Forbes and The Hemp Business Journal estimate that the CBD market will grow to $2.1 billion in consumer sales by 2021. Even more interesting is that they’re thinking that roughly 25% of those CBD sales would come from industrial hemp. That would mean a whopping 700% increase from 2016.
Medterra is even more optimistic about the growth of the CBD market. We expect an almost $3 billion market by 2021. 28 states plus DC have already legalized medical marijuana, and now 15 more states are allowing the sale of CBD only.
An interesting point is evidence showing that traditional marijuana users are willing to give CBD a try. Maybe it’s not all about the THC after all.
Entrepreneurs and established industry leaders alike have not missed this potential either. According to Headset Research data, in Washington state alone there are over 800 CBD products in the marketplace.
Since CBD’s are not regulated in the same way as THC, CBD producers can import industrial CBD oil. Many order large vats of CBD oil that is produced from Chinese industrial hemp and cut that into their products. This makes it difficult for those who grow and extract CBD locally to compete and consumers aren’t currently educated enough to have a preference for ‘homegrown’ CBD products.
It is up to consumers to do their homework and check with these CBD companies to learn what products they should buy and where the company gets its CBD extract. It is also a bit or a trial and error process. Users will only know if the product works for them by giving it a try.
However when they shop Medterra, customers can feel confident about getting high-quality CBD products that are non-GMO and organic. From the Medoil tincture to the incredible gel capsules, you’ll find zero THC so you don’t need to worry about any unwanted euphoric feeling.