U.S. CBD Hemp Product Revenues Predicted to Surge Over the Next Few Years

Financialnewsmedia.com News Commentary

PALM BEACH, Florida, July 23, 2019 /PRNewswire/ -- There is a lot of anticipation and optimism surrounding the medical and recreational marijuana markets revenues but the hemp/CBD market should not be ignored. A recent report from a respected industry source, BDS Analytics says that the collective market for CBD sales is expected to exceed $20 billion in the United States by 2024. This pretty much supports the reports from another industry respected source, The Brightfield Group, which has previously projected that the: "Hemp CBD Market to Reach $22 Billion By 2022: Outpacing the Rest of the Cannabis Market Combined". It is important to understand that CBD is derived from both marijuana and hemp. One industry publication describes the difference as follows: "It is the distinction between CBD derived from marijuana and CBD from hemp oil that sets them apart. Marijuana is harvested for its buds, which contains psychoactive properties known to produce stoned effects. When it comes to hemp, the stalks and seed are the targets of this crop. These plants do not contain enough THC to get anyone high. In fact, for cannabis to be considered hemp, it must have no more than 0.3 percent THC. Just think of hemp oil-based CBD as a vitamin (high in Potassium and Magnesium) and the bud-based products to be pharmaceutical grade." Active Companies in the market this week include: MYM Nutraceuticals Inc., (CSE: MYM) (OTCQB: MYMMF), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), Curaleaf Holdings, Inc. (CSE: CURL) (OTCQX: CURLF), Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF), CV Sciences, Inc. (OTCQB: CVSI).

The BDS Report continued: "We're witnessing CBD maturing from a cannabis sub-category into a full-blown industry of its own," said Roy Bingham, Co-Founder and CEO of BDS Analytics. "Our growth forecast for the CBD market, across all distribution channels, predicts a compound annual growth rate of 49 percent by 2024. This is a great opportunity for all involved, but it means the road ahead will include decisions that need to be informed by the best possible data."

MYM Nutraceuticals Inc. (CSE: MYM)(OTCQB: MYMMF) BREAKING NEWS: MYM Nutraceuticals is pleased to announce that its joint venture company (MYM owns 50%), BioHemp Naturals Growing & Farming Ltd. ("BioHemp"), has signed a non-binding Letter of Intent ("LOI") for the sale of $25 million of CBD-rich hemp biomass.