Study: CBD Could Capture Nearly Half of the $45 Billion Cannabis Industry by 2024
May 22nd, 2019
Cannabidiol, or CBD, the non-psychoactive component of the cannabis plant, could generate upwards of $20 billion in annual sales by 2024, according to a new report by BDS Analytics and Arcview Market Research, capturing nearly half of a wider market that’s expected to reach $45 billion.
“We’re witnessing CBD maturing from a cannabis sub-category into a full-blown industry of its own,” says Roy Bingham, Co-Founder and CEO of BDS Analytics.
CBD sales have been brisk at licensed dispensaries — outpacing overall cannabis sales — but BDS Analytics believes that the majority of CBD product sales will occur in general retail stores over the coming years. This widespread distribution provides a distinct advantage over THC products.
Mny large retail chains have already started carrying hemp-derived CBD products following the passage of the 2018 Farm Bill that removed hemp from the Controlled Substances list. For example, CVS Pharmacy announced in March that it would sell hemp-derived CBD products in eight states.
The report also found that CBD consumers are older (an average of 40 years old), have higher levels of education, and are more likely than non-consumers to be employed full-time. In addition CBD consumers have a 1:1 gender ratio, whereas only one-third of cannabis users are female.
“CBD sales have exploded in the past several months, but there’s still a long way to go when it comes to consumer, retailer, and manufacturer knowledge,” says Jessica Lukas, VP of Consumers Insights at BDS Analytics. “56 percent of adults 21+ do not know or are confused about the differences between THC and CBD.”
Investors may also want to take note of the industry’s rapid growth and consider adding hemp and CBD exposure to their portfolios to capitalize on these trends.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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