Arkansas Cannabis Industry Association
CBD flower from The Bold Team, Arkansas’ supplier.
Sales of CBD grew 700 percent over the last 12 months, according to a new report from the Brightfield Group.
The group is a market and consumer intelligence firm for the legal CBD and cannabis industries. It says sales have been pushed largely by national retailers like Walgreens, CVS, and Kroger, and the market is set to skyrocket.
Jani Moore Photography courtesy of Ounce of Hope
Brightfield’s report says the CBD market is on pace to grow to $23.7 billion through 2023.
“The CBD market has been growing rapidly, but we will see unprecedented growth in 2019,” Brightfield managing director Bethany Gomez said in a statement.
Those national retail chains only got into the CBD market this year. CBD products can now be found in Tennessee-area Walgreens, CVS, and Kroger, though they are (for now) largely offering topical products like creams and lotions. However, the Brightfield report said those chains will dominate the CBD market over the next year, owning as much as 57 percent of it.
Here are some other key highlights from the Brightfield CBD report:
• Although tinctures still dominate the market, driving 25% of sales, they are losing their lead as more mainstream consumer-friendly products surge
• Topicals (17% of market) and skincare and beauty products (8%) have gained tremendous traction as mass retailers have signed on to carry these products first, since they are considered the safest bet under the current regulatory regime.
• Natural food and smoke shop CBD revenues continue to grow and thrive — with increased uptake across the country and some level of saturation now that vendors feel more secure and confident carrying product.
Notably, though the CBD market is no longer dominated by cannabis users, dispensaries and recreational shops have also seen an uptick in CBD-oriented traffic.
• 1% of CBD companies were in the top tier (with sales of $40+ million or being sold in greater than 1000 stores) while 92.9% of companies were in the low tier (with sales of <$1 million or being sold in 0-100 stores)
