San Francisco (CNN Business) Fueled in part by CBD product sales and Canada's recent legalization of marijuana, the world's cannabis market could notch $15 billion this year.

Industry insiders are forecasting that global cannabis sales could total $14.9 billion in 2019, up 36% from 2018, according to a new report released Thursday.

For the first time, the annual "The State of Legal Cannabis Markets" report evaluated the cannabis industry as the "Total Cannabinoid Market," meaning it encompassed sales of medical and recreational cannabis at dispensaries; hemp-derived products rich in non-psychoactive cannabidiol, or CBD; and US Food & Drug Administration approved CBD-based pharmaceuticals.

The surge of CBD products coupled with Canada starting legal recreational cannabis sales in 2018 helped to buoy the industry's growth, according to the report published by the market research arm of cannabis investment firm Arcview Group and data firm BDS Analytics. This was the first full year to evaluate the effects of three significant developments in the cannabis industry: the FDA approval of CBD-based drug Epidiolex, legal adult use sales starting in Canada, and the 2018 Farm Bill giving hemp products more legal standing.

"These decisions being made at the federal level put pharmacies and general retailers in the business of selling CBD-based products in all 50 states, which substantially boosted the [projections]," Troy Dayton, Arcview's chief executive officer, said in a statement.

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