Ten years ago, openly speaking about the hemp market to a broad audience would be unusual. But, now with all 50 states, and more countries raising the bans, the hemp industry is just beginning to take shape again and for a good reason. This article will tell you more about hemp history, but also tell you what you can expect in the next year and beyond. Let’s go!
An Evolving Industry
At the beginning of a new decade, the hemp market is entirely different than it was ten years ago. Now, we can talk about a real industry on the rise. In fact, 2018 changed the scene completely, and the new Farm Bill reclassified industrial hemp farming, making it completely legal, but also opened the door to the CBD industry.
The results were evident, and even the DEA sent a countrywide notice in August 2019, to let law enforcement know that hemp and CBD are no longer a controlled substance, as long as they meet the THC criteria (substance can contain max 0.3 percent delta-9 THC).
Furthermore, hemp growers now have crop insurance available for the 2020 season,for the production of flowers, seeds and fiber, which means we can expect the numbers to skyrocket in the next year.
2020: The Hemp Market is Growing
One thing is certain: the hemp market will continue to grow. U.S sales of products containing hemp-derived cannabidiol more commonly known as CBD, are leading the way in the U.S Hemp sales following last year’s passage of the 2018 Farm Bill, which legalized hemp nationwide. According to ‘’Cannabinoids Escape the Dispensary’’, a new report from Arcview Market Research and BDS Analytics the collective market for CBD sales is predicted to surge from $1.9 billion in 2018 to over $20 billion by 2024, with much of the real potential still yet to come. The hemp-derived CBD industry in the US is only just starting yet there is huge consumer interest in Ingestibles including (tinctures, pills, beverages, food) and Topicals (creams, balms, salves) formats.
In recent years, general retailers have taken notice of the compound’s popularity. Analysis predicts that the majority of CBD product sales will soon occur in general retail stores, rather than cannabis dispensaries, as is currently the case. Consumers can already buy hemp-derived CBD products in Walmart, CVS, Walgreens, Rite Aid and thousands of other large retailers across the country. On April 20th 2019, Carl Jr’s was the first to test its CBD-infused Cheeseburger in its Denver, Colorado location. Even Coca-Cola has been looking into possibly launching CBD infused products. A report from Wall Street’s Cowan suggests that Starbucks could (Eventually) be one of the first major chains to offer cannabidiol-infused drinks. Over the short- to medium-term, we expect CBD to expand into pharmacies, grocery chains, pet stores, natural food chains, and other big-box retailers.