The marijuana industry in the U.S. is doing better than ever, producing an estimated revenue of $6.7 million last year alone. While hemp-based CBD much is less commercial and popular than THC, some industry experts predict that the healing and therapeutic cannabinoid could become the next big thing within the cannabis business, and that if it keeps doing as well as it’s been doing it’ll be able to hit the $1 billion mark in less than five years.
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Hemp plants, which are legal throughout the nation, are currently the main source of CBD on the market. These hemp products have a variety of uses, including hemp oil, skin care products and so much more. These companies don’t sell medical or recreational marijuana, instead, they focus on developing products that are hemp derived.
Medical Marijuana Inc. is one of these companies, crafting products that are unaffected by marijuana legislation and that have a market cap of $300 million. The company produces a variety of hemp oil products that come in different forms and that are very successful.
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The only problem that hemp CBD companies may encounter in the future is the fact that many states are legalizing marijuana. All of these hemp based products can be affected due to the widespread legalization and approval of recreational marijuana, which will cut their sales the more people use it. Still, these companies can all survive if they plan ahead for the inevitable legalization of marijuana.