The answer is Yes, according to market research firm, The Brightfield Group who project that the hemp-derived CBD market will reach sales of $22 billion by 2022, outpacing cannabis sales, and surging from $591 million in 2018 — that’s a five-year CAGR of 132 percent.
The surge in profits they attribute to the Hemp Farming Act of 2018 (Farm Bill) that would legalize hemp as well as its derivatives, extracts and cannabinoids, including hemp CBD. Other growth drivers include the popularity of hemp CBD versus pharmaceutical products, the evolution of distribution channels, and expansion of the product types and constant innovation. “CBD is also unburdened by much of the stigma and logistical challenges regularly associated with cannabis (i.e., companies are willing to ship hemp CBD over state lines; they can be on everyday store shelves without requiring a visit to a dispensary), making customer access more convenient and putting hemp CBD brands in the public eye,” the report states.
Hemp still awaits de-scheduling by the DEA as a controlled substance along with cannabis, but the Brightfield Group remarks that “once these products are fair game, this will open up the market and change the industry almost overnight.”