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CBD and The 2018 FARM BILL

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Farm Bill, which would legalize hemp and the hemp-derived extract called cannabidiol, or CBD, on a federal level.

That change, which would remove the hurdle CBD companies share with marijuana companies, could trigger a CBD “exploding point,” according to cannabis research firm Brightfield Group, which foresees CBD sales growing 40 times larger than the nearly $600 million posted in 2018 by 2022. Right now, CBD and marijuana companies have to operate in a legal grey area, on a state-by-state basis.

“We saw 80% growth in CBD this year and that was just from small- and mid-size retailers,” Brightfield Group Director of Research Bethany Gomez told Yahoo Finance. “Now that larger retailers are already putting together their plans for what CBD products to carry, we expect the CBD market to hit $22 billion by 2022.”

That forecast amounts to a five-year compounded annual growth rate of 132%.

CWBHF,” accounted for 12% of the total market with $40 million in sales in 2017. Last week, the company announced it notched a third-quarter gross profit of $13.8 million.

Las Vegas-based CV Sciences, which excels in CBD soft gels and capsules sold through natural food stores, trails slightly behind with a 11% market share, according to Brightfield Group data. Medical Marijuana Inc. rounds out the top three CBD companies, accounting for 10% of the market.

The Farm Bill could be passed as early as mid-December with the removal of CBD from the Schedule I list happening around the same time. That could trigger a big wave of investment in the space as hemp production in the U.S. becomes legal for the first time in nearly 50 years.

“It removes hemp from the controlled substances list — which opens up banking — which opens it up to being a cash commodity,” Whaling said. “Once the federal Farm Bill passes, those barriers are going to be removed and the floodgates will be opened.”

Zack Guzman is a senior writer and on-air reporter covering entrepreneurship, startups, and breaking news at Yahoo Finance. Follow him on Twitter @zGuz.

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