?That?s the real story ? the CBD market,?
According to a preliminary analysis by the?Boulder-based Hemp Business Journal, the sales of hemp products throughout the U.S.?will reach $500 million by the end of 2015.
The figure is a 25% raise from last year when over $400 million worth of hemp-based products were sold. The majority of the products – clothing, building materials and costmetcs – were all imported to the U.S.
However, the high levels of hemp being imported into the U.S. may soon come to an end. Hemp farming only became legal again after the 77-year-long prohibition was put to an end in 2014. In 2015, three states have contributed the majority of the hemp grown this year : Colorado (2,000 acres in production) Tennessee (1,000 acres) and Kentucky (922 acres).
There is no system is place to identify what certain areas of hemp are being grown for, but according to Sean Murphy,?publisher of the Hemp Business Journal, the harvests in Colorado were “primarily” for?the non-psychoactive chemical compound cannabidiol (CBD).
?That?s the real story ? the CBD market,? Murphy said. The sale of CBD products, which are replacing some medications for?pain relief or?inflammation, are predicted to reach $85 million in 2015.
?A couple of years ago, there was no CBD market,? Murphy said. ?(Look) how fast that emerged in a year or two.?
Others believe that the CBD market has had even more of an impact with some insiders beilving that the market could even be worth up to $300 million nationally.
Alexis Korybut, president of Boulder-based CBDRx suggested the figure but says “that?s probably conservative.”
Alexis operates his own cannabis grow farm along with?a research and development facility in Longmont.??This business continues to surprise to the upside.?He’s even had a buyer from the U.K. who is looking to export Alexis’ hemp to the Europe.
?Most of (the hemp in the U.S.) comes from Europe,? Korybut said, ?and this is now Europe looking to the U.S. for quality.?
Source – [thecannabist]