A brand new report by market intelligence firm Hemp Business Journal projects that the CBD market can grow to $2.1 billion by 2020, an astronomical jump in price compared to last year’s CBD market of $202 million. CBD is one among the over eighty five cannabinoids known to be in marijuana and hemp. In contrast to the known compound THC, CBD isn’t hallucinogenic, which means it won’t cause a high. Thousands of studies have shown that CBD possesses an array of therapeutic advantages, together with antioxidant and neuroprotective properties.
“In terms of the CBD market size, I estimate an nearly $3 billion market by 2021. immediately there are fifteen states that permit CBD solely — this is in addition to the twenty eight states and DC that have legalized medical marijuana,”
Matt Karnes of Greenwave Advisors told Forbes, believing the growing CBD market will exceed the estimations by Hemp Business Journal. The Hemp Business Journal report estimates that $450 million of the projected $2.1 billion in sales by 2020 can come back from hemp-based sources. The hemp-derived CBD market was $90 million in 2015.
CBD that’s derived from hemp is legal to import and be sold in all fifty U.S. states, without requiring a prescription. Cannabidiol itself isn’t listed within the Controlled Substances Act like tetrahydrocannabinol and marijuana. Current market leader Medical Marijuana, Inc. told Forbes that it pulls in over $800,000 in retail hemp-based CBD sales per month. The company’s sales are expected to be $9 million in 2016, up from $3.4 million in 2013.
With the recent influx of competition and an absence of regulation, customers should educate themselves to confirm they get high-quality CBD. Medical Marijuana, Inc. says that the CBD oil utilized in its Real Scientific Hemp Oil and Dixie Botanicals merchandise springs from hemp grown in Republic of Austria which is tested many times for purity and cannabinoid content. According to Forbes, data from headset research says that it’s tough for shoppers to understand what they’re obtaining when they purchase CBD merchandise. The knowledge offered on most product labels is restricted and in some cases incorrect.
“Many order massive vats of CBD Oil that’s created from Chinese industrial hemp and cut that into their products. This makes it tough for people who grow and extract CBD domestically to contend and shoppers aren’t presently educated enough to possess a preference for ‘homegrown’ CBD products.”
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