Forbes reported that according to Matt Karnes of Greenwave Advisors, "In terms of the CBD market size, I estimate an almost $3 billion market by 2021. Currently there are 15 states that allow CBD only; this is in addition to the 28 states plus DC that have legalized medical marijuana." The report indicates that the CBD market has already been targeted by industry insiders. According to Headset Research data, in Washington state alone there are over 800 CBD products in the marketplace.
As for the whole legal cannabis market, Arcview Market Research forecasts that growth will reaccelerate beginning in 2018, as adult-use sales ramp up in Canada, California, and Massachusetts along with medical sales in Florida. That will grow the $6.7-billion market of 2016 at a robust 27% CAGR to $22.6 billion in 2021. The biggest political win of the U.S. election in 2016 came in California, where cannabis products are now legal for medical and recreational purposes.
ChineseInvestors.com, Inc. recently today that, "Chinesehempoil.com Inc., established last month as a wholly-owned subsidiary of CIIX, will officially launch its own premium hemp health product line, OptHemp, which will include the company's first private label product, OptHemp Ultra Premium Hemp Oil.
CIIX will use multiple sales channels to implement its sales plan including online sales, retail sales and direct marketing. As part of its plan, CIIX is close to completing construction on its first retail store, which will be among the first retail stores to offer premium hemp-based products along with other health products in San Gabriel, CA. The company is expected to open the retail store this June in an optimal location within one of the city's premier Chinese consumer districts.
"I am very pleased to announce the launch of our first premium OptHemp product," saidWarren Wang, Founder and CEO of CIIX. "Hemp oil is believed to have positive balancing effects on the mind and body of persons using them."
OptHemp Ultra Premium Hemp Oil, the line's base level product, is extracted and purified with raw materials from 100% organic farms in Colorado using a supercritical CO2 extraction technology. OptHemp products are GMO-free, making them attractive to consumers concerned about product source and purity.
"We believe that the desire for better quality of life in the Chinese community, coupled with fact that the aging population continues to grow, will lead to continued growth in the alternative health sector and increased demand for natural hemp-based health products," said Wang. "CIIX is confident that its OptHemp product line will lay a solid foundation for the company's entrance into the legal hemp industry and the alternative health sector."
Eco Science Solutions, Inc. is a technology-focused company targeting the health, wellness and alternative medicine industry. The company recently signed a Sponsorship, Content Development and Licensing agreement with Roaring Lion Tours, Inc. to develop unique educational content that brings awareness and education to the alternative medicine category. Roaring Lion Tour develops inspirational and education content that further promotes the benefits of medical marijuana. "There is a continuing need to bring awareness to the benefits of medical marijuana as a key category in the alternative medical health industry," stated Jeff Taylor, CEO of Eco Science Solutions.
Cannabis Sativa. Inc. recently entered into an agreement to acquire the intellectual property for the White Rabbit brand of cannabis sprays and cannabis mints. The acquisition will include the exclusive and proprietary product formulations, product mixes, manufacturing methods and branding. The White Rabbit product line currently consists of fast acting low dose cannabis oral sprays and popular low dose cannabis mints. Both the spray and the mints are formulated as CBD only, THC only and CBD/THC blends. Dosage ranges include 2.5 mg, 5 mg and 10 mg tablets and sprays with 1:1 and 20:1 variations of each.
Cara Therapeutics Inc. is developing lead molecules that selectively modulate peripheral CB receptors without targeting CNS cannabinoid receptors. Peripheral CB receptor modulators will be initially developed as a novel therapeutic approach for neuropathic pain, a condition currently without consistently effective therapies. Cara's most advanced CB compound, CR701, is in preclinical development. Cara's CMO Dr. Joseph Stauffer said, "Cannabinoid Receptor Agonists like CR701 have the potential to provide improved pain relief for patients suffering from neuropathic pain."
AXIM Biotechnologies, Inc. focuses on the research, development and production of cannabis-based pharmaceutical, nutraceutical and cosmetic products. Recently, the company announced that its product development partner Quay Pharmaceuticals Ltd. (Quay Pharma) has obtained the relevant licenses from the British Home Office to import and work with the controlled drugs that are required to continue the development of AXIM's MedChew Rx pharmaceutical chewing gum's family of products. MedChew Rx, formulated with 5 mg of cannabidiol (CBD) and 5 mg of tetrahydrocannabinol (THC), is being developed as a pharmaceutical drug to treat pain and spasticity associated with multiple sclerosis (MS).