For years, experts have predicted that if the cannabis industry expands at its current rate, the American market will reach $20 billion by 2020. But it turns out that one market is spinning off into a mega-industry of its own: according to a new estimate from cannabis industry analysts the Brightfield Group, the hemp-CBD market alone could hit $22 billion by 2022.
CBD, a non-psychoactive cannabinoid found in cannabis, has had a surge in popularity over the past couple of years. Unlike THC, the chemical compound that gives marijuana its signature effect, CBD has been shown to help with everything from PTSD and anxiety to MS and epilepsy—without getting you high.
Previously, CBD products have been available mostly in head shops, with a few doctors recommending it for various maladies. But in 2017 and 2018, the products spread to natural food stores, beauty aisles, cafés and doctors offices. So far the industry is on track to hit $591 million in 2018, and thanks to a number of factors—including, surprisingly, Senate Majority Leader Mitch McConnell—that could increase 40 times in the next four years.
Top Image: © Elroi | Adobe Stock
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