CBD Sales Projected to Hit $11 Billion by 2027

  • A data research firm says sales of cannabidiol (CBD) could reach as high as $11 billion by 2027.
  • Experts say the medication’s popularity has continued to increase since the passage of the 2018 Farm Bill.
  • Research has indicated that CBD can potentially be helpful to alleviate symptoms of conditions such as anxiety, addiction, and post-traumatic stress disorder.
  • Experts caution consumers, however, to be wary of some marketing claims about CBD.

Cannabidiol is officially a phenomenon.

Sales of cannabidiol (CBD) products could climb as high as $11 billion by 2027, up from the already heady 2022 projection of $5 billion in retail sales, according to the Brightfield Group, a data research firm with ties to the cannabis industry.

Those projections are partially dependent on whether the Food and Drug Administration (FDA) implements regulatory reform. However, even without such reforms, the industry is still predicted to grow to more than $6 billion by 2027.

That’s a swift rise for the cannabis-derived compound since the passage of the 2018 Farm Bill, which removed hemp from the definition of marijuana in the Controlled Substances Act. Hemp is defined as cannabis (Cannabis sativa L.) and derivatives of cannabis with low concentrations of the psychoactive compound delta-9-tetrahydrocannabinol (THC).

“I believe CBD became so popular because it was the first non-intoxicating cannabinoid that became federally legal and widely accessible,” said Dr. Jeff Chen, the founder of the University of California Los Angeles Cannabis Research Initiative and a medical advisory board member at Healthline.

“Cannabinoids are compounds that only occur in the plant kingdom in the cannabis plant and they interact with the human endocannabinoid system. THC is the principal intoxicating cannabinoid in cannabis and is still federally illegal,” he explained to Healthline. “Cannabis/THC has been a mainstream topic in the U.S. for many years, but consumers may not use it because of the intoxicating effect, or workplace drug testing of THC, or inability to access legally in their state.”

While many states have since legalized the medical or recreational use of cannabis products, CBD products are increasingly sold in states even where cannabis use is illegal.

CBD products come in tinctures, salves, pills, gummies, and oils and often promise all the benefits of medical cannabis without the intoxicating effects or potential legal complications.

But while CBD has become popular, the hard science on its real therapeutic benefits is still emerging.

(From Healthline, July 21, 2022 )