A New Report Shows The Rise Of Cannabidiol (CBD) In Legal Markets
Potency was a prized factor that made a strain desirable for cannabis consumers. Though widespread interest for THC has created an oversaturation of high-potency commodities, many users are beginning to favor less powerful products that are lower in THC and higher in the non-intoxicating compound called cannabidiol (CBD).
CBD strains can be utilized just as you would THC strains. One can smoke or vaporize CBD-rich flower, eat a CBD-infused edible, swallow a CBD oil capsule, apply a CBD lotion, or use a CBD tincture sublingually. Evenhanded CBD/THC strains will be a little more euphoric than CBD-dominant strains, though they’re much less likely to induce anxiety, paranoia, and other negative side effects.
In a report which includes data from as far back as 2015 shows the state of the fast-growing CBD market, via the lens of state-legal cannabis sales. There is a rapid increase in the sales of CBD. A recent prediction from leading cannabis researchers BDS Analytics, projects that the collective market for CBD sales in the U.S. will surpass $20 billion by 2024.
Sales of products containing CBD are expected top $5 billion this year, a 700% increase from 2018.
Headset’s Understanding the CBD Market in State-Legal Cannabis, June 2019 says:
“While hemp-derived CBD has been available almost nationwide for a while, it only recently hit traditional retail outlets. More consumer familiarity with the compound means more consumers who are comfortable with the idea of cannabis, and clearly, some of CBD’s new mainstream audience is making its way into a dispensary.”
Estimating the size of the market by channel and category was a challenge in the data-gathering process as most products being sold in the general market today are in untracked channels of distribution. The market has grown beyond just tinctures and oils. It now includes products promising to improve health and wellness such as CBD-infused water, CBD-infused cosmetics, and CBD-infused pet treats.