The use of CBD in the world

At this point in time, with the global legalization of medical marijuana, its medical demand is growing rapidly. It is estimated that the global CBD output value will reach US$22 billion in 2022, a compound growth rate of 57% compared with 2019 (Source: Brightfield Group).

According to the use of CBD:

• it can be divided into medical CBD (used to treat epilepsy, Parkinson's disease and other diseases) ;
• consumer CBD (added to food, new tobacco and other consumer products).

The global legalization of CBD is accelerating, setting off a wave of industrial hemp application. From a global perspective, there are relatively few drugs with hemp ingredients as raw materials, and only a few products in Europe and the United States are on the market;

According to information from the State Food and Drug Administration, there are no hemp-related drugs on the market in my country.

Since 2018, the US market has made rapid breakthroughs:

• 1) In June 2018, the US FDA approved the first new drug containing purified CBD;
• 2) In December 2018, the US "Agriculture Bill" was approved, and the cultivation of industrial hemp and CBD was legalized throughout the United States. Globally, 29 countries, including Australia, have also legalized medical marijuana.
  

Driven by the medical market, the global CBD market is expanding rapidly. According to Brightfield Group, the global output value of CBD will reach US$22 billion in 2022, and the compound growth rate is expected to be as high as 57% compared with the market size of US$5.7 billion in 2019. With this round of global CBD legalization wave, the CBD market is gradually being activated.