The CBD infused product market could balloon to $165.7 billion, according to Meticulous Research at a CAGR of 48.1%. That’s already creating sizable opportunity for companies such as Pure Extracts Technologies Corp. (CSE:PULL)(OTC:PRXTF)(XFRA:A2QJAJ), Canopy Growth Corporation (NASDAQ:CGC)(TSX:WEED), Tilray Inc. (NASDAQ:TLRY), Charlotte’s Web Holdings Inc. (TSX:CWEB)(OTC:CWBHF), and cbdMD Inc. (NYSE:YCBD).
“CBD-infused products are becoming increasingly popular. The therapeutic properties of CBD-infused products are being tested and confirmed by scientists and doctors around the world. CBD-infused products are non-intoxicating and used to treat several medical conditions, including epilepsy, psychosis, and anxiety disorders,” they note. “As researchers understand more about the potential benefits, more manufacturers are infusing their products with CBD.”
Helping, more states are legalizing the use of cannabis, including New York. Congress may push ahead with reform. In addition, 91% of Americans now say cannabis should be legal, according to Pew Research. In fact, Pew says, “As more states, including Virginia and New York, continue to legalize marijuana, an overwhelming share of U.S. adults (91%) say either that marijuana should be legal for medical and recreational use (60%) or that it should be legal for medical use only (31%). Fewer than one-in-ten (8%) say marijuana should not be legal for use by adults.”