Cannabis Sales Continue to Grow Due to the Plant's Protean Nature
The cannabidiol or CBD market is one of the fastest growing segments in the cannabis industry as it has introduced products such as cosmetics, health products, food and beverage, pet products, skin care, and pharmaceuticals. The wide ranging list of products can effectively reach and target various consumer market segments. For instance, consumers such as athletes, medical patients, beauticians, and even everyday consumers are using CBD products regularly for a multitude of results. To note, the market witnessed a significant surge following the passage of the U.S. Farm Bill in 2018, which essentially legalized CBD. Prior to then, CBD was listed as a Schedule 1 Drug in the U.S., meaning it was one the most regulated substances in the country. However, researchers have since undermined the stereotypes revolving around the compound. CBD is derived from the hemp plant, which falls under the cannabis family, similar to THC. Many know that marijuana causes psychoactive effects because of its abundance of THC or tetrahydrocannabinol. And since both hemp and marijuana are within the cannabis family, regulators had deemed both plants to be unsafe for consumers. However, the hemp plant contains only miniscule traces of THC, which is considered too little to cause mind-altering effects. As a result, many countries are adopting CBD as a medical treatment for patients suffering from severe ailments. And several countries, such as Canada, Germany, South Korea, and most of the U.S. have already implemented CBD-based products into their medical programs. While the medical segment is projected to account for the majority of the CBD market, demand for recreational CBD products also exists. Specifically, consumers simply looking to relax have been opting to use CBD as a natural and organic remedy. Now, the collective growth in both the medical and recreational segment is causing a spur in consumer growth. And as a result, the U.S. CBD market is anticipated to reach USD 20 Billion in sales by 2024, according to data compiled by Arcview Market Research and BDS Analytics. Pressure BioSciences, Inc. (OTC: PBIO), GW Pharmaceuticals plc (NASDAQ: GWPH), Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE), OrganiGram Holdings Inc. (NASDAQ: OGI) (TSX-V: OGI), Green Thumb Industries Inc. (OTC: GTBIF) (CSE: GTII)
Organigram Announces Trading Date for Graduation to TSX
Organigram Holdings Inc. (NASDAQ: OGI) (TSX VENTURE: OGI), the parent company of Organigram Inc. (the "Company" or "Organigram"), a leading licensed producer of cannabis, is pleased to announce that it has received final approval for the listing of its common shares on the Toronto Stock Exchange ("TSX").
This CBD Trend Holds a Significant Amount of Sales Potential
Demand for CBD-rich consumer products has been explosive since the U.S. Farm Bill was signed into law. In fact, the Brightfield Group estimates the U.S. CBD product market alone to be worth over $23.7 billion by 2023. Piper Jaffray says the potential for beauty products could boost the overall CBD market value to as much as $100 billion. Better, China is creating an explosive new trend, as it sees growing demand form skincare products tailored for men. In fact, in 2018, sales of male skincare products increased between 51% and 114% for cleansers, facial masks, lotions, and creams. If CBD finds its way into that mix, it could create a bigger catalyst for companies such as The Yield Growth Corp. (CSE:BOSS) (OTCQB:BOSQF), Canopy Growth Corporation (TSX:WEED)(NYSE:CGC), HEXO Corporation (NYSE:HEXO)(TSX:HEXO), OrganiGram Holdings Inc. (TSX-V:OGI) (NASDAQ:OGI), and Aphria Inc. (NYSE:APHA)(TSX:APHA).