A recent report shows sales of products containing cannabidiol (CBD) are likely grow tremendously in the next four years.
The market for CBD products will hit $2 billion in sales by 2020. These projections come from ‘The CBD Report” from the Hemp Business Journal. Thats a gigantic leap from the current 2016 estimates of $115 million in CBD sales. CBD is one of the fastest growing parts amongst the hemp and marijuana industry.
The report, based on meetings and bits of knowledge from many specialists in the hemp, CBD and cannabis industry, predicts a hearty future for the CBD industry. Hemp Business Journal did the report in organization with BDS Analytics and SPINS, two firms that represent considerable authority in buyer information.
CBD is a compound in the cannabis plant found to bring about alleviation from different afflictions, including muscle spasms, anxiety, and inflammation. Not at all like tetrahydrocannabinol (THC), another compound found in cannabis.
The British Journal of Clinical Pharmacology called CBD “a potential solution for the treatment of epilepsy, nausea, and schizophrenia.”
The U.S.D.A characterizes cannabis inder Schedule I of the Controlled Substances Act, the most firmly limited class held for medications that have “no medical use.” However, the Food and Drug Administration has approved clinical trials of a CBD-based medication made by GW Pharmaceuticals that treats Lennox-Gastauf disorder.
More products will be hitting the market soon, now that 28 states allow medical cannabis.
As per the report from Hemp Business Journal, $450 million of the anticipated $2 billion in CBD sales will originate from hemp-based sources.
CBD items are also hitting the marketplace. Puration has came out with a CBD-infused water called EVERx CBD. The organization would like to reach $1 million in sales in 2017.
There are many CBD concentrates, oils and rubs that can be used for pain. There are also beauty, hair, and skin products. You can even purchase CBD-based oils for your pet.
Plainly, CBD i give another side to the cannabis plant that many are as yet finding out about. Non-psychoactive and right now proven to help with with pain caused by a number of different health issues.
What’s more, if the Hemp Business Journal report is precise, those numbers will keep on increasing to the tune of $2 billion in sales over the span of only the following four years.