Who Are The Movers And Shakers In The CBD Industry?
These days, CBD is one of the fastest-growing industries globally, with experts predicting that, by 2024, the industry will be worth a staggering 20 billion dollars. With more and countries opening their doors to this profitable product offering, it’s not just nations that are making a profit - some CBD producers are doing pretty well for themselves too! Here, we’ll take a look at some of the leading companies in the CBD products industry in 2021:
Based in Edmonton, Canada, Aurora Cannabis is an award-winning producer of CBD products and one of the largest CBD oil producers, with an output of a staggering 570,000 kg a year. With worldwide distribution, Aurora Cannabis is currently worth around $4.5 billion across eight facilities.
Specializing in hemp and cannabis products for the nutraceutical, cosmeceutical, and pharmaceutical industries, Medical Marijuana works through several medical-based partnerships and has recently won a contract to supply Brazil with its consequences for the use treating conditions including autism, multiple sclerosis, and Alzheimer’s Disease.
Operating through the United States and Australia, Elixinol produces high-quality hemp products, including medicinal cannabis. In 2019, the group reported sales growth of a whopping 121% on the previous year.
A well-known producer of health and wellbeing products, Texas-based IRIE CBD produces superior quality hemp sourced from non-GMO, organic suppliers. The company, which is continuously adding to its range, enjoys annual profits of over $200 million.
Canopy Growth Corporation
A leading marijuana producer, Canopy Growth Corporation distributes its products through its well-known subsidiary, Bedrocan, which boasts five different product lines that it spreads throughout the world, including the USA, Germany, and Brazil. It’s reported that the company enjoys revenue of a cool $440 million.
2018 saw new legislation for CBD products sweeping the globe, and, as a result, the USA and Canada, in particular, have seen many entrepreneurs getting onboard with this lucrative business. Even within more conservative countries such as the UK, the CBD industry is going from strength to strength, and, in 2020, entrepreneur Angus Taylor caused a stir when he launched UK based Infused Amphora - a CBD wellness venture thought to be the first of its kind within the British isles.
Within the next few years, we’ll almost certainly see more generalized legalization of cannabis products, followed by exciting and innovative producers within what is now a booming business.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes