Even with the buzz around CBD, it seems that like the non-psychoactive cannabinoid might still be flying under the radar. New analysis shows that CBD’s market size is currently outpacing cannabis and is estimated to reach $22 billion by 2022. So, while many considered the CBD market to be a subsector of the soaring cannabis market, it has in fact spun out into its own burgeoning hyper-growth space.
“I’ve been doing market research for years and covered everything,” Bethany Gomez, an analyst for Brightfield Group told Rolling Stone.“This [CBD] is definitely the craziest market I’ve ever covered.”
Of course, if Mitch McConnell’s 2018 Farm Bill gets passed, it would exempt hemp from the 1972 Controlled Substances Act and CBD would have an even bigger runway for growth. As consumers shift away from opioids, CBD fits the mold of a natural remedy that is being held back from its full potential.
“A few years ago, the sentiment was that all hemp drugs were snake oil, they were just trying to capitalize on trends,” says Gomez. “There’s a lot more serious companies that are involved with it, and we’re seeing products that are coming out with higher and higher dosage levels.”
One of the serious companies in this arena is Canbiola, Inc.
The company recently uplisted to the OTCQB and has quite a bit of momentum behind it thanks to some exciting partnerships. First, in mid-October, CANB signed an agreement with International Spirits and Beverage Group (“ISBG”) to produce and distribute the latter’s CBD-infused fruit chews and even a non-alcoholic beverage offering. A few day later, CANB signed a manufacturing and supply agreement with Elev8 Brands to develop their new Zoe CBD CryoGel.
These two deals highlight Canbiola as a trusted operator in the CBD space who has the expertise and manufacturing experience to put products on the shelf. All of this comes after the company increased its footprint by directly targeting the medical community. In September, the company added Dr. David J. Weissberg, MD as the 8th member of their medical advisory board. Dr. Weissberg came to be a believer in CBD after coincidentally receiving a bottle after surgery. Following his success as a user, he started recommending it to patients and believes it has created a paradigm shift at his practice.
“To date, I have used this product on both myself and dozens of my patients and have been very satisfied with both the potent non-narcotic pain relief it affords my patients as well as the low risk of adverse side effects commonly seen in both traditional non-steroidal anti-inflammatory drugs and narcotic medications,” Dr. Weissberg said in the company press. “CBD has very potent anti-inflammatory properties bringing down the swelling, stiffness, and warmth seen in arthritic joints and post-traumatic injuries. I believe that many physician specialties will find good indications for its use making it a very affordable and safe medication without the high risks associated with traditional prescription drugs.”
The advisory board often releases posts on the company’s website highlighting some of the medical benefits of CBD. All told, Canbiola is looking to be a go-to source for top-of-the-line CBD and also a resource for consumers and medical practitioners.
“This is a very exciting time in the world of hemp and CBD,” CEO Marco Alfonsi said in a recent press release. “Finding opportunities to make a difference in people’s lives with all-natural organic products that provide healthy treatment alternatives is our focus.”