Consumer cannabidiol – or CBD – sales reached $85 million in 2015 and could reach $115 million this year 2020, according to The CBD Report by The Hemp Business Journal. By 2020, the analyst projects that the market could surpass $2 billion in size as the world awakens to the benefits of the cannabinoid cousin of tetrahydrocannabinol – or THC. These revenues would be divided across a diverse set of end markets, ranging from pharmaceuticals to smoke shops.
“There is real interest and awareness among customers in the natural channel who have heard about the benefits of CBD and what hemp products can do in terms of a therapeutic effect in dietary supplement form and also in products applied to the skin for muscle aches and inflammation,” said Sarah Shebanek, Wellness Buyer for Alfalfa’s Market, an independently owned natural products retailer with stores along Colorado’s Front Range. Alfalfa’s carries CBD brands including CW Hemp, Restorative Botanical, CBDRx, and BlueBird Botanicals.
The Food & Drug Administration (FDA) has raised concerns over CBD products in February 2015, warning them against making unproven health claims and noting that several products contained no CBD at all. A year later, the FDA announced that CBD products couldn’t be sold as a dietary supplement and warned companies against selling CBD-infused products. These assertions have been challenged since then by the industry and companies continue to sell CBD-based products in both online and retail establishments.
CV Sciences Inc. (CVSI) is a leader in the CBD category with products in over 500 brick and mortar retailers. Since its products are developed with hemp rather than marijuana, the company believes that its products don’t fall under these onerous restrictions.
“CV Sciences is pioneering CBD products in the health and wellness space vs. the cannabis space,” said Sarah Syed, Director of Marketing Continue Reading