segment.
The beauty product segment is going to see much greater activity surrounding CBD products. CBD skincare is expected to explode this year, driving by the compound’s ability to treat acne, eczema, psoriasis and more. The days of using chemical-based alternatives could soon be in the rear-view mirror.
CBD topicals are going to see more growth this year. These work well to combat sore or inflamed muscles or joints, and directly target the problem area. Because they can be applied anywhere at any time, they make a great alternative to carry around.
Despite blowback by the Food and Drug Administration, the CBD edible segment is going to continue to expand in 2021. It will cross over into beverages quickly, creating a consumer segment that will grow to be worth more than $25 billion in just three years.
2019 and 2020 helped increase the knowledge available to consumers about the benefits of cannabis, but a breakout in information dissemination can be expected in 2021. With the WHO, the UN and national governments taking a greater interest in defining cannabis, awareness is reaching a whole new level, with a lot of positivity arising from what is being found.