Buy Legal Med’s is the world’s first Cannabidiol (CBD) based retail store, which is set to open today in Las Vegas, Nevada. The store will be selling edibles, tinctures, oils, cosmetics, balms, smoothies, topicals, and yes even pet products. All products developed for the store are being processed and manufactured by the company’s own in house facility. The store is set to open this morning.
Joe Vargas, the company’s CEO, already wants to expand this concept to other states where they can legally operate their business like California and Denver, both of which are recreationally states that adults 21 and older can buy and consume cannabis.
CBD is one of the many cannabinoids that can be extracted from the industrial hemp and cannabis plants. Unlike its cousin THC, CBD is non-psychoactive and legal to be extracted from industrial hemp, which contains less than 0.03% THC, under the 2014 Farm Bill.
The Hemp Business Journal estimates the hemp industry will grow to $1.8 billion in sales by 2020, led by hemp food, body care and CBD-based products. The data shows that the hemp industry is growing at 22% 5-year CAGR.
34 states have legislation in place that separates industrial hemp and cannabis, 26 of them have active pilot-programs setup currently growing hemp. Its only a matter of time before CBD products become part of the mainstream.