More than 1 in 4 Americans have tried CBD to relieve pain, stress, and anxiety ― By 2024, the CBD industry is projected to hit $20 billion. The 2018 Farm Bill legalized industrial hemp production throughout the United States
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More than 1 in 4 Americans have tried CBD to relieve pain, stress, and anxiety ― By 2024, the CBD industry is projected to hit $20 billion
The Use of Hemp
The 2018 Farm Bill legalized industrial hemp production throughout the United States
What is hemp?
- Non-psychoactive strain of cannabis sativa (less than 0.3% THC)
- The hemp market is extremely varied, showcasing its many uses
- Personal care: 22%
- Industrial applications: 18%
- Food: 17%
- Textiles: 13%
- Supplements: 5%
Most popularly, hemp oil is also used to make CBD
- CBD is commonly used for
- Anxiety & stress: 37%
- Joint inflammation 24%
- Poor sleep: 10%
While the only clinically-proven use for CBD is reducing epileptic seizures, many users report significant results
- Early studies suggest CBD might be beneficial for a wide variety of conditions
- Reducing epileptic seizures
- In 2017, the FDA approved Epidolex, a CBD-based epilepsy medication
- Improving Mental Uealth
- CBD has been shown to regulate serotonin production
- One study called CBD a “useful new approach to treat several neuropsychiatric disorders”
- Increasing Neuroplasticity
- CBD can reduce inflammation-associated neurodegeneration
- Prolonged use of CBD has been shown to counteract chronic stress and mental fatigue
- Reducing epileptic seizures
By 2022, the market for hemp CBD alone is expected to grow to $22 billion ㅡ up 67 times the market from 2017.
Who Uses Hemp CBD?
- Within the past 2 years, use in America has spread across generations
- Age 18-29: 40%
- Age 30-44: 32%
- Age 45-60: 23%
- Over 60: 15%
- Where users buy their CBD
- Dispensary 40%
- Retail store 34%
- Online 27%
- What form of CBD they use
- Edible food or drink 35%
- Spray or drops 30%
- Vape 30%
- Topical cream 20%
- Smoked 16%
- Pill 15%
The possible medicinal benefits have prompted many to incorporate hemp oil into their healthcare:
- Did users replace OTC medicine with CBD?
- Use both concurrently 30%
- Replaced medicine entirely 22%
- Drugs replaced by CBD*
- Over-the-counter pain reliever 47%
- Prescription opioid 36%
- Anti-anxiety medication 33%
- Prescription sleep aid 22%
Keeping up with rapidly changing regulations creates unique challenges for the hemp industry
Challenges for the Future of Hemp
- Uneven Regulation
Although the Farm Bill legalized hemp-derived CBD at the federal level, many states have confusing and contradictory laws- Ohio: CBD can legally be sold, but owning it is considered drug possession
- Kentucky: CBD requires a prescription, though the law is not widely followed
- Wyoming: CBD is ONLY legal when used to treat epilepsy, with a prescription
- Proving Quality
Without consistent regulations, proving to customers that a hemp product is quality can be difficult:- Provide lab results to customer through your website or using a QR code* on the product label
- Ensure that certified Good Manufacturing Practices (cGMP) are followed throughout the manufacturing process
- Better Banking
Wary of risk, U.S. Bank subsidiary Elavon recently stopped offering services to all cannabis-related companies- Hemp farmers, CBD manufacturers, retailers, and dispensaries must find alternative methods of financing
- In 2019,
- Square began an invite-only beta test for CBD businesses
- SAFE Banking Act proposed in Congress
- The law would allow banks to work with state-legal cannabis businesses without risk of prosecution
Advice for the hemp industry going forward? Be diligent and creative to keep up with industry trends, quality standards, and changing regulations
The hemp industry is exploding due to the popularity of CBD ― Are you ready for the future of hemp?
Sources:
https://cannabiswire.com/2019/04/24/which-big-banks-are-thinking-about-the-safe-banking-act/
https://www.consumerreports.org/cbd/cbd-goes-mainstream/
https://www.businessnewsdaily.com/15052-how-to-start-a-cbd-business.html
https://www.congress.gov/bill/115th-congress/house-bill/5485
https://www.frontiersin.org/articles/10.3389/fneur.2018.00759/full
https://www.ncbi.nlm.nih.gov/pubmed/14583744
https://www.frontiersin.org/articles/10.3389/fphar.2017.00269/full
https://www.brightfieldgroup.com/post/hemp-cbd-market-to-reach-22-billion-by-2022
https://www.ncbi.nlm.nih.gov/pubmed/23298518
https://www.brightfieldgroup.com/post/hemp-cbd-market-to-reach-22-billion-by-2022
https://www.thecannabisadvisory.com/cbd_news/cbd-rewire-brain-mental-health/
https://hempindustrydaily.com/hemp-companies-left-looking-for-banking-alternatives/
Please feel free to use it in any writing that references this article.
More than 1 in 4 Americans have tried CBD to relieve pain, stress, and anxiety ― By 2024, the CBD industry is projected to hit $20 billion
The Use of Hemp
The 2018 Farm Bill legalized industrial hemp production throughout the United States
What is hemp?
- Non-psychoactive strain of cannabis sativa (less than 0.3% THC)
- The hemp market is extremely varied, showcasing its many uses
- Personal care: 22%
- Industrial applications: 18%
- Food: 17%
- Textiles: 13%
- Supplements: 5%
Most popularly, hemp oil is also used to make CBD
- CBD is commonly used for
- Anxiety & stress: 37%
- Joint inflammation 24%
- Poor sleep: 10%
While the only proven use for CBD is reducing epileptic seizures, many users report significant results
- Early studies suggest CBD might be beneficial for a wide variety of conditions
- Reducing epileptic seizures
- In 2017, the FDA approved Epidolex, a CBD-based epilepsy medication
- Improving mental health
- CBD has been shown to regulate serotonin production
- One study called CBD a “useful new approach to treat several neuropsychiatric disorders”
- Increasing neuroplasticity
- CBD can reduce inflammation-associated neurodegeneration
- Prolonged use of CBD has been shown to counteract chronic stress and mental fatigue
- Reducing epileptic seizures
By 2022, the market for hemp CBD alone is expected to grow to $22 billion ㅡ up 67X from 2017
Who Uses Hemp CBD?
- Within the past 2 years, use in America has spread across generations
- Age 18-29: 40%
- Age 30-44: 32%
- Age 45-60: 23%
- Over 60: 15%
- Where users buy their CBD
- Dispensary 40%
- Retail store 34%
- Online 27%
- What form of CBD they use
- Edible food or drink 35%
- Spray or drops 30%
- Vape 30%
- Topical cream 20%
- Smoked 16%
- Pill 15%
The possible medicinal benefits have prompted many to incorporate hemp oil into their healthcare
- Did users replace OTC medicine with CBD?
- Use both concurrently 30%
- Replaced medicine entirely 22%
- Drugs replaced by CBD*
- Over-the-counter pain reliever 47%
- Prescription opioid 36%
- Anti-anxiety medication 33%
- Prescription sleep aid 22%
Keeping up with rapidly changing regulations creates unique challenges for the hemp industry
Challenges for the Future of Hemp
- Uneven Regulation
Although the Farm Bill legalized hemp-derived CBD at the federal level, many states have confusing and contradictory laws- Ohio: CBD can legally be sold, but owning it is considered drug possession
- Kentucky: CBD requires a prescription, though the law is not widely followed
- Wyoming: CBD is ONLY legal when used to treat epilepsy, with a prescription
- Proving Quality
Without consistent regulations, proving to customers that a hemp product is quality can be difficult- Provide lab results to customer through your website or using a QR code* on the product labe
- Ensure that certified Good Manufacturing Practices (cGMP) are followed throughout the manufacturing process
- Better Banking
Wary of risk, U.S. Bank subsidiary Elavon recently stopped offering services to all cannabis-related companies- Hemp farmers, CBD manufacturers, retailers, and dispensaries must find alternative methods of financing
- In 2019,
- Square began an invite-only beta test for CBD businesses
- SAFE Banking Act proposed in Congress
- The law would allow banks to work with state-legal cannabis businesses without risk of prosecution
Advice for the hemp industry going forward? Be diligent and creative to keep up with industry trends, quality standards, and changing regulations
The hemp industry is exploding due to the popularity of CBD ― Are you ready for the future of hemp?
Sources:
https://cannabiswire.com/2019/04/24/which-big-banks-are-thinking-about-the-safe-banking-act/
https://www.consumerreports.org/cbd/cbd-goes-mainstream/
https://www.businessnewsdaily.com/15052-how-to-start-a-cbd-business.html
https://www.congress.gov/bill/115th-congress/house-bill/5485
https://www.frontiersin.org/articles/10.3389/fneur.2018.00759/full
https://www.ncbi.nlm.nih.gov/pubmed/14583744
https://www.frontiersin.org/articles/10.3389/fphar.2017.00269/full
https://www.brightfieldgroup.com/post/hemp-cbd-market-to-reach-22-billion-by-2022
https://www.ncbi.nlm.nih.gov/pubmed/23298518
https://www.brightfieldgroup.com/post/hemp-cbd-market-to-reach-22-billion-by-2022
https://www.thecannabisadvisory.com/cbd_news/cbd-rewire-brain-mental-health/
https://hempindustrydaily.com/hemp-companies-left-looking-for-banking-alternatives/
