2018 Farm Bill Set To Trigger Explosive Growth of CBD Oil Sales Over The Next 3 Years Says Hempurely.com
LOS ANGELES, Nov. 8, 2018 /PRNewswire-iReach/ --
- Passing of the US Farm Bill would remove hemp as a designated controlled substance
- The digital advertising ban on CBD products inside Google and Facebook is expected to quickly come to an end, opening the floodgates for Ecommerce sellers
- Hemp-derived CBD market predicted to grow to $22 Billion by 2022
The 2018 Farm Bill, which is widely expected to pass, contains the 2018 Hemp Farming Act. The Act would make CBD sales legal under US federal law, allowing it to be sold in all 50 states. Hemp will no longer be designated as a controlled substance, meaning an influx of capital investment into the hemp market near a certainty. Crucially, the promotion of CBD products on digital advertising platforms such as Google and Facebook is expected to be approved quickly if The 2018 Farm Bill Passes, will allow online sales to soar.
In 2017 the hemp market grew to approximately $820 million in size – up 16% in total vs. 2016. Projected growth over the next few years is a lot higher. Brightfield group recently published research estimating that by 2022 the market will be worth $22 Billion. These projections assume legalization and Ecommerce retailers being able to advertise freely online.
Jason Keller, Marketing Director at the CBD oil comparison website Hempurely.com says "A major challenge for online sellers of CBD products right now is the effective ban on paid promotions across all major digital advertising platforms including Google Ads, Facebook, and YouTube. This kind of advertising is how successful brands in other markets achieve rapid growth and gain market share. But mainstream digital ads are just not an option for CBD sellers yet. There are literally tens of millions of dollars waiting to be spent on digital advertising. We expect this to become a lot easier, and restrictions to be lifted by the major advertising networks extremely quickly, if The Farm Bill passes in Q4 of 2018"
The Hempurely team expects CBD to become one of the fastest growing supplement ingredients in 2019 and beyond. Consumers are already well aware of the wide array of health benefits, some of which help sufferers of chronic conditions which are difficult to treat. Research studies are being conducted into dozens of new potential uses for CBD products. New ways of consuming CBD including energy drinks, CBD-infused gummies, and even pet-specific products, are already seeing rapid growth. Mainstream press coverage and large digital advertising campaigns will only increase consumer awareness after federal legalization occurs.
Disclaimer: Although CBD products have a wide range of health benefits, they should only be consumed by adults aged 18 or older.
About Hempurely
Hempurely.com compares and reviews US grown CBD oil and other hemp-derived products, helping consumers select the best products for their individual needs from trusted American suppliers.
Media Contact: Jason Keller, Hempurely, 646-573-3112, [email protected]
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SOURCE Hempurely
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