Cannabidiol (CBD) is the part of the cannabis plant that is usually used for medical reasons. Growth of the medical cannabis market is expected to accelerate as the products become more popular treatments for various medical applications. Chronic pain, post-traumatic stress disorder (PTSD), sleep disorders, anxiety, nerve pain and others. A research report published by The Hemp Business Journal, estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources. Those projected sales by 2020 show a 700% increase from 2016. In 2015, the market for consumer sales of hemp-derived CBD products was $90 million according to the report, plus another $112 million in cannabis-derived CBD products which were sold through dispensaries. This brings a total CBD market to $202 million as of last year.
“The United States constitutes 35% of the global pharmaceutical market, the largest market in the world, and a major driver of the U.S. economy. It is one of many industries that will be impacted by the growth of the legal cannabis market and we are already starting to see that trend in legal medical states where use of key prescription drugs is down by 11%. If cannabis were to be adopted nationally, we would begin to see a trend of patients turning to medical cannabis as a substitute or complement to pharmaceuticals,” said Giadha Aguirre De Carcer, CEO & Founder, New Frontier Data.