The CBD industry is enjoying a boost from the lifestyle sector

The legalization of recreational and medical marijuana in several countries has made the cannabis industry more vibrant than ever. One of the main drivers of its growth is the health benefits found in cannabis derivatives, most popularly in cannabidiol (CBD).

In California, cannabis is starting to enjoy a popularity in the wellness industry. For instance, Dosist came out with a collection of disposable vape pens that is preloaded with marijuana concentrate. When the user has inhaled 2.25 milligrams of THC, the pen vibrates. Options such as this offer a quick but therapeutic pain relief for those who use it.

Eaze, a San Francisco-based tech company, provides another glimpse to the health and lifestyle effect of the previously banned plant. The startup gives delivery service technology to dispensaries and tracks cannabis use across markets.

According to Eaze, women who use their services went up 32 percent in 2016. “The modern marijuana consumer spends more on cannabis per year than the average American spends on personal care, alcohol, and tobacco combined,” the company said. Numbers also back this claim: 13 percent of female California weed users stopped drinking entirely, replacing alcohol with cannabis.

A rapidly expanding CBD market

Data company Brightfield Group wrote in its report that the CBD sector could reach $1 billion worth of product sales by 2020 due to a compound annual growth rate (CAGR) of 55 percent in the next five years.

The CBD industry’s rapid growth is also spurred by online shops that account for 64.5 percent of sales, and 17.8 percent from smoke shops, and nine percent from dispensaries. Health stores and doctor offices also contribute to the positive product sales. Could the health, wellness and lifestyle aspect of CBD-infused brands be giving a leg up to the cannabis industry?

Under the Texas Compassionate Use Act, for example, CBD, derived from a legal industrial hemp plant, is considered as an essential oil, similar to that of lavender and peppermint. Thus, it can be sold legally. So at an entertainment festival in Texas, it is no surprise that vendors selling cannabis opted to offer hemp-derived CBD products, instead of buds or other common forms of the plant typically sold at retailers marijuana-friendly states.

Coleman Hemphill, the executive director of the Texas Hemp Industries Association, said, “Industrial hemp products are safe, legal and can be purchased online or on the shelves of hundreds of retail locations in Texas.” He adds that Texans have bought and benefited from the use of industrial hemp products such as hemp hearts (also known as hemp seeds), protein, milk, cosmetics, and CBD oil.