“The recent surge of consumer demand for CBD, coupled with increasingly easy access to CBD products, is expected to drive retail sales to about $1.1 billion-$1.3 billion in 2019,” said Kristen Nichols, editor of the Second Annual Hemp & CBD Industry Factbook. “We project retail CBD sales will increase to $10.3 billion by 2024, a five-year compound annual growth rate of 54%.”
Seeking to fill the gap left by the lack of federal agencies tracking hemp as a commodity, the 2019 Annual Hemp & CBD Industry Factbook seeks to provide understanding of the current and future challenges needed to make the most accurate and informed business decisions. Research-driven insights, will help business professionals understand economic, agricultural and regulatory developments impacting their positions and growth in the industry.
“Imagine running a race with brand-new shoes and a burst of energy but no idea what the course looks like. That’s somewhat the position in which today’s hempy industry finds itself,” Nichols said. “Relying on deeply researched data points along the way could make the difference between hitting the finish line and running off course.”