It is expected that U.S. consumer sales of cannabidiol (CBD) will reach around 1.8 billion U.S. dollars by 2022, which would represent a significant increase from around half a billion U.S. dollars in 2018. Following a similar trajectory, sales of legal cannabis in the U.S. are projected to hit 23 billion U.S. dollars in 2025.
What are the benefits of CBD?
Cannabidiol is a naturally occurring substance found in cannabis. However, CBD does not cause any of the psychoactive effects that come from another active ingredient found in the plant: tetrahydrocannabinol (THC). The health benefits of the plant extract continue to be examined, and the World Health Organization states that CBD exhibits no effects indicative of any abuse or dependence potential. The CBD retail industry is already flourishing, with a wide range of products marketed as treatments for chronic pain, anxiety, and depression.
CBD in the USA: sales by state
With estimated sales of around 730 million U.S. dollars, California had the biggest CBD market in the United States in 2019. Regulations concerning the use of cannabidiols are yet to be clearly defined, and state authorities are having to answer numerous questions about its legality. It is, however, currently illegal under U.S. law to market CBD by adding it to a food or labeling it as a dietary supplement. As of March 2020, the FDA has approved only one CBD product: Epidiolex. The prescription drug is used to treat two rare and severe forms of epilepsy.
Total U.S. cannabidiol (CBD) product sales from 2014 to 2022
(in million U.S. dollars)
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Hemp Business Journal. (September 1, 2018). Total U.S. cannabidiol (CBD) product sales from 2014 to 2022 (in million U.S. dollars) [Graph]. In Statista. Retrieved October 31, 2024, from https://www.statista.com/statistics/760498/total-us-cbd-sales/
Hemp Business Journal. "Total U.S. cannabidiol (CBD) product sales from 2014 to 2022 (in million U.S. dollars)." Chart. September 1, 2018. Statista. Accessed October 31, 2024. https://www.statista.com/statistics/760498/total-us-cbd-sales/
Hemp Business Journal. (2018). Total U.S. cannabidiol (CBD) product sales from 2014 to 2022 (in million U.S. dollars). Statista. Statista Inc.. Accessed: October 31, 2024. https://www.statista.com/statistics/760498/total-us-cbd-sales/
Hemp Business Journal. "Total U.S. Cannabidiol (Cbd) Product Sales from 2014 to 2022 (in Million U.S. Dollars)." Statista, Statista Inc., 1 Sep 2018, https://www.statista.com/statistics/760498/total-us-cbd-sales/
Hemp Business Journal, Total U.S. cannabidiol (CBD) product sales from 2014 to 2022 (in million U.S. dollars) Statista, https://www.statista.com/statistics/760498/total-us-cbd-sales/ (last visited October 31, 2024)
Total U.S. cannabidiol (CBD) product sales from 2014 to 2022 (in million U.S. dollars) [Graph], Hemp Business Journal, September 1, 2018. [Online]. Available: https://www.statista.com/statistics/760498/total-us-cbd-sales/