Legalized marijuana

Mainstream retail's move into CBD could create $24 billion industry

Data: Brightfield Group; Chart: Axios Visuals

Thanks to passage of the most recent U.S. farm bill legalizing hemp, cannabidiol — or CBD — is being sold widely throughout the country.

Why it matters: Mainstream acceptance is expected to bring explosive growth, with analysts from Brightfield Group estimating the U.S. CBD market will grow 706% from its 2018 levels by the end of the year, and reach nearly $24 billion by 2023.

Legal marijuana looks to be boosting snack sales

Reproduced from Nielsen; Chart: Axios Visuals

Despite still being illegal at the federal level, marijuana is now legal for recreational use in 11 states and Washington D.C., and it's having an impact on a number of other businesses.

Why it matters: New data from market research firm Nielsen shows states that have legalized have also seen a notable pick-up in the consumption of what Nielsen calls "munchies," creating "big opportunities for the American food and beverage market—particularly for the snack and confectionery category."