CBD Sales Surge Into Mainstream With a Raft of Celebrity Endorsements
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NEW YORK, May 9, 2019 /PRNewswire/ -- Extolling the benefits of cannabidiol (CBD), A-List celebrities are hosting parties like baby showers that included CBD and meditation. This is just the latest in celebrity endorsements for new CBD products coming from a variety of companies including Chemistree Technology Inc. (CSE:CHM) (OTC:CHMJF), Harvest Health & Recreation Inc. (CSE:HARV) (OTC:HRVSF), Green Thumb Industries Inc. (CSE:GTII) (OTC:GTBIF), Namaste Technologies Inc. (TSX.V:N) (OTC:NXTTF), and cbdMD, Inc. (NYSE:YCBD).
One after another, celebrity figures are stepping up to sing praises for CBD – a non-psychoactive component of the cannabis plant. As the medical benefits of the products are increasingly being endorsed and developed by physicians, such as those behind The Physician's Choice CBD, which recently had a stake acquired by Chemistree Technology Inc. (CSE:CHM) (OTC:CHMJF).
Now a part of the Chemistree Technology Inc. brand portfolio—which includes the award-winning Sugarleaf cannabis flower strain—The Physician's Choice CBD line brings a suite of nine cannabidiol-infused products into the marketplace. Having the brain trust of veteran physicians and the Chemistree Technology Inc. team behind the brand's products lends credibility to the theoretical claims of CBD's effectiveness.
Even celebrated doctors, such as Dr. Sanjay Gupta have given qualified endorsements of CBD, who said on The Dr. Oz Show, "I think there is a legitimate medicine here… We're talking about something that could really help people."
The widespread legality of hemp-based CBD products has been on the move, with the passing of the 2018 US Farm Bill. Other prominent federal agencies, including the FDA, are showing signs of moving towards a loosening of CBD's regulatory shackles.
Data compiled by Bethany Gomez at Brightfield Group, market research company expects the CBD industry to grow from $600 million in the U.S. to $22 billion in 2022. Gomez says "I have never seen an industry grow this quickly, and I've never seen an industry with so much headwind."
CBD's Spreading Popularity
More recently, joining in celebrity endorsements have been a popular PGA golfer who is the two-time Masters champion touts that CBD can help sustain his career at the highest level, having entered a partnership deal with cbdMD, Inc. (NYSE:YCBD).