Today I am talking about CBD. It is a booming industry with a potential to become a $22 billion business by 2022.

Congress in December legalized CBD derived from hemp. The nonintoxicating cannabis compound is being added to just about everything, including makeup, tea, pet treats, coffee and soft drinks — despite the FDA expressly prohibiting companies from adding it to food, beverages and dietary supplements.

Even though consumers’ interest is surging, many retailers...