We received multiple inquiries about CBD, especially skincare. The $18 billion U.S. skin-care industry is seeing tempered action by CBD entrants, including large retailers Neiman Marcus, Sephora, and Barneys. Other mainstream companies have traditionally not associated with hemp because it’s not been their space now wanting to put CBD in their products. Big-box retailers and department stores are becoming much more open to it.
The potential of a national market for hemp-derived CBD is expected to reach $7 billion by 2023. Indeed, as companies prepare for legal changes to the hemp industry after the plant’s federal reclassification, a sleeping giant in the CBD sector is beginning to step into its full financial potential. It’s becoming part of the common vernacular.
Our primary algorithm SP+GTM confirms a positive trend for CBD skin-care products that started in mid-2017. Cannabidiol’s dynamics perfectly embraces skin care as the most accessible (CBD) route because the consumers do not ingest it. When you have skin care, it opens up a lot of other minds. You can’t get high. There are so many benefits to hemp that are medical. Hemp has been around for thousands of years, existed in Chinese medicine since 2700 B.C.E. It was known to be one of the 50 fundamental herbs of Chinese medicine.
Over two years ago our affiliate sources and “test kitchen” formulations were evaluating cannabis, THC and CBD blends. Legal changes to the hemp industry after the plant’s federal reclassification has reduced restrictions on producing and selling hemp-derived CBD – albeit, there still was a lot of a gray area, specifically with banking issues, etc. We believe a sleeping giant in the CBD sector is beginning to step into its full financial potential, and skin-care products can be a bell-ringer.
CBD in skin care is just getting started as people discover how powerful this ingredient is. Our test studies show that people have spoken volumes about its potency. SP+GTM demographic data tracking numbers have provided us sales expansion beyond the “controlled” areas that we expected initially. Midwest states like Michigan, Ohio, Iowa, Tennessee, and Oklahoma are taking up a more significant percentage of sales than initially expected. With the normalization of this product, where it’s going has no limit. In seven years, CBD will be mainstream.
The SP+GTM algorithm predicts that state and federal rules will come into alignment to make it easier for the consumer to understand. However, key issues remain: (1) Standardized nomenclature for CBD dosages and types (2) CBD isolates versus full-spectrum products, (3)
Best farming and cultivation practices. (4) Standardized best manufacturing processes for CBD-specific products, and (5) Accelerated efficacy testing so consumers can read between the lines of marketing claims versus facts.
Even though sales have been generated and enthusiasm is high, our date confirms multi-million-dollar mistakes and poor judgment has added to the chaos. Meanwhile, our research and development efforts are on-going, especially in the area of branding and consumer temperament profiling. Until the five fundamental issues are adequately addressed, we’re keeping our “powder dry” and remain a prudent and knowledgeable observer. Time is not of the essence. Currently, a completely normalized product is not on the horizon.