The global cannabidiol market (CBD) is set to undergo a dramatic expansion, with projections estimating the market value will grow from USD 8.12 billion in 2024 to USD 23.41 billion by 2031. This represents a compound annual growth rate (CAGR) of 16.3% over the forecast period. The rise in demand for CBD products, coupled with increasing legalization worldwide, and the growing acceptance of CBD in both the health and wellness sectors, are the primary drivers of this growth.

Why the Cannabidiol Market Will Surge 16.3% by 2031 – Market Drivers and Dynamics

The global Cannabidiol market is witnessing growth across multiple fronts, with several factors playing a crucial role:

Legalization and Regulatory Evolution

Legalization in North America, Europe, and parts of Asia-Pacific has provided the foundation for CBD’s widespread adoption. The 2018 U.S. Farm Bill, which legalized hemp-derived CBD with less than 0.3% THC, has accelerated market growth in North America, accounting for a 40.2% market share in 2024​. Europe is expected to follow suit as more countries, including Germany and the UK, adjust their regulations around medical CBD, contributing to rapid market expansion.

In Asia-Pacific, countries like China, Japan, and India are showing interest in hemp-derived CBD, contributing to the region’s position as the fastest-growing market. The increasing recognition of CBD’s health benefits has led to expanding domestic production and a regulatory shift toward greater acceptance​.

Increasing Demand for Natural Health and Wellness Products

The rising trend toward natural, plant-based health solutions is a major driver of CBD demand. Consumers are increasingly seeking alternatives to traditional pharmaceuticals for managing conditions like chronic pain, anxiety, and sleep disorders. CBD products are perceived as safer, non-addictive options compared to opioids and benzodiazepines, which has contributed to their growing popularity.

CBD is also being adopted in the sports and fitness sectors, with athletes and active individuals using it for its anti-inflammatory and pain-relieving properties. This crossover into wellness and fitness markets is expected to fuel continued growth, particularly for CBD oils, topicals, and edibles.

Medical and Therapeutic Applications

CBD’s use in medical treatments is a key segment driving growth. The pharmaceutical industry is increasingly incorporating CBD into medications, with FDA-approved products like Epidiolex used to treat epilepsy. CBD’s role in treating conditions like schizophrenia, multiple sclerosis, chronic pain, and even cancer symptoms has opened up significant opportunities for expansion in the medical cannabis market​.

Research continues to explore CBD’s potential in treating opioid addiction, neurological disorders, and mental health conditions, making the medical sector one of the most promising growth avenues​.

Market Segmentation: Product and Application Insights

The cannabidiol market is diverse, with products catering to a wide range of consumer needs. The market can be segmented by product type, application, and region:

By Product Type

• CBD Oil: Accounting for the largest market share, CBD oil is favored for its bioavailability and versatility. It can be administered sublingually, added to food and drinks, or used topically.
• Topicals: CBD topicals, such as creams and balms, are gaining popularity for their effectiveness in treating localized pain, skin conditions, and inflammation​.
• Edibles and Beverages: The growing popularity of CBD-infused food and drinks is particularly strong in North America and Europe. This segment appeals to a broader consumer base looking for convenient and discreet consumption methods​.

By Application

• Medical Use: Medical CBD applications, particularly in managing chronic pain, neurological disorders, and epilepsy, are a major growth driver. This segment is expected to continue expanding as research confirms more therapeutic benefits​.
• Wellness and Personal Use: The wellness market has seen significant growth, with consumers using CBD for stress relief, sleep improvement, and general well-being. CBD-infused skincare and beauty products are also becoming increasingly popular.

Regional Insights: Market Growth Across Continents

North America

The North American market dominates the global CBD landscape, driven by favorable regulations and strong consumer demand. The U.S. remains the largest market, with major players like CV Sciences and Charlotte’s Web leading the industry. Canada has also seen significant growth due to nationwide legalization of cannabis.

2. Europe

Europe is projected to witness steady growth as countries such as Germany, the UK, and France develop more favorable regulatory frameworks. Increased demand for CBD in pharmaceuticals and wellness products will fuel market growth.

Asia-Pacific

The Asia-Pacific region is set to emerge as the fastest-growing market due to its vast population and increasing demand for hemp-derived CBD products. China and Japan, in particular, are investing in domestic hemp production, positioning themselves as key players in the CBD supply chain​.

Challenges and Opportunities in the Cannabidiol Market

Despite the promising growth trajectory, the cannabidiol market faces several challenges:

1. Regulatory Uncertainty

The lack of uniform global regulations creates barriers to entry for manufacturers and complicates international trade. In countries where cannabis remains illegal or heavily regulated, businesses face hurdles in scaling operations and distributing products across borders.

2. Quality and Safety Concerns

As demand for CBD products grows, ensuring product quality and safety becomes increasingly important. The rise of counterfeit and contaminated products in unregulated markets can undermine consumer trust, emphasizing the need for clear regulations and third-party testing.

3. Product Innovation and Differentiation

With intense competition in the market, companies are focusing on product innovation to stand out. Developing new forms of CBD delivery, such as CBD inhalers, transdermal patches, and suppositories, will create opportunities for differentiation and attract niche markets​.

Conclusion

The global CBD market is set for extraordinary growth through 2031, driven by expanding legalization, increasing consumer interest in natural health products, and advancements in medical applications. With a projected CAGR of 16.3%, the market presents significant opportunities for businesses and investors. However, companies must navigate regulatory complexities and ensure product quality to achieve long-term success.

Like this:

Like Loading…

Related

Leafly Budtenders’ Choice 2024-Terms and Conditions

Abbreviated Rules

NO PURCHASE NECESSARY. Open to US residents. Must be at least 21 to enter. Ends 12 a.m. PT on 10/15/2024. Three (3) prizes available to be won.  VOID WHERE PROHIBITED OR RESTRICTED BY LAW. See Official Rules at here.

OFFICIAL RULES

Leafly Strain of the Year Budtender’s Choice Giveaway

NO PURCHASE OF ANY KIND IS NECESSARY TO ENTER OR WIN. VOID WHERE PROHIBITED.

Eligibility: Leafly Strain of the Year Budtender’s Choice Giveaway (the “Giveaway”) is open only to legal residents of the 50  United States and District of Columbia where the Giveaway is lawfully offered but excluding residents of Puerto Rico and all US territories and possessions. All entrants must be employed by a duly licensed cannabis dispensary or retailer at the time of entry, and must be at least 21 years at the time of entry. Employees, officers, and directors of Sponsor, and the immediate family members (including spouses, unmarried partners, parents, grandparents, siblings, children and grandchildren) of any such employee, officer or director, are not eligible to enter the Giveaway or win a prize. The Giveaway is subject to all applicable federal, state, and local laws and regulations and is void where prohibited by law. Sponsor reserves the right to verify eligibility at any time. VOID WHERE PROHIBITED OR RESTRICTED BY LAW.

2. Sponsor: Leafly, LLC, 255 S King St. Ste 9-116 Seattle, WA 98104. 

3. Agreement to Official Rules: The Giveaway will be governed by these Official Rules. By participating in the Giveaway, you agree to be fully and unconditionally bound to these Official Rules, and you represent and warrant that you meet the eligibility requirements set forth herein.

4. Giveaway Period: The Giveaway begins at 11:59 p.m. Pacific Time (“PT”), September 15, 2024 and ends at 12 a.m. PT, October 15, 2024 (the “Giveaway Period”). Entries received after the Giveaway Period shall be disqualified. Sponsor’s computer is the official time-keeping device for the Giveaway.

5. How to Enter:

a. Complete the following steps during the Giveaway Period to be entered into the Giveaway (each an “Entry” and collectively, the “Entries”). Each Entry must comply with the Submission Guidelines below.

i. During the Giveaway Period, go to the announcement post to complete the Leafly Strain of the Year Budtender’s Choice Survey (“Survey”). The Survey will ask you:

1. Questions about your favorite strain and products from 2024; 

2. Your name; 

3. Your state or province of residence; 

4. To state the cannabis dispensary or retailer you are currently employed at; 

5. Contact information to reach you and the cannabis dispensary or retailer you are employed at if you are selected as a winner. 

6. Social media handle information. [Optional—only required to increase winning chances.

ii. Additional Entries. After submitting an Entry, each entrant may receive 10 times as many entries to win by following the instructions below.

1) Create 1 video featuring entrant’s favorite strain and products from 2024;

2) Share the video on Instagram, TikTok, X, or LinkedIn (Only 1 share is necessary. Creating multiple videos or posts will not result in more entries);

3) Include the hashtag #LeaflyBudtendersChoice in the post; and

4) Tag Leafly’s account on the social media platform where the video is shared.

b. Sponsor reserves the right, in its sole discretion, to reject or disqualify any Entry that does not comply with the Submission Guidelines or is otherwise inappropriate, offensive, not keeping with Sponsor’s image or if it is determined that the entrant has not complied with these Official Rules.

c. Limit one (1) Initial Entry and up to ten (10) total Entries per person during the Giveaway Period. Any attempt to obtain more than the permissible number of Entries may void your Entries and/or disqualify you from the Giveaway as determined by Sponsor in its sole discretion. Any use of robotic, repetitive, automatic, programmed or similar entry methods or agents (including, but not limited to, Giveaway entry services) will void all Entries by that entrant.

d. If you choose to participate using your mobile device, message and data rates may apply. See your wireless provider for pricing plan and participation details.

e. BY SUBMITTING AN ENTRY, ENTRANT ACKNOWLEDGES THAT HIS/HER ENTRY MAY BE POSTED ACROSS ANY OR ALL OF SPONSOR’S DIGITAL AND SOCIAL ASSETS, AT SPONSOR’S DISCRETION. Submission of an Entry grants Sponsor and its respective agents the right to publish, use, adapt, edit, and/or publicly perform and/or modify such Entry in any way, in any and all media, including for use in advertising and marketing, without limitation and without consideration to entrant.

6. Submission Guidelines: To be eligible for a chance to win, an Entry must meet the following guidelines (the “Submission Guidelines”).  An Entry must not:

a. Violate any third-party right, including any copyright, trademark, patent, trade secret, moral right, privacy right, right of publicity, or any other property right;

b. Contain any viruses, worms, or other interfering computer programming.

7. Winner Selection/Odds. Three (3) potential winners will be selected at random on October 15, 2024 at 12:00 p.m. PT. Winners will be selected from the total combined eligible Entries received by Sponsor. Odds of winning depends on number of total eligible Entries received. 

8. Winner Notification and Prize Acceptance: The potential winner(s) will be notified via email and phone by Sponsor by 5:00 p.m. PT on October 15, 2024. Each potential winner must respond to the notification via email within 48 hours or they may, at the Sponsor’s sole discretion, be disqualified.  The winner will be required to execute an Affidavit of Eligibility, a Liability Release, a Publicity Release (where imposing such condition is legal), and a W-9 form (for US residents) (collectively, “Prize Claim Documents”) within five (5) business days from the date that the e-mail containing the documents is sent to the potential winner. If the potential winner fails or refuses to sign and return all Prize Claim Documents within the five (5) business day/time period, the potential winner may be disqualified, at the Sponsor’s sole discretion. Failure to provide all required information and a signature on the documents within the stated time period may result in forfeiture of potential winner’s right to claim the prize and may result in the prize being awarded to an alternate winner.

The Sponsor shall not be held responsible for any delays in awarding a prize for any reason. If a potential winner is disqualified, found to be ineligible or not in compliance with these Official Rules, declines to accept a prize or, if Sponsor or its authorized designee is unable to contact the potential winner, or a prize is returned undeliverable, the prize may be forfeited, and in the Sponsor’s sole discretion, the forfeited prize may be awarded to an alternative entrant. If, after a good-faith attempt, Sponsor is unable to award or deliver a prize, the prize may not be re-awarded at the sole discretion of Sponsor.  Prizes are not transferable and include only the items specifically listed as part of a prize. No substitutions allowed, except at the sole discretion of the Sponsor. The winner shall be solely responsible for payment of any and all applicable federal, state, and local taxes for the prize won. Sponsor will issue an IRS Form 1099 to each prize winner. All other costs and expenses not expressly set forth herein shall be solely the winner’s responsibility. Any portion of a prize not accepted by winner will be forfeited. If a prize, or any portion thereof, cannot be awarded for any reason, Sponsor reserves the right to substitute the prize with another prize of equal or greater value or deem the prize forfeited. Each potential winner may be required to furnish proof of identification. Sponsor is not responsible for any winner’s privacy or spam filter settings which may divert any Giveaway message or e-mail, including any notification, to a spam or junk folder. The prize will only be awarded to a verified winner. Winner acknowledges that Sponsor has not made nor is in any manner responsible or liable for any warranty, representation, or guarantee, express or implied, in fact or in law, relative to any prize, including but not limited to its quality, mechanical condition or fitness for a particular purpose. Any and all warranties and/or guarantees on a prize (if any) are subject to the respective manufacturers’ terms therefore, and winners agree to look solely to such manufacturers for any such warranty and/or guarantee. 

9. Prizes: A total of three (3) winners will each receive cash prize of $1,000 (USD) in the form of a check. Prizes are non-transferable. Any federal, provincial and local taxes and any other costs and expenses associated with the acceptance and/or use of any prize are solely the winner’s responsibility. Winner is solely responsible for reporting and paying all applicable taxes. 

10. Publicity Release: Acceptance of any prize constitutes permission for Sponsor and its designees to use winner’s name, name of employer, and/or likeness for advertising and marketing purposes, without additional compensation, in any media, worldwide, unless otherwise prohibited by law.

11. Releases, Waivers and Limitation of Liability:

By participating in this Giveaway, entrants agree that the Giveaway Entities and their respective affiliates, subsidiaries, representatives, consultants, contractors, legal counsel, advertising, public relations, promotional, fulfillment and marketing agencies, website providers, Web masters and their respective officers, directors, employees, representatives, designees and agents (“Released Parties”) are not responsible for lost, late, incomplete, stolen, misdirected, postage due, or undeliverable email notifications or postal mail; or for any computer, telephone, satellite, cable, network, electronic or Internet hardware or software malfunctions, failures, connections or availability; or garbled, corrupt or jumbled transmissions, service provider/Internet/website/use net accessibility, availability or traffic congestion; or any technical, mechanical, printing, or typographical or other error; or unauthorized human intervention; or the incorrect or inaccurate capture of registration information; or the failure to capture, or loss of, any such information. The Released Parties are not responsible for any incorrect or inaccurate information, whether caused by any website’s users, tampering, hacking or by any of the equipment or programming associated with or utilized in the Giveaway. The Released Parties are not responsible for any injury or damage, whether personal or property, to participants or to any person’s computer related to or resulting from participating in the Giveaway and/or accepting a prize. The Released Parties shall not be responsible or liable for Entries that are entered by any automated computer, program, mechanism or device, for any Entries in excess of the stated limit or for Entries that are late, forged, lost, misplaced, misdirected, tampered with, incomplete, deleted, damaged, garbled or otherwise not in compliance with the Official Rules, and all such Entries may, in Sponsor’s sole discretion, be disqualified.

If, for any reason, an Entry is confirmed to have been erroneously deleted, lost or otherwise destroyed, corrupted or for any other reason not accepted as an Entry in the Giveaway, the entrant’s sole remedy is to enter the Giveaway again to receive another Entry. If, for any reason, the Giveaway is not capable of running as planned, Sponsor reserves the right, at its sole discretion, to cancel, terminate, modify or suspend the Giveaway and/or proceed with the Giveaway, including the selection of winner in a manner it deems fair and reasonable including the selection of the winner from among eligible Entries received prior to such cancellation, termination, modification or suspension. Notice of such cancelation, termination, or modification of the Giveaway shall be posted at www.leafly.com.

By entering the Giveaway, each entrant agrees: (i) to be bound by these Official Rules and by all applicable laws and by the decisions of Sponsor and Administrator, which shall be binding and final; (ii) to waive any rights to claim ambiguity with respect to these Official Rules; (iii) to waive all of entrant’s rights to bring any claim, action or proceeding against any of the Released Parties in connection with the Giveaway; and (iv) to forever and irrevocably agree to release and hold harmless each of the Released Parties from any and all claims, lawsuits, judgments, causes of action, proceedings, demands, fines, penalties, liability, costs and expenses (including, without limitation, reasonable outside attorneys’ fees) that may arise in connection with: (a) the Giveaway, including but not limited to any Giveaway-related activity or element thereof, and the entrant’s Entries, participation or inability to participate in the Giveaway, (b) the violation of any third-party privacy, personal, publicity or proprietary rights, (c) typographical or printing errors in these Official Rules or any Giveaway materials, (d) acceptance, attendance at, receipt, travel related to, participation in, delivery of, possession, defects in, use, non-use, misuse, inability to use, loss, damage, destruction, negligence or willful misconduct in connection with the use of a prize, (e) any change in a prize due to unavailability or due to reasons beyond Sponsor’s control, including but not limited to by reason of any acts of God, any action(s), regulation(s), order(s) or request(s) by any governmental or quasi-governmental entity (whether or not such action(s), regulation(s), order(s) or request(s) prove(s) to be invalid), equipment failure, threatened or actual terrorist acts, earthquake, war, fire, flood, explosion, unusually severe weather, hurricane, embargo, labor dispute or strike (whether legal or illegal), labor or material shortage, transportation interruption of any kind, work slow-down, civil disturbance, insurrection, riot or any other cause beyond any of the Released Parties’ control, or as otherwise permitted in these Official Rules, (f) any interruptions in or postponement, cancellation or modification of the Giveaway, (g) human error, (h) incorrect or inaccurate transcription, receipt or transmission of any part of any Entry (including, without limitation, the registration information or any parts thereof), (i) any technical malfunctions or unavailability of any website or any telephone network, computer system, computer online system, mobile device, computer timing and/or dating mechanism, computer equipment, software, or Internet service provider, or mail service utilized by any of the Released Parties or by an entrant, (j) interruption or inability to access the Giveaway, any other Giveaway-related websites or any online service via the Internet due to hardware or software compatibility problems, (k) any damage to entrant’s (or any third person’s) equipment used to access the Giveaway and/or its contents related to or resulting from any part of the Giveaway, (l) any lost/delayed data transmissions, omissions, interruptions, defects, and/or any other errors or malfunctions, (m) any late, lost, stolen, mutilated, misdirected, delayed, garbled, corrupted, destroyed, incomplete, undeliverable or damaged Entries, (n) any wrongful, negligent, or unauthorized act or omission on the part of any of the Released Parties, (o) lost, late, stolen, misdirected, damaged or destroyed prizing (or any element thereof), or (p) the negligence or willful misconduct by entrant.       

WITHOUT LIMITING THE FOREGOING, EVERYTHING REGARDING THIS GIVEAWAY, INCLUDING THE PRIZE, ARE PROVIDED “AS IS” WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT.  ANY ATTEMPT BY AN ENTRANT TO DELIBERATELY UNDERMINE THE LEGITIMATE OPERATION OF THIS GIVEAWAY MAY BE A VIOLATION OF CRIMINAL AND/OR CIVIL LAWS, AND SHOULD SUCH AN ATTEMPT BE MADE, CENTER RESERVES THE RIGHT TO SEEK REMEDIES AND DAMAGES (INCLUDING WITHOUT LIMITATION ATTORNEYS’ FEES) FROM ANY SUCH ENTRANT TO THE FULLEST EXTENT OF THE LAW, INCLUDING CRIMINAL PROSECUTION.

12. Arbitration. By participating in the Giveaway, you and Sponsor agree that any controversy or claim arising out of or relating to this Giveaway shall be settled by binding arbitration in a location determined by the arbitrator as set forth herein (provided that such location is reasonably convenient for claimant), or at such other location as may be mutually agreed upon by you and Sponsor, in accordance with the procedural rules for commercial disputes set forth in the Comprehensive Arbitration Rules and Procedures of JAMS (“JAMS Rules and Procedures”) then prevailing, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. The JAMS Rules and Procedures are available at www.jamsadr.com or by calling (800) 352-5267. The arbitrator shall be selected pursuant to the JAMS Rules and Procedures. In the event that the claimant is able to demonstrate that the costs of arbitration will be prohibitive as compared to the costs of litigation, Sponsor will pay as much of the claimant’s filing and hearing fees in connection with the arbitration as the arbitrator deems necessary to prevent the arbitration from being cost-prohibitive. If any part of this arbitration provision is deemed to be invalid, unenforceable or illegal (other than that claims will not be arbitrated on a class or representative basis), or otherwise conflicts with the rules and procedures established by JAMS, then the balance of this arbitration provision shall remain in effect and shall be construed in accordance with its terms as if the invalid, unenforceable, illegal or conflicting provision were not contained herein. If, however, the portion that is deemed invalid, unenforceable or illegal is that claims will not be arbitrated on a class or representative basis, then the entirety of this arbitration provision shall be null and void, and neither claimant nor Sponsor shall be entitled to arbitrate their dispute. Upon filing a demand for arbitration, all parties to such arbitration shall have the right of discovery, which discovery shall be completed within sixty days after the demand for arbitration is made, unless further extended by mutual agreement of the parties. THE ARBITRATION OF DISPUTES PURSUANT TO THIS PARAGRAPH SHALL BE IN THE ENTRANT’S INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING. THE ARBITRATOR MAY NOT CONSOLIDATE OR JOIN THE CLAIMS OF OTHER PERSONS OR PARTIES WHO MAY BE SIMILARLY SITUATED. DO NOT ENTER THIS GIVEAWAY IF YOU DO NOT AGREE TO HAVE ANY CLAIM OR CONTROVERSY ARBITRATED IN ACCORDANCE WITH THESE OFFICIAL RULES. BY PARTICIPATING IN THE GIVEAWAY, EACH ENTRANT AGREES THAT TO THE EXTENT PERMITTED BY APPLICABLE LAW: (1) ANY AND ALL DISPUTES, CLAIMS AND CAUSES OF ACTION ARISING OUT OF OR CONNECTED WITH THE GIVEAWAY, OR ANY PRIZE AWARDED, WILL BE RESOLVED INDIVIDUALLY THROUGH BINDING ARBITRATION AS SET FORTH ABOVE, WITHOUT RESORT TO ANY FORM OF CLASS ACTION AND (2) ENTRANT’S REMEDIES ARE LIMITED TO A CLAIM FOR MONEY DAMAGES (IF ANY) AND ENTRANT IRREVOCABLY WAIVES ANY RIGHT TO SEEK INJUNCTIVE OR EQUITABLE RELIEF. SOME JURISDICTIONS DO NOT ALLOW THE LIMITATIONS OR EXCLUSION OF LIABILITY SET FORTH ABOVE AND IN SECTION 11, SO SUCH LANGUAGE MAY NOT APPLY TO EVERY ENTRANT.

13. Governing Law; Disputes: THIS GIVEAWAY IS GOVERNED BY, AND WILL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

This Giveaway and its Official Rules, excluding any and all disputes, are subject to all applicable US Federal, state, and local laws and regulations. All issues and questions concerning the construction, validity, interpretation and enforceability of the Giveaway Official Rules, or the rights and obligations of entrants and Sponsor in connection with the Giveaway, shall be governed by, and construed in accordance with, the laws of the state of New York, without giving effect to the conflict of laws rules thereof, and any matters or proceedings which are not subject to arbitration as set forth in Section 12 of these Official Rules and/or for entering any judgment on an arbitration award, shall take place in the state of New York and hereby waive any objection to such jurisdiction and venue. Any claim or cause of action arising out of or related to this Giveaway or these Official Rules must be filed within one (1) year after such claim or cause of action arose regardless of any law to the contrary. In the event any such claim or cause of action is not filed within such one (1) year period, such claim or cause of action shall be forever barred.

14. Severability. If any provision of these Official Rules shall be held invalid, illegal or unenforceable, such provision shall be enforced to the maximum extent permitted by law and the Sponsor’s fundamental intentions hereunder, and the remaining provisions shall not be affected or impaired, provided, however, that in such cases the parties oblige themselves to use their best efforts to achieve the purpose of the invalid provision by a new legally valid stipulation.

15. Winner List. To obtain a list of the winners, mail a self-addressed, stamped business-sized envelope to Leafly Marketing Department, at 113 Cherry St. PMB 88154 Seattle, WA 98104, USA. Winner List requests must be received by October 24, 2024.

© 2024 Leafly. All Rights Reserved.