CBD Market Expected To Grow At Least 700% By 2020
The cannabis market is booming in many places around the world, and one of the products that consumers are paying special attention to is CBD oil and other CBD-related cannabis items. The cannabidiol (CBD) is the portion of the plant that does not get the user high because it does not contain the THC, that is why many people have been turning to try this product who perhaps otherwise wouldn't been very wary to enter the cannabis market.
Many young children around the world have started using CBD oil as treatment for their seizures and other physical ailments, and not only that but many other individuals have turned to try and seek remedy from it as well. CBD popularity has exploded in recent years, thanks heavily to social media, and it's expected that this market could grow by at least 700% by 2020.
That is a $2.1 billion market
Just last year, the sales for hemp-based CBD products were at roughly $90 million, and this doesn't include the cannabis-based CBD products that are sold to millions through a number of dispensaries. When you factor in all of those exchanges, then the CBD market was something around $200 million in 2015.
Some say that it could grow even higher, perhaps to a $3 billion market by 2021.
Currently, a majority of the states in the U.S. approve of some form of cannabis use, whether for recreational or medicinal purposes, even though it is still prohibited federally. And it's only expected that acceptance for this plant will continue to grow, despite displayed ignorance from the top-down when it comes to federal prohibition. We can see the trend continue to blossom around the world, because people are growing tired of wasting their time and effort over criminalizing a plant and ruining people's lives over victimless crimes.
As more people continue to see and experience first-hand the benefits that CBD can offer, it will be no surprise to see more consumers head toward that area and put their dollars in the CBD market. There is a number of CBD products that are already available on the market, with one of the most popular being the CBD oil. There is also CBD gum available and even CBD water, pet treats, and more.
Pics:
healthimpactnews.com
Citizens United for Research in Epilepsy
cbdalliance.org
sources:
http://www.forbes.com/sites/debraborchardt/2016/12/12/the-cannabis-market-that-could-grow-700-by-2020/#37bee05a71ed
https://cbdgum.networkofhemp.com/order-cbd/canchew-cbd-gum/
http://sports.yahoo.com/news/laguna-launches-sales-cbd-naturals-140000309.html
https://www.sciencedaily.com/releases/2016/03/160303204007.htm
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Been meaning to look into this myself. Thanks for the reminder!!