Medical Marijuana, Inc. and its subsidiaries Kannaway™ and HempMeds® were highlighted in a recent Forbes article revealing the outstanding growth of the CBD hemp oil industry, which is predicted to reach $1 billion within 3-5 years.
According to the article, “hemp CBD sales have already hit $170 million in 2016 and a 55% compound annual growth rate over the next five years will cause the market to crack the billion-dollar mark.”
Because CBD hemp oil is legal to manufacture, sell, and distribute to all 50 U.S. states and over 40 countries, it is able to retail cannabinoids to a larger overall market than medical or recreational marijuana sales, which are restricted to specific states.
Dr. Stuart Titus, President and CEO of Medical Marijuana, Inc., was interviewed as part of the Forbes article to further clarify CBD hemp oil’s legal status. According to a ruling in 2004 in the Ninth Circuit Court of Appeals, the DEA doesn’t have the authority under the Controlled Substances Act to ban hemp sales.
Dr. Titus was quoted in the article stating, “By that federal court ruling, similar to non-scheduled hemp food products, this allows Medical Marijuana, Inc. to sell online and distribute to customers in all 50 U.S. states.”
Medical Marijuana, Inc. portfolio companies Kannaway™ and HempMeds® were mentioned as industry leaders in the article, along with the company’s flagship brand, Real Scientific Hemp Oil™ (RSHO™). Medical Marijuana, Inc. was the first company to enter the CBD hemp oil industry, innovating many of the processes that have become industry standards along the way.
You can read the full Forbes article HERE.