New Report: U.S. CBD Sales to Reach $2.1B by 2020 With $450M From Hemp Industry
The Hemp Business Journal (HBJ), the hemp industry’s authority on big data and market intelligence, has released The CBD Report showing cannabidiol as one of the fastest growing market categories in the U.S. hemp and legal marijuana industries with a compound annual growth rate of 59%.
Partnering with market leading consumer data experts SPINS and BDS Analytics, market modeling experts and hemp insiders with years of experience and sales data, Hemp Business Journal estimates the total U.S. CBD market will grow to a $2.1 Billion market in consumer sales by 2020 with $450 million of those sales coming from hemp based sources. Projections to date for 2016 indicate the hemp-derived CBD market is poised to grow to $115 million by the end of the year.
The hemp-derived CBD market grew from a market that was barely noticeable a few years ago to $90 million in 2015 for consumer sales of CBD products. Hemp Business Journal shows another $112 million of marijuana-derived CBD products were sold through dispensaries in 2015, for a total CBD market size of $202 million in 2015 across all hemp and legal marijuana markets.