Epidolex may be the first FDA-approved, cannabis-based pharma product on the market. But over-the-counter, hemp-based CBD products will take a large bite out of that market as it continues to show similar effects as the price, prescription-based brand.
The first-ever legally approved cannabis-based drug became available to patients in the United States recently. It's a true game-changer. But it may find some stiff competition from products that aren't being reviewed by the FDA.
The cannabis market is starting to soar. The United States is a vast market opportunity, with market projections growing from an estimated $8.5 billion last year to $23.4 billion in 2022 if only a few additional states legalize recreational use. And we're talking about as much as $50 billion if most states follow the trend.