Hemp CBD Oil Market Projected To Hit $20 Billion By 2024, an Industrial Info Market Brief

Cannabidiol (CBD), a compound found in hemp and cannabis plants, is becoming increasingly popular and ubiquitous in North America. Hemp and hemp CBD became legal in the U.S. following the signing of the 2018 Farm Bill, but the industry still faces challenges in state regulations, advertising, banking and insurance. The CBD industry is projected to hit $20 billion in sales by 2024. Constructing CBD oil production/extraction facilities, as well as medicinal cannabis production plants, are getting the attention of the pharma/bio industry, nutritional supplements/vitamin cohort, specialty gas companies, automation providers, extraction equipment providers, MEP firms and even mom-and-pop operators. Industrial Info's Pharma/Bio group is tracking 127 CBD oil and cannabis capital projects with a total investment value of $3.16 billion in the U.S. and Canada.