Sales of CBD or cannabidiol products are expected to grow fast in the U.S., according to industry source Hemp Business Journal. The buzz around the extract derived from the cannabis plant is growing even bigger now that drug store chains CVS and Walgreens announced in short succession last week that they will be stocking CBD products in the future.
CBD was also given a boost by the 2018 Farm Bill. The extract, which does not have an intoxicating effect, was legalized together with industrial hemp on the federal level in December. Before, CBD had already become legal in some states, which passed laws legalizing recreational marijuana containing THC, and in others, like Kentucky, North Carolina and Tennessee, which had legalized only cannabidiol.
CBD, or cannabidiol, is one of 113 identified cannabinoids (THC being the most well-known) and makes up 40 percent of the cannabis plant’s extract. Research has found that it can be used to treat some forms of epilepsy in children; and preliminary research has suggested its potential to treat anxiety and insomnia, but also arthritis and other chronic pain. A 2019 survey by High Yield Insights showed that 40 percent of U.S. adults age 21 and over were interested in trying CDB products.
CVS and Walgreens to Sell CBD Products
CBD
Description
This chart shows actual and projected growth of CBD consumer sales in the U.S. from 2014 to 2022.
