The booming hemp-based cannabidiol (CBD) market was covered in a recent report from Marijuana Business Daily.
The demand and market for hemp-based cannabidiol (CBD) products have skyrocketed in recent years, reports Marijuana Business Daily. In the July issue of its publication — Marijuana Business Magazine — the cannabis-focused news source covered the hemp-based industry’s significant growth and latest developments.
Unlike marijuana products, hemp-derived CBD products are sold as supplements and legal to purchase and ship throughout all 50 U.S. states. The retail value of the 2016 hemp CBD market in the U.S. alone is estimated to be $130 million, according to a market research report by Vote Hemp and the Hemp Business Journal. The CBD market is estimated to grow 700 percent to reach $2.1 billion by 2020, with $450 million of those sales coming from hemp-based sources.
The Marijuana Business Magazine report highlights Medical Marijuana, Inc. subsidiary HempMeds®, the first distributor and retailer of CBD hemp oil products. HempMeds® services all 50 US states and over 40 countries across the world, distributing high-quality CBD products like Real Scientific Hemp OilTM (RSHOTM). Roughly 50 percent of HempMeds’ total sales come from the domestic U.S. market, while the other half comes from international sales.
“HempMeds now has a HempMeds Brazil, HempMeds Mexico,” Dr. Stuart Titus, CEO of Medical Marijuana, Inc., told Marijuana Business Magazine. “We’re developing HempMeds Paraguay as we speak, and we’re certainly quite excited about international opportunities.”
The report also explores the need for more solid scientific research investigating the natural health effects of CBD and other cannabinoids found in hemp. Titus told the publication that he is eager for when human clinical trials can be conducted in the U.S., as they have already in Mexico and other countries.
“This is something, if we could ever get some live human studies up and running, there could be some tremendous changes for the application … of CBD products,” said Titus. “To be able to prove this on human subjects is something we’re very excited about.”
More research into the botanical properties of cannabinoids like CBD would likely fuel sales even further.
“There are a huge number of cannabinoids that are being discovered,” Titus added. “I went to an event where some European researchers were saying they’d identified 144 different cannabinoids.”
The report also dives into the unique challenges facing hemp-based companies, including educating the public on the differences between hemp and marijuana. Another complication, particularly affecting those that see the vast majority of products being sold online, are logistical challenges when some credit card transaction processors are hesitant to service companies related to the cannabis industry — even hemp-based ones.
“This is something that tends to change on a regular basis,” Titus said. “Sometimes certain (credit) cards will allow a bit more leeway than other card companies. Sometimes it needs to be a personal check or money order … It’s a real hassle to arrange for the type of payment that we’d be able to accept on any given day.”
You can read the entire Marijuana Business Magazine report, “Hemp-based CBD market continues its enormous growth,” here.