Cannabis Oil Market is on a Fascinating Aggressive Rise
Currently, cannabis oil is a widely used product for medicinal and recreational purposes world-wide. The benefits of this oil are boundless, such as aiding in pain relief and the reprieve of anxiety, to the treatment of acne, depression, and even heart disease. From humans to animals alike, this oil is a big game player in the medical and recreational field, covering alleviation for a vast array of ailments.
The cannabis oil market was valued at 311 million USD in 2019. As research continues and brilliant results surface, this market is what seems to be on an exponential rise. It is expected to reach 1,774 million USD by 2024 from a recent forecast report that studied global industry analysis, size, share, growth, and trends; this would be a whopping 50.89% growth increase from 2017 to 2024!
While cannabis is no new herb to grace Earth, it has hit many roadblocks in its history, which is a contributor to why it has taken so very long to see any or much growth. Laws and strict regulations directed at the cannabis industry still loom in many parts of the world, even here in the USA. It is slowly gaining speed and credibility due to research, education, and implementation.
Cannabis oil is extracted from the leaves of the cannabis plant. The oil can be blended with other partnered oils or simply left pure. The oils are derived from CBD (cannabidiol – non-psychoactive properties) or THC (tetrahydrocannabinol – psychoactive properties) rich plants, each of which has its own healing practices and uses.
There are many companies selling cannabis oils globally from both brick and mortar stores and eCommerce platforms. Benefiting from this ancient herb has never been more convenient. Slowly but surely, these oils are becoming government and socially accepted as well. From certified organic grade, blended extractions to 100% pure oil, the health benefits are loud, and companies are proud! Here are some of the major players in the global cannabis oil market:
- Select Oil
- KIND. Concentrates
- Canopy Growth Corporation
- Emblem Cannabis Oils
- The Lab
- Absolute Terps
As noted by Forbes Magazine, Outco, one of the largest licensed cultivators in Southern California, learned that 38% of combined cannabis users and non-users wanted to know more about CBD oil and its benefits. This 38% will undoubtedly aid in the global rise from knowledge and information to purchasing and benefiting.
In fragile economic times, companies, products, or ideas that are making THIS much noise and creating large waves, such as the cannabis oil market and its forecast, are sure to turn a few heads. Heads like those of insurance companies, competitors, investors, and consumers alike.
Will you be a contributor to the 2024 forecast in the rise of cannabis oil?