CBD product development is being driven by consumer demand, but current legislation is creating a clearer roadmap for retailers looking to grow their business in this lucrative, evolving market. In a 2017 report published by the Brightfield Group, it started that hemp-derived CBD will be a $1 billion industry by 2020. In addition, according to the Hemp Business Journal, hemp-derived CBD has enjoyed a 53 percent annual growth rate and is on track to outdo the cannabis annual rate of increase when looking at five year projections.
As CBD becomes even more mainstream and has been gaining positive traction with consumers, now is the time for retailers distributors to get a strong foothold in the industry. The potential for growth and profit is there. It’s pretty easy to see.
- “CBD Market Estimated to Grow …”, nauturallysplendid.com
- Forbes study referenced, cashinbis.com/cbd-market-forbes
- “The CBD Explosion,” April 2, 2018 by Patrick Wagner, marijuanaventure.com
This story is an advertorial that first appeared in the July/August 2018 issue of Tobacco Business Magazine