Hemp Business Journal report: U.S. CBD sales to reach $2.1B by 2020
A new report by Hemp Business Journal, based in Boulder, finds that sales of products containing cannabidiol (CBD), a non-psychoactive compound of the cannabis plant, will reach $2.1 billion within four years.
Sales of CBD extracts and infused products have risen quickly in recent years following the legalization of marijuana and the lifting of a federal ban on hemp cultivation.
CBD from hemp was a $90 million market in 2015, beating expectations by $5 million. Hemp-derived CBD sales are expected to reach $115 million by the end of this year, according to the report.
Meanwhile, marijuana-derived CBD sales were $112 million in 2015, for a total U.S. CBD market of $202 million for last year.
“CBD*is) the hottest category in the broader multi-billion dollar cannabis industry,”said HBJ founder and publisher Sean Murphy. The report also noted that 2017 is likely to be a tipping point for the industry, with nearly a dozen states set to vote on various cannabis laws.