Page 26

TH E E A NXOI TY E C N OMY

KEY REASONS THE CBD MARKET WILL KEEP GROWING From pharmaceuticals to ingestibles, a prominent research firm quantifies the recent ascent of the CBD consumer phenomenon By Brightfield Group

T

he U.S. CBD market will grow more than seven-fold this year because the 2018 Farm Bill legalized hemp-derived versions of the chemical compound. The legislation has created a whole new legal CBD market, and consumers of all stripes are already snapping up CBD-related products. Brightfield Group’s analysis of CBD’s potential provides an overview of the industry’s prospects during the next few years. If just a few reasonable assumptions come true, the CBD market should prosper. Previous Brightfield estimates assessed the hemp-derived CBD market as a grassroots movement with growth held at bay by a burdensome regulatory system and limited formal retail and marketing channels. Today’s estimates anticipate the Food and Drug Administration (FDA) will sanction CBD, helping a fully operating formal market develop during the coming months with growth blooming over the five-year forecast period.

CBD molecule

The data scientists, analysts and researchers at Brightfield Group are focused on the legal CBD and cannabis industries. Their 75-page, July 2019 report, Hemp-Derived CBD; Market Overview & Analysis, incorporates information from interviews with hundreds of manufacturers and retailers, and detailed consumer sales and survey data from thousands of hemp-CBD users. brightfieldgroup.com

22

luckbox | august 2019

Profile for luckbox magazine

August 2019