In a February report, Wall Street analysts at the investment bank Cowen highlighted CBD as a massive opportunity for growth. The analysts estimated that the US market for CBD could skyrocket from roughly $1-$2 billion now, to $16 billion by 2025.
Survey results included in Cowen's report found that 7% of respondents said they were using a CBD supplement. The report also estimated that Americans spent up to $2 billion on CBD products last year. Ostensibly, folks are using CBD for everything from pain to anxiety. But again, those benefits have yet to be borne out by scientific research.
"This initial response piqued our interest considerably, as it was much higher than we would have expected," the analysts wrote.
Wall Street's CBD predictions could depend on how federal regulators decide to police the drug. For example, regulators could bar all CBD products, rule that cookies and creams can only contain a certain amount of of the compound, or allow the products to exist legally so long as they're derived from hemp.
The Food and Drug Administration is holding a hearing on Friday to discuss how cannabis products should be regulated to inform the agency's work in the growing market.