Cannabidiol oil-infused products have opened up a new space for cannabis.
Before Melissa McCarthy stepped out on stage at the Academy Awards wearing a bunch of stuffed rabbits, she reportedly took a moment to rub her feet with CBD oil to help with the pain associated with the fashionable, but distinctly uncomfortable, ultra-high heels worn by celebrities.
McCarthy isn’t alone in turning to CBD-infused products to treat minor aches and pains. In fact, this year’s Oscars gift bag was full of CBD products. Sales of CBD are predicted to hit $22 billion in three years.
Much of that projected growth is coming from CBD’s newly minted status as a health and wellness product, where it’s treated as a lifestyle oil that relieves pain, fights inflammation and provides consumers with a general sense of well-being, all without the “high” effects that can come with CBD’s sister extract, THC. Until recently, cannabis was looked at as medicinal- or adult-use. With CBD, a third cannabis category — wellness — is emerging.
It’s even catching the eye of retail analysts at Wall Street firms such as Piper Jaffray. Recognizing that stores are now dedicating significant shelf space to CBD, one analyst said that she expects to see a lot of growth in the “beauty and the bong” industry.
As the CBD market grows, it will pave the way for THC products (for adult-use). Today, cannabis companies can establish relationships with retailers and build brand awareness with consumers through CBD. They’ll then be ready to add THC to their product lineup when prohibition eventually is lifted.
Written by Nick Kovacevich