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Legalization brings a lot of opportunities, including many that are unexpected. One of the biggest areas for expansion is cannabis oil. Cannabis oil can mean a lot of different things but most importantly, it’s giving consumers and entrepreneurs a new way to explore and benefit from the marijuana industry. Here’s why cannabis oil is big business, and how any entrepreneur can tap into this nascent market.
The cannabis oil market is huge
There are many different kinds of cannabis oil on the market. All of them are growing in popularity. The CBD market alone is predicted to reach $22 billion in 2022, according to Brightfield Group.
The CBD market is blossoming
CBD, short for cannabidiol, is the main non-psychoactive compound found in marijuana and hemp. It does not interact with the body the same way as THC and cannot get you high. At the same time, CBD has many of the plant’s most significant medical and medicinal benefits. CBD can reduce seizures in epilepsy patients and a growing body of research finds it useful for reducing pain, acne, anxiety, inflammation and more.
Making cannabis oil is a relatively new and expensive process
Despite the rising popularity of cannabis oil, it’s still a relatively undeveloped market because of how it’s produced. Technically, cannabis oil is what you get when you extract a concentrated oil from the marijuana or hemp plant. THC and CBD oil are technically in the same category because they’re produced with the same type of equipment.
Creating cannabis oil takes some expertise and a fair amount of equipment. Generally, there are two ways of doing it:
CO2 (carbon dioxide) extraction
Solvent extraction
Ref: Green/Entrepreneur
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