U.S. sales of hemp-based cannabidiol products are increasing at a rapid rate, making Hemp as Medicine a fast-evolving industry.
The Hemp Business Journal in Boulder, Colorado, has released a report stating that the U.S. sales of cannabidiol products are going to soar in the coming years. The numbers could potentially be in the billions. Cannabidiol (CBD), is a non-psychoactive component found in the cannabis plant.
There has already been an immense increase in the sales of products with CBD extracts and infusions in the past few years. This increase is due to the legalization of marijuana and the removal of federal bans on industrial hemp farming.
In 2015 the hemp industry exceeded expectations by a long shot. The 2015 projected sales of hemp-based CBD products was $5 billion, but in reality the profits were closer to $90 million. For 2016, the Hemp Business Journal report predicts sales will be $115 billion, a tremendous growth in just one year.
Click here to read more.