CBD Exploding Into Mainstream Wellness Products

NEW YORK, October 11, 2018 /PRNewswire/ --

CannabisNewsWire Editorial Coverage

Bolstered by millennia of anecdotal evidence and ever-mounting scientific validation, cannabidiol (CBD) is rapidly being integrated into myriad mainstream consumer wellness products around the globe.

• Global cannabis market expected to quadruple to over $63 billion by 2024
• CBD oil market to grow at CAGR of 39.19 percent through 2021
• CBD products exploding into a wide variety of product lines
• Diversified, sales-driven companies expected to outpace standard growth curve

Humans have used hemp, a variety of Cannabis sativa and a primary source of CBD, for more than 10,000 years in food, textiles and medicine. The world is again recognizing the therapeutic benefits of hemp extracts, and consumers are embracing cannabis-based products at a breakneck pace. Consumer demand has triggered an explosion of product innovations that range from oils and edibles to pet products and infused beverages. Intent on staying at the vanguard of the upsurge in CBD-based wellness products, sales and marketing powerhouse Youngevity International, Inc. (NASDAQ:YGYI) (YGYI Profile) recently expanded its HempFX line with the launch of two new hemp-derived cannabidiol products. Others are entering the sector as well. Beer and spirits conglomerate Constellation Brands, Inc. (NYSE:STZ) just made the largest investment to date in the cannabis industry. AbbVie Inc. (NYSE:ABBV) was one of the first companies to enter the pharmaceutical cannabis space with Marinol, which is almost chemically identical to THC, the main component in marijuana. Lexaria Bioscience Corp. (CSE:LXX) (OTC:LXRP) offers DehydraTECH, a drug delivery platform that could be a game changer for several industries, including the recreational and medical cannabis markets. And Neptune Wellness Solutions, Inc. (NASDAQ:NEPT) recently received a Confirmation of Readiness letter from Health Canada, a key milestone in its quest to become a licensed producer of cannabis oil in Canada.

To view an infographic of this editorial, click here.

The CBD Boom 

Cannabidiol is understandably generating worldwide interest from both the scientific and investment communities. It's hard to ignore a market sector projected to nearly quadruple from about $16 billion last year to more than $63 billion worldwide by 2024. In just the United States alone, the marijuana industry could create an economic tsunami estimated to surge past $75 billion annually by 2022.