Friday, August 16, 2019 4:49:29 PM
CBD growth could be off the charts-
Cannabidiol is the nonpsychoactive cannabinoid that's best known for its perceived medical benefits. Since products infused with CBD don't get the user high, it has substantially broader appeal than products containing tetrahydrocannabinol (THC), the cannabinoid that gives consumers a buzz.
Further, CBD can be extracted from both the cannabis and hemp plant, whereas THC derives almost entirely from the cannabis plant, since hemp often contains very low levels of THC. Hemp plants are considerably cheaper to grow than cannabis, making hemp the preferred crop choice for CBD extraction.
The big question is: Just how big could the CBD market be?
Predictive analysis and market research company Brightfield Group believes it has the answer.
In a newly released report from Brightfield, the company is calling for year-over-year CBD product sales growth in the United States of 706% in 2019 to around $5 billion -- not a typo – and sales of $23.7 billion by 2023. Comparatively, about $620 million worth of CBD products were sold last year in the United States (based on 706% growth to $5 billion). Growing CBD revenue from about $620 million in 2018 to $23.7 billion by 2023 works out to (drum roll) a compound annual growth rate (CAGR) of a whopping 107%! Compare that to some of the most robust broad-based growth estimates for cannabis, which call for a CAGR of around 25%, and you can see why CBD is all the buzz (without creating an actual buzz) on Wall Street.
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