Packaged Facts: CBD market poised for growth
Market research company Packaged Facts’ latest report is taking a look at the cannabis and CBD industry. The Rockville, Md.-based company’s “Cannabis and CBD: U.S. Retail Market Trends and Opportunities” report projects that U.S. sales of the two categories is set to increase 18% per year, potentially reaching $33 billion by 2024.
Though these numbers include both CBD and cannabis with THC — and 40% of retail sales go to flower (sold as buds and pre-rolled cigarettes) — the report does identify edibles and topical as high-growth areas for CBD. The company noted that many consumers are looking at CBD-infused personal care items because of the therapeutics benefits of a THC-free formulation.
Further areas of interest for both cannabis and CBD include tinctures, pills and capsules and ingestible oils.
For more insights from the report, it can be purchased here.