The next sector of the cannabis market which is poised to pop off within the coming months is the emerging cannabis beverage industry. Cannabis beverages, which contain only cannabidiol (CBD) or only tetrahydrocannabinol (THC), have recently gained in popularity within the United States. Several cannabis beverage brands, based on well-known figures such as Bob Marley, have gained traction, but have limited success due to soon to be discussed regulation talks by the Food and Drug Administration (FDA). After the FDA clears all CBD and THC containing beverages to be “okay”, sales of cannabis-infused beverages will be allowed for sale in restaurants where CBD and/or THC is legal for consumption.
The sales revenue generated by the cannabis-infused beverage market, that hasn’t popped up on most of the cannabis consumers of the world or United States, is estimated to reach $1.4 billion by the year 2023. The 2019 US CBD Drinks Report reported this 2023 estimate and included that CBD beverage sales in 2018 reached $86 million. These estimates for 2023 have increased by $89 million since the estimates in the previous year’s report that were made in 2018.
The 2018 farm bill overturned a long-time issue and legalized hemp through the reclassification that it is an “agricultural commodity”. The farm bill indirectly legalized CBD extracts from hemp and gave the CBD beverage market a strong position of support to soon begin to establish cannabis-infused beverage sales across the nation.
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