Green Roads is cashing in on the demand for products with cannabidiol
Ready, set …
That pretty much describes the status of an entire industry–the makers of products containing cannabidiol, or CBD. The compound, added to everything from skin cream to ice cream, can be derived from hemp or marijuana and has been touted as a treatment for ailments ranging from anxiety to cancer. The catch: “It’s still in a legal gray area,” says Bethany Gomez, director of research for Brightfield Group, which studies the cannabis and CBD industries.
Marijuana is subject to a patchwork of state regulations. But the 2018 farm bill would remove hemp from the list of controlled substances, opening the floodgates for hemp-derived products. “Everyone and their mother is starting a CBD line right now,” says Gomez. “It’s absolutely a gold rush.”
With about 6 percent of the market, Davie, Florida-based Green Roads is the largest private company specializing in hemp-derived CBD, according to Brightfield. The company sells CBD-infused products such as tinctures and balms, online and in 6,000 stores and 2,000 doctors’ offices. Green Roads now has about 100 employees, and co-founder Arby Barroso estimates 2018 revenue at $45 million.