CBD Is the New Marijuana. Don’t Buy Into the Craze for Hemp Stocks.

Unfortunately, there are no bargains among hemp or marijuana stocks these days.

That’s not to say CBD won’t be big. It will be. Soon, the newly unleashed cannabinoid will join other wellness additives in products ranging from skin cream to beverages to pet food. CBD-infused product sales could run into the billions of dollars, according to analysts at Cowen Co.

And like antioxidant fruits and coconut water, the health benefits of a dash of CBD are being oversold by enthusiasts like Martha Stewart and Gwyneth Paltrow. But that doesn’t mean the nostrums won’t sell. Hemp snacks and CBD tinctures will contribute sales to cannabis companies—and for many other consumer packaged-goods vendors. But while the CBD pie may be large, the individual slices are likely to be thin.

“How do you differentiate among the 100, 200, 300 new CBD companies that are on every street

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