CBD retailers will be getting people access to
CBD at a lower cost. But the battle is about to hot up. Pharmaceutical companies are coming back at CBD retailers with pharmaceutical grade CBD products. GW Pharmaceuticals has launched the first FDA-approved CBD product, Epiliolex. It treats two rare forms of epilepsy in children with a price tag of $32,500 a year. According to the Arcview Market Research Editor in Chief, Tom Adams, said this was a drug people could access
$32,500 a year. According Arcview Market Research Editor in Chief, Tom Adams, people could access CBD at a lower cost through health food stores, cannabis dispensaries and other outlets across the country.
Arcview and BDS Analytics predict that pharmaceutical drugs will only make up 10 percent of legal cannabis sales in 2022.
Hemp and cannabis in the US
Cowen & Co cannabis analyst
Vivien Azer has said the US cannabis sales could hit as high as $80 billion by 2030. This is up from the current value of between $40 to $50 billion. Her prediction makes the assumption the cannabis will be available to meet demand. She also predicts Tilray and Canopy Growth will exceed previous years’ growth in 2019.
Meanwhile, Canopy Growth plans to build a $150 million hemp facility in the state of New York with the passing of the Farmers Bill. This will be the first plant of its type in America. And, Canopy expects to grow to their hemp facilities across the country.
Cannabis to become legal in more US States
There could be good news for cannabis users in New Jersey and New York in 2019. These two states could legalize cannabis this year. New Jersey governor Phil Murphy based his campaign on legal pot. But has been debating whether to tax pot based on sales price or weight. They report getting closer to a solution.
New York governor Andrew Cuomo also wants to legalize cannabis in 2019. Already he and New York mayor have plans to fix their subway system using a tax on cannabis to fund it when legalized.
With the presidential election hotting up for 2020, cannabis policy will be a hot topic. New Jersey Democrat Senator Cory Booker recently introduced a bill to legalize cannabis in the US. It has the backing of four Democrat senators, among others, running in the presidential race.
CBD retailers
CBD retailers. All in all, 2019 cannabis is the subject of much debate. There is the possibility of it becoming legal in more states as well as at federal level.
About the Author
Kym Wright is a University graduate and long time freelance writer who writes on many topics across many industries. Cannabis is her niche area of authority and she has been concentrating her time researching the North American cannabis industry and writing about it since 2016.