CBD is the hottest new thing in cannabis culture. It’s an incredible pain reliever, an anti-inflammatory, it eases anxiety, stops seizures, relieves nausea and vomiting, and has even been noted to help fight off cancer cells. It’s non-psychoactive, meaning it won’t get you high, and for that reason has become popular even with people who may otherwise be opposed to cannabis therapy. It’s almost a miracle substance, and it’s also a fast-growing part of the market.
Currently, the value of CBD’s market numbers from 2016 were $200 million dollars. Which is no number to scoff at, but predictions put the market at $2.1 billion dollars by the year 2020 with $400 million coming from hemp. This speculation comes from The Hemp Business Journal which compiled their data by analyzing current market trends in the cannabis and hemp industries for a year.
These trends are due mostly to changing attitudes towards cannabis therapy. For instance, 29 states in the US, as well as DC have medical cannabis laws. Cannabis is recreationally legal in eight states including DC. In addition, there are 15 states that allow CBD therapy alone. Canada’s legalization in 2018 will make CBD legal across the country. Even places that haven’t been as progressive on cannabis as others are accepting of CBD for all its health benefits.
Some project the market to grow to even bigger numbers. Financial consultant of Greenwave Advisors Matt Karnes has been quoted as saying “In terms of the CBD market size, I estimate an almost $3 billion market by 2021”. These numbers are a huge increase from the current $200 million the industry is worth.
With the worldwide cannabis industry expected to exceed $55.8 billion by 2025, it’s no small wonder CBD is a huge part of it. With its myriad of benefits, and more being discovered every day, it’s hard to ignore this incredible medicine. Hopefully, in the near future, this substance will be allowed in even more areas around the globe where it can help and heal patients.
Shasta Nelson is a California Native and a cannabis connoisseur. She's been involved in the industry at every level since she was a teenager. Currently she provides content for Roottie, DOPE Magazine, and Terpenes and Testing. She's also a creative writer, with a graphic novel underway.