Cannabis market projected to continue 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.
As reported by The Hemp Business Journal in December 2016, the CBD business is expected to grow to as much as a $2.1 billion market by the year 2020. They further reported that the major source of sales would be from hemp-based area. The projected growth is equal to a 700% increase as recorded in 2016. Whereas, in 2015, the totals sales in consumers for the CBD products sourced to hemp was a total of $90 million while that of marijuana based products was $112 million that were made available through dispensaries.
This trend suggests that this industry is on a definite growth. Greenwave Advisors Matt Karnes suggests that by 2012, it is likely that the product will have a market of as much as $3 billion. This is also because of the legalization happening in different states every year. At present, there are a total of 15 states that have legalized CBD apart from the 28 states that have already legalized medicinal marijuana.