According to an article by Forbes, experts are making predictions on the hemp-derived CBD industry. ValidCare CEO Patrick McCarthy discussed his predictions for the hemp-derived CBD market in 2020 in a press release.
A few of the predictions include, but are not limited to:
- consumers will demand more information on plant origin, farming practices, product composition, and sustainability
- baby boomers are becoming a larger demographic
- companies will start introducing “other interesting minor cannabinoids like CBN and CBG”
- competitor consolidation
In addition, Bright Group forecasts that the hemp-derived CBD industry will have grown to $23.7 billion annually by 2023. This can only mean that the annual compound growth rates will be more than 100% between 2018 and 2023. The product that is currently being viewed as a healthy compound is turning into a distinct industry, the cannabis industry. The movement of CBD in the United States has caught the eyes of stock traders, many investing in CBD stocks.
As for overseas, Canopy Growth is also one player in the hemp market in Canada and was in January awarded a license to process hemp in New York State. The company will have expanded to more than half the states with CBD merchandise by 2020. By focusing on the hemp market in the U.S, Canopy Growth will be in a position to set production and distribution infrastructure on U.S soil. It would become precious and profitable if the federal government changes its stand on cannabis.
Providers of extraction services for Canopy Growth, such as Neptune Wellness Solutions, appear to be benefiting from of the growth of the CBD industry. According to a news report by The Motley Fool, the company's stock “soared 71% in the first half of 2019.”
All information is for general informational and educational purposes only. Nothing should be interpreted as legal or medical advice.