2020 Industry Predictions – How Nature’s Script Will Lead the Way
No one could have predicted how big the CBD industry would become when the Hemp-derived compound hit the market in 2015. Fast forward five short years later, and you can buy products ranging from edibles and drinks to activewear and toothpicks that contain the non-psychoactive cannabinoid. While the benefits of CBD have yet to be confirmed, analytics from Cowen & Co. show that 7% of American adults currently use CBD for discomforts such as anxiety, pain, sleep troubles and stress. Even without the certainty of its effectiveness, Americans continue turning to this plant-derived alternative for comfort – and finding positive results.
As we head into 2020, many questions still surround the CBD industry. Rod Kight, an award-winning Cannabis attorney and recurring guest on our CBD University podcast, outlined his five CBD market projections in his blog, “Top 5 Cannabis Predictions for 2020.” A few of his points stood out to us, including CBD’s continued popularity, incoming FDA guidelines for the industry and how consumers will be able to put their trust into reliable CBD companies.
Read our four biggest predictions for the CBD industry in the upcoming year and how Nature’s Script will lead the way.
1.) CBD’s Popularity Will Continue to Grow
You probably think CBD already is everywhere, considering the “CBD Sold Here” signs along your morning commute and those refreshing CBD smoothies sold at your local nutrition shop. If you didn’t think the CBD industry could get any bigger, you’re respectfully right and wrong.
On Nov. 1, 2019, Forbes published an article using data from cannabisMD to show how prominent CBD had become. When compared to popularly searched terms on the Internet, CBD outranked nearly everything, including Jesus, Kanye West, the NBA, voting and more. CBD has dominated search volume across the web over the past two years, along with social media platforms Facebook, Instagram and Twitter.
We’re at a point in the CBD market’s lifespan where supply exceeds the demand. While there are plenty of players within the industry, only a few will assert themselves as more dependable than the majority of other CBD companies.
With an eye toward the future, Nature’s Script has positioned ourselves to emerge as a premier CBD manufacturer and supplier – not just another CBD company. You can find Nature’s Script products in over 25,000 convenience stores nationwide, and we don’t plan on stopping there. In 2020, we want our premium CBD products to be even more accessible to you.
2.) Competition Within the CBD Industry Will Burst
As mentioned in our last prediction, CBD’s popularity has resulted in the oversaturation of the market. From large companies to mom-and-pop shops, everyone wants to cash in on the newly dubbed “miracle compound.” Kight notes that as the CBD market matures, the mom-and-pop shops and quick-grab companies selling lower-quality CBD will be unable to compete with our industry-leading standards.
Recently, CBD’s hype has slowed down due to a lack of federal regulations. Companies can market their unsafe products using ill-advised claims, which has led to uncertainty about which brands consumers can and should trust. These companies will be incapable of meeting quality standards soon to be put in place, leading either to insolvency or bankruptcy.
Nature’s Script has built a strong foundation to outmatch the early adopters of CBD. We operate out of our more than 100,000-square-foot manufacturing space with a team of expert researchers, developers and formulators who remain focused on crafting premium and reliable CBD products. We implement robust quality control measures that are unmatched within the CBD industry. Our products are correctly labeled according to state regulations and do not contain any unsolicited claims, already putting us leaps and bounds ahead of the “competition.”
3.) The FDA Will Regulate CBD Soon
In the interest of public health and the growing sense of urgency within the CBD industry, we believe that the U.S. Food and Drug Administration (FDA) will start to regulate CBD during 2020. The FDA is the chief agency for assuring the effectiveness, safety and security of products for human and animal consumption. The FDA’s current guidelines for the sale of legal CBD products include:
- Must be sourced from Industrial Hemp grown by federally licensed farmers
- Must contain no more than 0.3% delta-9-tetrahydrocannabinol, or THC
Companies must rely on differing state legislations concerning the production of CBD products. These regulations offer more in-depth rules regarding the safety, manufacturing, product quality, marketing, labeling and sale of CBD products.
At Nature’s Script, we are eagerly awaiting the FDA’s updates regarding the production and sale of CBD because we feel prepared. We have integrated essential compliance and regulation standards into our manufacturing processes, as well as adherence to state regulations. We use standard operating procedures (SOPs) for packaging, labeling, storage, production and in-house testing. While we await changes from the FDA, our facility, equipment and team of experienced individuals allow us to produce quality CBD products that meet the standards of similar consumer goods in the market.
4.) Track and Trace and GMPs Will Become Essential
One of the biggest concerns regarding the sale and purchase of CBD is the legitimacy of available manufactured goods. Going forward, CBD companies wanting to manufacture and sell products successfully within the CBD market will need to implement current Good Manufacturing Practices (cGMPs) in a fully traceable, seed-to-sale process.
We use cGMPs at Nature’s Script to ensure you receive a safe and effective CBD product. All our raw CBD comes with a full panel Certificate of Analysis (COA). COAs confirm the contents of our CBD to ensure it’s free of any pathogens, mycotoxins, metals, and residual solvents. Additionally, we conduct in-house lab testing, which includes both in-process and final product checks. Final product checks consist of quarantine and shelf stability testing. Once a batch meets these standards, we partner with an ISO-certified third-party lab to confirm its quality and to verify it doesn’t exceed 0.3% THC by dry weight.
In 2020, all of Nature’s Script CBD products will contain scannable QR codes. QR codes will allow you to view your product’s unique COA and confirm the raw CBD used for production. You will also be able to access your product’s ISO-certified third-party lab test results. These results validate the contents and concentration of your CBD product.
Nature’s Script CBD Industry Wrap-Up
Since the CBD industry is so unique as compared to any other, it’s almost impossible to predict where it will go. As long as consumers continue to seek out a natural alternative for comfort and relaxation, the potential for CBD is endless.
Nature’s Script will strive to maintain our current SOPs, cGMPs and other compliance efforts to meet both state and federal legislation. We will also continue to keep your needs in mind by formulating new CBD products that suit your lifestyle goals. Nature’s Scripts wants you to start and end 2020 with a CBD company you can trust.