Although TV ratings for NFL games have been on the decline, football is still the most watched sport in the United States. It is also considered a big industry, generating approximately $14 billion last season. Could the Cannabis industry surpass the NFL in terms of generating capital?
Investors know that it would be hard to find an industry with the growth potential that medical marijuana has. Predictions have been made that estimate the industry's growth anywhere between 23% - 27% annually over the next decade. According to ArcView Market Research there were $46 billion in black market marijuana sales in 2016. The potential to change these sales from illegal to legal also represents a potential for massive growth.
Cannabidiol, otherwise known as CBD, is being used for medicinal purposes to treat a range of stress and anxiety related disorders by individuals nationwide. The major difference between the cannabis chemicals CBD and THC is that CBD doesn’t get its patients high and is not used for recreational purposes.
Washington DC lawmakers are still working out the fine details of the current Farm Bill, but a provision in the bill which would legalize hemp nationwide and put the responsibility of its regulation solely on the states will be in the bill. That is according to Senate Majority Leader Mitch McConnell who said Friday that the bill would be among his top priority when Congress reconvenes later this month.
CBD Oil set at least one company ablaze this year, as Diamond CBD, Inc., announced another period of record-setting revenues in May. The company, an industry leader in all-natural industrial-grade hemp CBD oil, surpassed $2 million in sales per month, a trend that continues to break year-over-year records according to a statement put out in late June.