It’s no secret that the cannabis industry is on fire right now, with cannabis stocks buzzing on the exchanges, too. CBD has piggybacked onto this boom as researchers continue to find proof of its numerous medical benefits for everything from chronic pain to cancer to PTSD, and due to the fact that CBD enjoys some loopholes that have made it widely accepted as “legal” in the United States.
Hemp Business Journal has estimated that the CBD market could generate $2.1 billion in consumer sales by 2020, with $450 million coming from CBD derived from hemp. The CBD market was at around $200 million in 2015. Matt Karnes of GreenWave Advisors, a cannabis industry analyst, thinks that the CBD market will hit $3 billion by 2021, an even more ambitious figure.
From practically nothing in 2014, 2015 consumer sales of hemp-derived CBD grew to $90 million, and then to $130 million in 2016. It’s estimated that hemp-based CBD will make up $450 million of that $2.1 billion estimate for 2020. There are a few major players in the industry (among them Medical Marijuana Inc. and its subsidiaries being the biggest, HempMeds, and Elixinol), with new CBD-preneurs entering the space all the time.
A report published by Grand View Research states that the global cannabis market is expected to move from $11.4 billion in 2015 to $55.8 billion (!) by 2025. Increased attention on the medical value of CBD and the slow-but-steady relaxation and reform of the law tell us that CBD is going to play a major role in this incredible growth. As scientists and consumers alike expand their understanding of cannabis and cannabinoid compounds, it’s likely that other cannabinoids like CBN and CBG will enjoy some hype as well.