$CVSI | BDS Analytics estimates that U.S. sales of cannabis and hemp-derived CBD product is expected to surge from $1.9 billion in 2018 to $20 billion by 2024, a compound annual growth rate of 49%. According to their research, there is substantial consumer interest in the consumables (tinctures, pills, beverages, food) and Topicals (creams, balms, salves) formats, despite the current low consumer penetration rate. In addition, many major national retailers (CVS, Walgreens, Rite Aid, Sprouts, Whole Foods, Ulta, GNC Holdings, Designer Brands, Urban Outfitters, and Neiman Marcus) have been early adopters of CBD topical products and have introduced various product lines in select markets.
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