CBD Hemp Demand on the Rise
As cannabis laws continue to be passed in an increasing number of states, the demand for CBD hemp and sales of products containing cannabidiol oil, a non-psychoactive compound of hemp and marijuana plants, continues to increase.
This provides a unique business opportunity for entrepreneurs with vision.
It was recently reported that CBD from hemp was a $90 million market in 2015, beating expectations by $5 million. Sales are estimated to reach $115 million in 2016. Marijuana-derived CBD sales totaled approximately $112 million in 2015.
Following the lifting of a federal ban on hemp cultivation and the legalization of marijuana in several states, sales of CBD extracts and infused products have increased.
No doubt, CBD is the hottest category in the multibillion-dollar cannabis industry today.
There are many other commercial uses for hemp as well, including: clothing, paper, building supplies, plastics, food and beverages, chemical cleanup and fuel.
CBD Hemp at Recent Cannabis Industry Events
At a recent Women Grow event in Denver earlier this year, I met a female hemp farmer from Georgia who had moved to Colorado to set up a small grow operation. She told me demand had exceeded supply and she was desperately seeking partners who could help her buy or lease more land in order to produce more hemp to meet the demand for it.
Since then, at the CANNAGROW EXPO in Denver, I not only met master growers from all over the US; I also met people with companies that set up greenhouse operations (large and small scale), companies that have developed lighting systems for indoor grow operations, and companies that have developed irrigation and climate control systems that can be controlled remotely.
All of these components, along with capital investment, need to be brought together to create a viable enterprise in the cannabis industry.
Our law firm is poised to help you achieve that.
If you are interested in entering the cannabis industry, contact us today. We can help you.