Developments In The Legal Cannabis Industry

These modifications will streamline the research process regarding CBD’s possible medicinal value and help foster ongoing scientific studies.

NEW YORK: A report published by The Hemp Business Journal estimates that the Cannabidiol (CBD) 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. In 2015, the market for consumer sales of hemp-derived CBD products was $90 million, plus another $112 million in marijuana-derived CBD products which were sold through dispensaries – bringing a total CBD market to $202 million last year.

In the meanwhile, states that have legalized cannabis are benefiting from taxes. For example, during the 2014-15 fiscal year Colorado took in $70 million, nearly twice as much revenue than the state earned from alcohol taxes, Forbes reported. Colorado is expected to generate $135 million in cannabis taxes and licenses fees in fiscal year 2015-16, according to ArcView research.

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