United States: CBD market expected to reach $2.2 billion by 2020
The legal cannabis industry in the USA is growing strongly. Cannabis sales in 2017 are expected to exceed $7 billion, and the economic impact of the sector could exceed $70 billion by 2021. Among all these big numbers, one niche is set to grow in the next few years: CBD.
The Hemp Business Journal, in a report released yesterday, estimates that the American cannabidiol (CBD) could reach $2.1 billion by 2020, a quarter of which would come from hemp sources, as opposed to the CBD found in THC-laden cannabis plants.
«The CBD Report is the culmination of more than a year's market research,» explains Sean Murphy, founder and editor of the Hemp Business Journal. «We went to Israel, Europe, Canada and farms, labs and distributors in the US to cover the hemp industry. By analyzing retail sales in the hemp and cannabis industries, we provided a first look for investors, policymakers and regulators at what's happening with CBD, the hottest category in this multi-billion dollar cannabis industry.».
Today, only 15 American states allow CBD (like Texas), in addition to the 28 states and Washington DC that have legalized the medical use of cannabis.
And even in the United States, the use of CBD raises questions for the government. If it is not explicitly included in the Controlled Substances Act, Although CBD is legal at the federal level, the DEA still considers it a Schedule 1 narcotic, like cannabis. These federal restrictions make the flow of information about CBD chaotic, and consumers are often left to their own devices to sort out the truth from the falsehood. around its therapeutic uses.
Closer to home, the CBD consumption doubled in one year in the UK. Following the explosion in sales of CBD products, the Kingdom had imposed strict control on products containing cannabidiol. All CBD medical products must now be validated by the UK's Medicines and Healthcare products Regulatory Agency (MHRA), although this is not necessary for «comfort» products such as e-liquid or crystals.
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