NEW YORK: According to a research conducted by Hemp Business Journal and Vote Hemp, the Hemp CBD is a market with $130 million in sales with growth at a 53% AGR (Adjusted Growth Revenue). This as a result contributed to the $688 million in total Hemp sales in 2016.
The Hemp CBD category was led by channel sales in natural and specialty products such as smoke shops and online verticals. As well in 2016, SPINS, the leading market research firm for natural products, has listed that $2,470,000 worth of products has used CBD as a primary ingredient. Currently CBD-based pet care products are a ‘growth category to watch’ in 2017.
Eric Steenstra, President of Vote Hemp has referenced, “To date, 31 states have passed legislation that allows hemp farming per provisions set forth in the 2014 Farm Bill, and the U.S. remains the largest consumer market for hemp products worldwide. We need Congress to pass federal legislation to allow commercial hemp farming nationally, to let our farmers and American businesses take advantage of the robust economic opportunity hemp provides.”