Around $967 million US in revenues were generated worldwide from CBD products in 2020. As a new infographic by Kryptoszene.de shows, sales are projected to rise to $5.3 billion by 2023, an increase that would correspond to 448%.
The projected annual growth rate for CBD products is 40%, according to data from Research and Markets. CBD is a non-psychoactive cannabinoid derived from female hemp, and is believed to have anti-convulsant, anti-anxiety and anti-inflammatory effects.
The equivalent of $673.2 million worth of CBD products is expected to be sold in Germany alone by 2023. As the infographic shows, a large proportion of the population is interested in CBD applications. Around three out in four German citizens between the ages of 39 and 49 state that they can either imagine using CBD or have already used it, according to a survey by the „Äerzteblatt“.
Cannabis Legalisation Gaining Ground
Meanwhile, the infographic illustrates that there seems to be some movement towards decriminalisation. For example, the US House of Representatives voted in early December to remove cannabis from a federal law listing dangerous drugs, although this still has to pass a potentially Republican-controlled Senate.
The United Nations, on the other hand, stopped listing cannabis as a particularly dangerous drug a few weeks ago. The United Nations emphasises the fact that this opens the door to broad medical and therapeutic applications.
Overall, there seems to be a lot of signs pointing to rapid growth in the cannabis industry. However this is currently not yet reflected in positive developments in cannabis share prices. For example, Aurora Cannabis has lost 63.5% of its market value over the last year, while its competitor Tilray is down 51.2%.
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