This time it’s Martha Stewart, the 77-year-old lifestyle guru and convicted felon. Stewart, a pal of well-known pot connoisseur Snoop Dogg, is joining Canopy Growth Corp. as an adviser to help develop a new line of cannabis products for pets and people.
Canopy, the world’s most valuable cannabis company, is conducting clinical trials on various cannabis compounds, including CBD, the non-intoxicating hemp component that is showing up in drinks, beauty products, food and a host of consumer products. Vivien Azer, an analyst at Cowen & Co. who tracks the cannabis industry, now thinks the CBD market could be worth $16 billion in the U.S. by 2025.
FDA Commissioner Scott Gottlieb, under pressure to create CBD regulations, said last week he’ll hold a public meeting next month on the issue.We’re living in strange times for medical cannabis, with growing competition between pharmaceutical companies and over-the-counter retailers, Arcview Market Research and BDS Analytics said in a new report. Epidiolex, the CBD-based drug from GW Pharmaceuticals Plc, went on sale in U.S. pharmacies in the fourth quarter of 2018.
This may be why Arcview and BDS forecast that pharmaceutical cannabis drugs will make up less than 10 percent of legal cannabis product sales in 2022.