By Robert Jones
CBD and hemp products have both seen a boom since the 2018 Farm Bill was signed into law, with hemp legalization on a federal level and the ability to sell products commercially. Many items made from hemp have been marketed since then, with CBD oil being in top demand. As more studies explore the use of CBD, many people are looking to the product as a medicine for various ailments or illnesses. Hemp fibers are also making a recent impact as well.
Although it was legal to grow hemp since 1998, producers were required to receive a special production permit from the Drug Enforcement Agency due to its relation to marijuana. However, now there are fewer restraints of transportation on the plant and less risk for farmers and producers involved.
Demand for CBD Oil
Cannabidiol, or CBD is regarded as a versatile substance, being used in products ranging from food, to medicine, to oils. Cannabidiol, unlike THC, is non-psychoactive, meaning it doesn’t make a person feel “high”. CBD Oil is made by extracting CBD from the stalks or seeds of hemp and mixing with a product, such as coconut oil or hemp seed oil.
The medicinal use of CBD oil has risen, due to experts endorsing its health benefits. It’s been noted to treat different pains and anxiety.
According to Statista, total CBD consumer sales will reach $1.8B by 2022. Cannabis Business Times says this will outpace any other cannabis-related market within that time frame.
While CBD Oil is being held in high regard, there are still studies being conducted to see what else the product can do for a person’s health. Experts believe there is still much to learn about the plant, so staying aware for up-to-date CBD news would be wise if you’re interested in the industry.
Hemp Textiles on the Rise
Hemp is a plant with multiple uses, especially it’s fiber. It's used mainly in clothing, construction materials, paper, and many more products. China is the world’s biggest producer of hemp stalks, with the government claiming the hemp industry to be over $200M. In a Popular Mechanics article from 1938, there are claims of about 25,000 industrial uses for hemp alone.
The National Hemp Association reports hemp has the strongest and longest plant fiber in the world, resistant to rot and abrasion. In today’s society, hemp fiber can be found in bags, nets, canvas and even carpet.
Investing in Hemp
The economic impact of hemp has been increasing at a steady rate. Estimates from Vote Hemp show that the total retail value of hemp products in the U.S. in 2017 was $820 million. The Congressional Research Service states that hemp imports to the U.S., consisting of hemp seeds and fibers, also totaled $67.3 million in 2017 .
Needing little water and having the ability to grow in virtually any type of soil, hemp is an easy cash crop. Production will continue to grow, with consumers gaining awareness about the plant. Because of the growth in consumer products, this is an investment to watch for with the global hemp market expected to reach $10.6 billion in value by 2025.