The CBD oil market will be at $1 billion by 2020 according to a Brightfield Group report.
The report’s findings are based on a 55 percent annual growth rate. There were $170 million in CBD sales in 2016 according to Brightfield Group.
The total cannabidoil market will reach $467 million this year, according to Brightfield Group and HelloMD.
CBD oil differs from other cannabis medications in that it can be produced without THC, so it’s legal in all 50 states and not subject to federal regulation.
The lack of psychoactive effects from THC, while providing medical relief to many conditions including epilepsy, makes CBD oil a strong option for children and elderly patients.
A recent user experience report found that nearly half of patients who use CBD oil stop using traditional medicines including prescription pills.
About 66% of CBD users indicated that CBD products are either “more effective” or “much more effective” in relieving their medical conditions than are over-the-counter products.