A new report by the Hemp Business Journal focuses on the fast growth of the U.S. cannabidiol (CBD) market.
The U.S. cannabidiol (CBD) market will grow to a value of $2.1 billion by 2020, according to a new report by the Hemp Business Journal (HBJ). The HBJ partnered with consumer data experts SPINS and BDS Analytics to author The CBD Report, which identifies CBD as one of the hottest growing cannabis industries based on its compound annual growth rate of 59 percent.
“The CBD Report is the culmination of more than a year of focused market research. We’ve been to Israel, Europe, Canada and to farms, labs and retailers across the U.S. to cover the hemp industry. By analyzing consumer sales in the hemp and marijuana industries, we’ve provided the first view to investors, executives and regulators on what’s really happening with CBD, the hottest category in the broader multi-billion dollar cannabis industry,” said Sean Murphy, Hemp Business Journal Founder and Publisher.
CBD is one of over 85 cannabinoids so far identified in the cannabis plant. The compound interacts with the body’s endocannabinoid system (ECS), which is responsible for regulating functions like mood, sleep, appetite, stress response, hormone regulation, and the pain and immune response.
The report estimates that $450 million of the $2.1 billion in CBD consumer sales in 2020 will come from hemp based sources. Hemp is a variety of the Cannabis sativa plant species that is naturally high in CBD and low in tetrahydrocannabinol (THC), cannabis’ psychoactive compound. According to the report, the hemp-derived CBD market was valued at $90 million in 2015 and is currently on track to reach $115 million in sales for 2016.
Medical Marijuana, Inc.’s Real Scientific Hemp Oil™ and Dixie Botanicals Dew Drops™ are hemp CBD products. CBD oil derived from hemp has been made distinct of marijuana and is therefore legal for everyone to purchase and use in all 50 U.S. states and 40 countries throughout the world.
The CBD Report is the first comprehensive cannabis market overview to focus specifically on the CBD market. It features “primary research, market intelligence, investment analysis, data charts and insights from more than 55 interviews from business leaders, executives and investors.” Its analysis extends to over seven consumer channels, including dispensaries, natural and specialty retail, mass market, practitioner, Internet, pharmaceuticals and smoke/head shops.
According to the HBJ, the entire CBD market in 2015 was valued at $202 million, with $112 million coming from marijuana-derived CBD products sold through dispensaries and $90 million from hemp-derived CBD products. With public attitudes regarding cannabis shifting toward acceptance and nine states voting on marijuana measures this coming election, the HBJ expects the CBD market to continue its rapid growth.
“If you want to capitalize on these upcoming market opportunities then this is the time to be informed with the most accurate and actionable market intelligence,” added Murphy.
Read more about the differences between CBD that is derived from hemp and CBD derived from marijuana here. You can learn more or purchase the CBD hemp oil products from Medical Marijuana, Inc. by visiting our online shop.