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Legalization removes these barriers and is expected to provide a boost to the U.S. hemp industry, which was previously on track to grow to a $2 billion market by 2022 prior to the Farm Bill's passage. According to the Brightfield Group, though, legalization would result in a $22 billion hemp-derived CBD market by 2022, which excludes the many other types of hemp-derived products on the market. To put that in perspective, the entire domestic cannabis industry (which includes not just hemp, but also cannabis and all its derivative products) was projected to stimulate $23.4 billion in consumer spending by 2022. That means if the Brightfield Group's estimates are accurate, hemp-derived CBD alone could double the projected market value of the entire cannabis industry.
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With about 6 percent of the market, Davie, Florida-based Green Roads is the largest private company specializing in hemp-derived CBD, according to Brightfield. The company sells CBD-infused products such as tinctures and balms, online and in 6,000 stores and 2,000 doctors' offices. Green Roads now has about 100 employees, and co-founder Arby Barroso estimates 2018 revenue at $45 million.
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