The State of Cannabis Oil in the U.S.: Legality, Popularity and More

Did you know that, according to Cision PR Newswire, the size of the global cannabidiol market is expected to reach $55 billion in the year 2028? Additionally, this market is expected to have a compounded annual growth rate of 47.49%. This is for the time between 2021 and 2028.

These statistics show how the cannabidiol market is transforming globally. In the U.S., too, this market is transforming. Additionally, cannabis-related industries generally are experiencing changes in the U.S.

But what exactly is the information about these industries in the U.S.?

If you don’t know, then you might be missing some key information about these industries. This can be frustrating if you want to know more.

Fortunately, in this article, we’ll review how cannabis, cannabis oil, and CBD are doing in the USA. Finally, you can learn what you want to about these popular industries. Read on to learn more.

Cannabis

In this section, we’ll review the sales of cannabis products, where it’s legal, and cannabis industry predictions for this year. According to CNBC, the legal sales of marijuana are expected to total $24 billion this year. But you may be wondering: where can you legally buy it?

States where recreational marijuana is legal include Washington, Colorado, Alaska, Oregon. It’s also legal in the district of Washington, DC.

Additional states where recreational marijuana is legal include Maine, California, Nevada, Massachusetts, Michigan, Nevada, Vermont, Arizona, Illinois, and New Jersey.

They also include Montana, New York, South Dakota, Virginia, New York, Connecticut, and New Mexico.

It’s also legal in Guam, a territory of the United States.

Note that, on the federal level, marijuana is not legal. Under the Controlled Substances Act, it’s considered to be a Schedule I drug. Possessing, distributing, and cultivating marijuana violates federal drug laws.

Considering the legality of cannabis in states, this creates a conflict between the states and the federal government.

However, the federal government tends to be pretty hands-off in enforcing marijuana prohibition in the states where it’s legal. For this reason, many people choose to buy marijuana products in states where they’re legalized.

Cannabis Industry Predictions for 2021

One of the biggest trends when it comes to cannabis is that it is likely to be legalized in more places. This trend was already occurring, and it will continue to do so this year. This is the case both for recreational and medical use of marijuana.

In terms of the states that are likely to legalize this year, they include South Carolina, Kentucky, and Alabama.

Additionally, sales are expected to go up. This is in part because of the growing industry but also because more businesses are starting to sell cannabis products.

Product offerings are also likely to increase. This includes both product types (such as infused drinks) and a larger variety of strains being available.

The diversity of people purchasing cannabis products will become more diverse.

More people of many genders will be buying these products, people of a variety of ages will begin to use them more, and there will be a greater mix of medical and recreational users.

Finally, banking and finance updates might make it possible for cannabis sellers to have access to financing and banking services that they can use for their cannabis businesses. This will help them grow.

Cannabis Oil

According to Fortune Business Insights, the size of the North American cannabidiol market in 2019 was over $1,003 million. In 2020, this amount rose to over $1,276 million, and it is expected to have a CAGR of 47.49% between this year and 2028.

If you want to enjoy cannabis oil for sale, you likely want to know if it’s legal.

It’s important to note that industrial hemp, which is a type of cannabis that contains, by weight, less than 0.3% THC, is legal according to the federal government.

Marijuana, on the other hand, contains more THC than this by weight. Marijuana isn’t legal, according to the federal government.

In terms of marketing, cannabis oil usually refers to cannabis oil that has a THC level by weight that’s exactly or higher than 0.3%.

CBD, on the other hand (which we’ll cover in the next section), usually refers to cannabis oil that has a THC level by weight that’s lower than 0.3%.

So if you want to get the cannabis oil benefits that come with a cannabis oil product, you should ensure that you’re based in and buying it from a state where it’s legalized.

There are other exceptions, such as if you’re using it for medical reasons and it’s legal to buy marijuana-based products for medical purposes in your state.

Cannabis Oil Predictions for 2021

One of the biggest predictions regarding the cannabis oil industry is that the Food and Drug Authority (FDA) might soften its stance regarding cannabis oil. Already, two drugs that contain cannabis oil, Sativex and Epidolex, have been given the green light by this agency.

Because of this, they’re now in Schedule V instead of Schedule I in the DEA’s Controlled Substances Act.

For this reason, there’s hope that the FDA might reassess this law, after which they might place cannabis oil within Schedule V or remove it completely.

Another prediction for cannabis oil is that it’s likely to come in a greater diversity of products. Already, you can buy topicals, edibles, capsules, cannabis coconut oil, and tinctures.

Whether you’re using cannabis oil for pain or something else, you’ll soon find many new ways you can take it. Cannabis oil uses will begin to multiply as more products come out this year.

More states are likely to start legalizing cannabis as well, and the number of dispensaries looks like it will be going up this year, too.

CBD

According to SingleCare, the top states for CBD sales in the U.S. in 2019 were California with $730 million in sales, Florida with $291 million in sales, and New York with $215 million in sales. Additionally, in 2020, 33% of American adults had used CBD at least once.

In terms of legality, CBD is legal. CBD, on the market, is usually considered to be cannabis oil that has been derived from hemp, not marijuana. For this reason, it’s legal according to federal law.

However, the legalization of CBD varies state by state. So even though it’s federally legal, it may not be where you’re based. Let’s take a look.

The states where hemp-based CBD is legal include Wyoming, Connecticut, Virginia, Maine, New Hampshire, Massachusetts, Texas, New Jersey, and Pennsylvania.

Additionally, they include New York, Rhode Island, Utah (except for edibles that are not gelatin cubes), and Rhode Island.

They also include Vermont, Illinois, Minnesota, Michigan, Missouri, South Carolina, Nebraska, South Dakota, Ohio, North Dakota, Oklahoma, Delaware, Arkansas, Tennessee, Florida, Maryland, Louisiana, Alaska, and Georgia.

Additionally, they include California, Arizona, Indiana, Alabama, Hawaii, Colorado, Washington, Kansas, West Virginia, Kentucky, Idaho, Nevada, Montana, Oregon, New Mexico, and Mississippi.

In Iowa, these products are legal, but only if they’re in accordance with the Iowa Code’s chapter 124E. In Wisconsin, the legality of CBD is unclear.

CBD Trends for 2021

In terms of current CBD trends, one of the most noteworthy is that most of them are women. For every two women who use ingestible or topical CBD products, one man or nonbinary person is using one of these types of products.

There’s also product segmentation growth occurring in the CBD industry. Specifically, products are addressing pain relief, anxiety, and stress.

Different types of CBD products are also arising.

These include pet products, chewing gums, infused beverages, edibles, sublingual strips, sprays, suppositories, salves, and topical ointments, creams, tinctures, and soft-gel capsules.

Quality assurance enhancements will also start to be provided with products more often. These might include third-party testing verifications and reputable analysis certificates that authenticate the potency claims sellers are making.

Other markers of quality regarding CBD that sellers will provide may include information on terpene content profiles, dose consistency, extraction solvent avoidance, growing practices that are pesticide-free, and country of origin.

These markers will be offered so that customers can be sure that the CBD they’re buying is of the quality they want.