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Published on December 31, 2020
- Projected 448% increase in revenues from CBD products by 2023
- CBD market with annual growth rate of 40%
- Around 3 in 4 German citizens either have experience with CBD or can imagine using it
- Vote at United Nations and in US House of Representatives opens doors for cannabis industry
Around $967 million US were generated worldwide with CBD products in 2020. As shown in a new infographic from Kryptoszene.de, sales are expected to increase to $5.3 billion by 2023, which would correspond to an increase of 448%.
The annual growth rate for CBD sales is projected to be 40%. CBD is a non-psychoactive cannabinoid extracted from the female hemp, credited with having anti-convulsant, anti-anxiety and anti-inflammatory effects.
The equivalent of $673.2 million is expected to be generated with CBD products in Germany alone in 2023. As the infographic shows, a large proportion of the population is open to CBD applications, and around three in four German citizens between the ages of 39 and 49 say they can either imagine using CBD or have already used it.
Meanwhile, the infographic illustrates the progress that seems to be underway with regard to decriminalisation. For example, the US House of Representatives voted in early December to remove cannabis from a federal law listing dangerous drugs, although confirmation in the Senate is still pending.
For its part, the United Nations stopped listing cannabis among particularly dangerous drugs a few weeks ago, which according to the UN opens the door to its broad medical and therapeutic applications.
“Despite the rapid growth in the sector, listed cannabis companies are still trading well below their all-time highs,” comments Kryptoszene analyst Raphael Lulay. “Opinions are divided as to whether this represents a return to reason or an undervaluation of the sector.”