The CBD industry is an ever-growing and expanding industry. CBD products relax and pacify mental and physical faculties in the body upon consumption. Its unprecedented growth and greater consumption are attributed to the scientifically proven therapeutic benefits of CBD. In this article, we are going to look at the projected trends in the CBD industry in 2021.
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Impressive Stats Of CBD Industry
After looking at the progress of cannabis over the last 12 months, we can find some impressive stats of the cannabis industry. Despite the challenges faced and never-ending unpredictability, the cannabis industry has managed to grow stronger than ever.
Here are a few distinguished highlights:
- Record-breaking numbers for hemp manufacture
- The delay of legislation that would radically reduce the pace of THC testing for hemp crops
- Several states got legalized marijuana in a certain form
- A period of the one-year extension was approved for rising pilot rules
With all the progress made by the cannabis industry in 2020, people have high expectations from this industry in the coming year as well. Despite the noticeable challenges posed by the COVID pandemic, the industry moves into the new year with an enhanced experience while adjusting itself to the unexpected.
Projections in 2021
Here are a few things that can happen for the cannabis industry in 2021.
Cannabis Banking Reform
A cannabis industry needs to be supported by a trusted, dependable and legal banking system to truly flourish in the market. Cannabis banking reform will assist both marijuana and hemp cultivators massively.
Decriminalization of Marijuana
Last December, the U.S. House of Representatives sanctioned Marijuana Opportunity Reinvestment and Expungement Act. The act would legalize marijuana on a central level. It will do it by eliminating it from the list of controlled substances. The MORE act would also purge the record of those who have been found guilty of nonviolent marijuana charges.
State-Level Legalization Efforts
During the election held in2020, five states have passed cannabis authorization legislation with the motive to generate additional revenue for the state. As of now, Washington D.C. and fifteen other states have legalized hemp and marijuana.
After several years, the cannabis industry is slowly gaining up momentum. We can expect something big to happen in this industry in 2021. It is needed to wait and watch for the projected progress to happen.
The start of the year will be conventionally slow for legislation of cannabis, but things will soon pick the pace during April 20th that is celebrated as the national holiday of cannabis cultures.
Conclusion
The major reason behind the immense popularity of CBD gummies is the ease of use, safety, and numerous applications of the product. The aggressive marketing campaign of CBD gummies has also helped in making them popular among users and non-users of CBD. Looking at the potential of CBD and its growing demand among people, we see a very promising future for the CBD industry.
