Cannabis Medicinals Sales Expected to Reach $2 Billion by 2020
Legalization of medical marijuana in more than half the states has created a booming market for medicinal and personal care products.
A new report shows sales of cannabis-based medicinal and personal care products containing cannabidiol (CBD) are likely to skyrocket in the next four years.
The market for CBD products will reach $2.1 billion in sales by 2020, according to projections from “The CDB Report” from the Hemp Business Journal. That’s a huge leap from the estimated $115 million in CDB sales expected in 2016, making CBD among the fastest growing segments of the legal marijuana and hemp industries.
The report, based on interviews and insights from dozens of experts in the hemp, CBD and marijuana industries, projects a robust future for the CBD industry. Hemp Business Journal did the report in partnership with SPINS and BDS Analytics, two firms that specialize in consumer data.
CBD a distinct market from THC.
CBD is the chemical compound in the marijuana plant found to cause relief from various ailments, including inflammation, anxiety, pain and muscle spasms. Unlike tetrahydrocannabinol (THC), another chemical compound found in high concentrations in marijuana, CBD causes no “high”.
The British Journal of Clinical Pharmacology called CBD “a potential medicine for the treatment of neuroinflammation, epilepsy, oxidative injury, vomiting and nausea, anxiety and schizophrenia.”
The U.S. Drug Enforcement Agency classifies cannabis inder Schedule I of the Controlled Substances Act, the most tightly restricted category reserved for drugs that have "no currently accepted medical use." Nonetheless, the Food and Drug Administration has granted approval for clinical trials of a CBD-based drug made by GW Pharmaceuticals that treats Lennox-Gastauf syndrome, a severe form for childhood-onset epilepsy.
More products are hitting the market nationwide now that 28 states and the District of Columbia allow for legal medicinal cannabis.
CBD products on the rise.
According to the report from Hemp Business Journal, $450 million of the projected $2 billion in CBD sales will come from hemp-based sources.
The report also lists and provides information on some of the bigger names in the CBD market, including GW Pharmaceuticals, Insys Therapeutics, CV Sciences, Bluebird Botanicals, Atalo Holdings, CW Hemp, O.pen Vape and Dixie Elixirs.
Outside of use by medical professionals, CBD products also are reaching the marketplace. Puration has released a new CBD-infused bottled water called EVERx CBD. The company hopes to reach $1 million in sales in 2017 for the new product.
There are hundreds of CBD extracts, oils and rubs that can be used for pain management. There also are products for beauty, such as hair and skin care. You can even buy CBD-based oils for your pet that can be used to treat pain, arthritis, inflammation, anxiety and nausea, among other conditions.
Clearly, CBD products provide another side to the cannabis plant that many are still learning about. Non-psychoactive and already proven to help with pain for different medical conditions, consumers continue to try CBD products in increasing numbers.And, if the Hemp Business Journal report is accurate, those numbers will continue to increase to the tune of $2 billion in sales in the course of just the next four years.