Getting down to business
Did you know?
>> CAGR estimates that by 2022, the business of hemp is going to be 1.3 billion dollars!
>> In the US alone, pharmaceutical CBD sales have gone from $6.7 million in 2018 to an estimated $360 million by 2022.
What triggered the growth of the CBD market?
The amendment of the 2018 Farm Bill when hemp was finally distinguished separately from marijuana.
✖️Hemp and marijuana were treated similarly. The Controlled Substances Act listed both hemp and marijuana as a Schedule 1 drugs.
✖️The focus was on the part of the plant from which the material was derived and there was no distinction between hemp and marijuana.
✖️All Cannabis Sativa L plants were unlawful except for the mature stalk and sterile seeds of any CSL plant.
✖️Could not be marketed or sold for commercial purpose in the USA.
✖️No crop insurance, federal water access, or low-interest loans.
✔️Hemp is now treated differently from marijuana. Hemp is removed from Schedule 1 of CSA and marijuana stays on Schedule 1 of CSA.
✔️The focus is now on the THC level.
✔️“Hemp” is any CSL plant with 0.3% THC or lower. Marijuana is any CSL plant that is not “hemp”.
✔️May be marketed or sold for commercial purposes in the USA, as long as produced pursuant to an approved state or USDA plan.
✔️Hemp farmers may obtain crop insurance, federal water access and low-interest loans.
The rising demand of CBD
CBD is slowly becoming common practice worldwide, especially for people suffering with ailments. Its popularity has earned a place in every market, be it Food & Beverage, Cosmetics, Wellness, etc. In Thailand, there is an exceptionally high demand for CBD to help with medical conditions, as the people recognize the benefit of using CBD on a daily basis for conditions like lower back pain, anxiety disorders, all cancers, HIV/AIDS, breast cancer, glaucoma and multiple sclerosis. Incidentally, it is the only country where you can legally sell CBD as a cosmetic!
On the flip side, with more acceptance towards CBD and countries relaxing their CBD laws, studies over the last two years have found that consumers in both the US and EU may not be getting quality products. Some manufacturers and companies only claim to have quality CBD when in fact, they do not. In one case study, the International Cannabis & Cannabinoids Institute tested 29 hemp CBD oils and found that 34% of these oils showed discrepancies between the true content of CBD, or sums of CBD and Cannabidiolic Acid.
This is where education about CBD plays a pivotal role in securing the best CBD product. Things like how to read a label, and the difference between oil vs. water soluble products are key points in determining a good CBD product.
Watch episode 12 linked below to understand the CBD market and why you should get behind this booming business opportunity.