CBD industry gets even higher – Fox Business

Apologies in advance, but the CBD industry is really budding.

The hemp-based CBD products market is forecast to reach at least $7.5 billion by 2024, according to Motley Fool. Pot research firms Arcview Market Research and BDS Analytics say the CBD market could gather $20 billion in sales by then, too.

Hand holding bottle of cannabis oil against marijuana plant, CBD oil pipette. (iStock)

Of the CBD companies out there, Charlotte’s Web may get about 20 percent of the product market over the next 12 months. So if the company just stays still, its annual sales could be at least $1.6 billion in the next five years. With numbers like that, Motley Fool said that would put Charlotte’s Web to be one of the fastest-growing companies in the world.

Charlotte’s Web has a large footprint in the retail space, including placement in Kroger and CVS.

The global cannabis industry sales tripled from 2014 and it’s poised to nearly quadruple in the next five years. That statistic doesn’t include CBD sales from retail stores or pharmaceutical-based cannabinoid sales, either.

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In turn, the marijuana stock value is soaring, and important investors are tempted.