A recent report released by Brightfield Group, a data company estimates that the hemp CBD industry is projected to be a billion-dollar market in only three years. They currently estimate that Hemp CBD sales were at $170 million in 2016 with a 55% compound annual growth rate.
What is Hemp CBD?
CBD made from hemp contains less than .3% of THC, a psychoactive ingredient associated with marijuana that is often used to treat various medical conditions. It is sometimes called hemp oil and it is sold in most states as well as online. This makes the product more accessible than marijuana-derived CBD, which can only be sold where marijuana is legal.
Brightfield determined that 64.5% of the sales come through the online channel followed by 17.8% at smoke shops. Dispensaries were third, with 9% of the sales and health stores and doctor’s offices rounded out the top five.
What Does This Mean For You?
As the hemp industry continues to grow, more products will become available. This can be extremely exciting for customers that understand the benefits of hemp CBD, but they should beware of products that are not quality.
At Premium Hemp Co. in Willoughby, Ohio we are dedicated to providing high-quality hemp CBD products for our customers and will continue to carry only the best.
Have you visited our store yet? If not, come check out our range of cannabidiol hemp products including tinctures, salves, edibles and more!