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Those in the cannabis industry know 2019 was the "Year of CBD."
It seemed like everywhere you went, from gas stations to Sephora cosmetics stores, you could buy some type of CBD product.
And it makes sense.
Researchers are still studying all the powers of cannabis-based medicine, but CBD has shown that it can relieve pain, reduce anxiety and depression, lower high blood pressure, and help with substance abuse treatment.
The word is spreading about all of the potential benefits, and that's why someone who has never used CBD before is willing to pay $39.99 at CVS to buy hemp balm on a whim.
In 2018, the U.S. CBD industry was worth roughly $620 million, and as I mentioned, things have really ramped up.
I conservatively projected sales would reach $2 billion, but I also said I wouldn't be surprised if sales totaled $3 billion this year. The CBD market will continue to experience explosive growth, with sales potentially climbing to $23.7 billion by 2023.
However, CBD is not the only powerful cannabis compound out there.
About the Author
Greg Miller started working on Wall Street in September, 1987, just a month before the “Black Monday” stock market crash.
During his career there, he became an expert in just about every kind of publicly traded security - from blue-chip and small-cap stocks to municipals, junk bonds, and derivatives. As a portfolio manager, Greg was responsible for over $500 million of assets in mutual funds and insurance company accounts.
After leaving the Street, he designed a successful options trading strategy and made lucrative tech investments for a financial publication. He has also helped develop new products and worked with other editors to hone their strategies. He’s always been dedicated to deep, fundamental research - and he always will be - because he believes buying the very best companies at the right price is the best way to amass wealth in the stock market.