CBD product sales to reach $646 million by 2022, says Hemp Business Journal
According to hemp-advocacy group Vote Hemp, the CBD product category has grown an enormous 404% since the Farm Bill passed in 2014-a bill which included a section called “Legitimacy of Industrial Hemp Research” and allowed agricultural pilot programs for the growth of hemp by institutions of higher education and State departments of agriculture.
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Hemp-derived CBD retail sales are estimated to exceed $646 million in the U.S. by the year 2022, according to “The CBD Report” published by the Hemp Business Journal. The natural product and specialty market channel will make up an estimated $184.3 million of the projected $646 million in sales. Currently, retail sales of CBD products have reached $264 million in 2018, $57.5 million of which can be attributed to the natural and specialty channels.
According to hemp-advocacy group Vote Hemp, the CBD product category has grown an enormous 404% since the Farm Bill passed in 2014-a bill which included a section called “Legitimacy of Industrial Hemp Research” and allowed agricultural pilot programs for the growth of hemp by institutions of higher education and State departments of agriculture. This piece of legislation indirectly encouraged the manufacturing and sale of hemp-derived CBD products despite the lack of clarity about whether or not the sale and transport of such products across state lines was legal. However, the growth of the category and the demand for hemp-derived CBD products cannot be ignored. As states struggle individually to pass laws legalizing recreational marijuana, the Senate recently passed the Hemp Farming Act, which is being negotiated in Congress.
This new bill passed by the Senate places regulatory authority of hemp on the U.S. Department of Agriculture; clearly separates hemp and hemp-derived products from their psychoactive cousin, marijuana; and removes roadblocks to the growing hemp industry such as restrictions on banking, and authorizing federal funding for hemp research, explained Vote Hemp in a press release.
Kratom sees impressive sales growth despite its regulatory status and stigma
March 12th 2025Despite its controversy, kratom is a top-selling ingredient that consumers see value in. That said, brands need to work hard to demonstrate safety and quality of kratom products in the absence of legal regulatory status. Will kratom be able to overcome its stigma for even more growth and consumer acceptance?
DOJ asks Utah court to dismiss FTC lawsuit against Xlear Inc.
March 11th 2025On March 10, the DOJ and the defendant filed a stipulation to dismiss with prejudice the lawsuit in which each party agrees “to be responsible for its own costs and fees and agrees that no party shall be responsible to any other party for any fines, costs, fees, or penalties arising from this case.”
HHS announces efforts to eliminate independent conclusion of GRAS
Published: March 11th 2025 | Updated: March 11th 2025U.S. Department of Health and Human Services (HHS) Secretary, Robert F. Kennedy Jr., is directing the acting U.S. Food and Drug Administration’s (FDA) acting commissioner to explore rulemaking that would eliminate the independent conclusion of GRAS provision.
