More than two years out from the federal Farm Bill that legalized the hemp trade in the United States and ushered in a beauty industry CBD boom, we wanted to check in with cannabis beauty and wellness brand founders and executives about the future of the CBD market. We asked 30 of them to answer the following question: What’s something you think will be big or decrease in importance for cannabis beauty and wellness going forward?
I believe a few things are going to happen going forward. The CBD consumer is growing every year, and we are seeing new adopters every day, including my 86-year-old abuelita. So, business will continue to grow and post big numbers as the consumer adds CBD to their everyday skincare or wellness routine. Unfortunately, due to COVID, we have seen many CBD companies close or go bankrupt. Preserving cash was the goal for all of 2020, and those that stayed nimble and still have runway will continue to see sales growth as competition lessens. I do see the THC category exploding once it's federally accepted. Very exciting times.