PALM BEACH, Florida, - Both U.S. and Canadian cannabis companies are developing new products and strategies to tap the plant's potential, reports PR Newswire, and more of those items are ending up on the shelves of U.S. stores.
An increasing number of wellness and cosmetic products now include CBD, a part of the cannabis plant that proponents claim is rich in medical benefits. Oils and CBD-infused waters are appearing in local stores and some restaurants.
Canopy Growth Corp. recently announced it would spend $150 million to set up a hemp facility in New York state, where hemp-derived CBD would be extracted and sold to consumers. iAnthus Capital Holdings, Inc. has opened its second dispensary, which is located in Wappingers Falls, N.Y. The dispensary will offer more than 30 locally-sourced, lab-tested products, including vape cartridges, tinctures, capsules, and powders, dispensed by patient care representatives.
According to Motley Fool, China led all countries in 2018 with almost $1.2 billion in hemp sales, followed by the U.S. at $1 billion. All of Europe had combined sales of $980 million, while the combination of Central and South America had $220 million. By 2022, New Frontier Data expects U.S. hemp sales to be $2.6 billion, representing a compound annual growth rate of 27%. Of that amount, half of all sales will come from hemp-derived CBD products.
Cannabis and beverage companies alike have begun introducing CBD-infused beverage products in the U.S., and the country’s rollout of various CBD-infused beverages throughout Q1 and Q2 2019 is expected to create the foundation for hemp-infused products worldwide. Industry observers say these brands will gain a first-mover advantage in what could become the world's largest functional drinks market.