Hemp Business Journal projects billion dollar growth by 2020
The Hemp Business Journal recently published The CBD Report, a comprehensive market overview of the rapidly emerging CBD industry. The report shows cannabidiol as one of the fastest growing market categories in the U.S. hemp and legal marijuana industries with a compound annual growth rate of 59%.
Partnering with market leading consumer data experts SPINS and BDS Analytics, market modeling experts and hemp insiders with years of experience and sales data, Hemp Business Journal estimates the total U.S. CBD market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources. Projections to date for 2016 indicate the hemp-derived CBD market is poised to grow to $115 million by the end of the year.
The hemp-derived CBD market grew from a market that was barely noticeable a few years ago to $90 million in 2015 for consumer sales of CBD products. Hemp Business Journal shows another $112 million of marijuana-derived CBD products were sold through dispensaries in 2015, for a total CBD market size of $202 million in 2015 across all hemp and legal marijuana markets.
The CBD Report features the first analysis across consumer sales in seven consumer channels including dispensaries, natural and specialty retail, mass market, practitioner, Internet, smoke/head shops and pharmaceuticals. Until now, no other market report has combined analysis of hemp and legal marijuana consumer sales to show a cumulative view of where the broader cannabis industry is trending.
“The CBD Report is the culmination of more than a year of focused market research,” Hemp Business Journal founder and publisher Sean Murphy said. “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.”
With nearly a dozen states set to vote on cannabis laws in the coming November elections, 2017 marks a tipping point in which a majority of U.S. states will transition from cannabis prohibition to some form of regulated legal market.
“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,” said Murphy.
More information: www.hempbizjournal.com.