Why CBD Is Becoming So Popular in the Southeast
Lately, there’s been a huge growth in CBD consumption all over the Southeast, and it’s seemingly an inexplicable trend. Why have these states begun buying and consuming so much recently? Is there any rhyme or reason to the madness?
The Rise of the CBD Market
Before we get into all the reasons the CBD market is booming in the Southeast, we first need to explain the market itself. Ever since the Farm Bill was passed back in 2018, hemp-derived CBD sales have skyrocketed.
In fact, in 2018, the CBD market was worth roughly around $591 million. However, just two years later, in 2020, that number has almost doubled. It now comes out to $967 million, and it’s showing no signs of stopping.
There are projections that the CBD market will be worth up to $15 billion in just five years’ time. All the growth is due to the fact that hemp-derived CBD is essentially leaving the cannabis industry. They’re becoming two vastly different things, which customers are beginning to notice and appreciate.
In an effort to reach a bigger audience, the highest quality CBD oil products are now being labeled and sold to a nutraceutical customer base. With this particular base and market in mind, it’s become much easier to cultivate and manufacture CBD products.
However, anyone who’s looking to get into the CBD industry needs to pay attention to the trends that surround it. Knowing who’s buying CBD, how often they’re doing it and where they live are the things that will make or break a hemp manufacturer. So let’s take a closer look and see who’s running the show.
Who Is Leading the Market?
Even before the Farm Bill, the western states have been the biggest CBD consumers in the country. The explanation behind such a whopping number of shoppers is that states in this area tend to have more lax laws when it comes to both hemp and marijuana. But that has turned Westerners into more casual shoppers.
Daily CBD Shopping Habits
First, let’s divide the entire U.S. into four segments and discuss who purchases the most CBD. If we take a look at the West, Midwest, Northeast and Southeast, the region that buys most CBD products on a daily basis would be the Northeast.
Northeasterners tend to shop so often because dispensaries aren’t too accessible and widespread, so people tend to purchase more products at once. The same goes for both the Midwest and the Southeast.
On the other hand, Westerners are falling behind drastically when it comes to shopping every day. With that said, they’re the biggest group of casual CBD consumers and tend to use it only a few times a month.
Even though the Westerners do a lot less CBD shopping than the rest of the country, they’re still setting trends. Since they see such an abundance of products regularly, they’re the ones that choose what’s going to soar in popularity.
Also, people who live in the West are more likely to try out cannabis-derived CBD products. That’s because their legislature allows them to be much freer than the rest of the country.
Motivation Behind the Purchase
According to the Brightfield Group, Westerners lead the country in the number of first-time CBD consumers. They treat CBD purchases as almost casual impulse decisions rather than a medical necessity.
That’s not saying that the rest of the country is falling too far behind, but there is a discrepancy. Since CBD products are a bit harder to come by in the Southeast, they’re still not at the point when they can be dictating trends.
That’s also in part because the shopping habits in the Southeast are vastly different than the ones in the West. The latter are still mostly buying medical-grade CBD products, and we’re not seeing a lot of recreational use there.
However, we expect to see a lot more change as soon as the legislation loosens up. But until then, it’s pretty much any man’s game.
A Bright CBD Future in the Southeast
As far as the Southeast goes, consumers are much more likely to hear about CBD from a doctor, which is not ideal. CBD products made from hemp aren’t spoken about as freely and openly as they are in some other states in the U.S., but there is hope.
Southeast states have heavily voted to legalize cannabis, for both medical and recreational use. Not only that, but there are also countless initiatives to start cannabis programs.
Residents in the Southeast are voting for more liberal programs that would expand the list of qualifying conditions for cannabis use. Also, they’re looking at ways to provide licensing regulations.
That means that people will soon be able to buy both hemp and cannabis-derived CBD products, which is definitely a step in the right direction. Even though we might not know what the future of CBD holds, it is looking bright.