The CBD industry keeps growing and growing. The breakout cannabinoid has maintained an unprecedented growth trajectory, and some analytics firms now believe the market could reach $20 billion by 2024. But unlike other billion-dollar industries, CBD has only been federally legal since the 2018 Farm Bill was signed into law on December 20, 2018.
There are still many unknowns about the CBD market, such as who the core users are, how or when the Food and Drug Administration will rule on CBD in consumables and where the market might go next. But that hasn’t stopped the cannabis industry from continuing to innovate.
In 2020, the CBD market has eclipsed simple tinctures and it is now available in just about any form imaginable — from pills and capsules to balms and cream to hemp cigarettes and CBD-infused textiles. And while the future shape, legality and potential growth of the CBD market is still in flux, the consumer demand for new products only continues to grow.
This month, Marijuana Venture takes a look at some of the most intriguing aspects of this burgeoning, billion-dollar industry.