NEW YORK: The legal cannabis market is expanding at a rapid pace. This year five states voted to legalize cannabis for recreational use. In four of these states the proposition passed. Currently 15 states only allow Cannabidiol and alongside that, there are 28 states and District of Columbia that have legalized all forms of medical marijuana.
According to a recent report published by The Hemp Business Journal, the Cannabidiol market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources. That’s a rapid increase from 2016, as projections for 2016 indicate the hemp-derived CBD market is poised to reach a value of $115 million by the end of the year.