“We can envision a scenario where a consumer that uses a CBD tincture or capsule may also be inclined to convert his or her beauty regimen to include CBD (e.g., CBD infused beauty products), and/or use a topical for targeted relief as well,” according to the Cowen report.

Corporate America is eyeing the cannabis trade. For example, Marlboro cigarette maker Altria announced a $1.8 billion investment into a grower after Corona brewer Constellation Brands invested almost $4 billion into nascent industry, the Wall Street Journal reports.

“Dissecting the industry a bit more, Cowen said it anticipates health and wellness to lead the market, with nutraceuticals earning $6.4 billion and topicals generating another $4 million. Smaller markets like food, beverages, beauty and vapor are all expected to have sales between $1 billion and $2.5 billion in the same time frame, in the sell-side firm’s view,” according to ETF Daily News.

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