The hemp and CBD markets are projected to become a major part of the legal cannabis industry, analysts say.
According to a report by the Hemp Business Journal, featured on Financial Buzz, the CBD market is growing at 30 percent and will reach $2.1 billion in sales by 2020. Sales of products made from hemp-based sources will account for $450 million of those sales, and the rest will be from cannabis sources.
Personal care products that include ingredients sourced from hemp are expected to make up a large part of the market. These products include soaps and lotions.
The total retail value of hemp products sold in the U.S. in 2016 was $688 million. As a result of successful legalization campaigns across several U.S. states and successful hemp cultivation pilot programs, sales of items, including shelled seed, protein powder, soaps and lotions have continued to increase.