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Hemp industry market overview: The eruption
Sean Murphy, Hemp Business Journal, dives into the state of the CBD and hemp industries with a look into recent data and the market overview.
New Hope Network staff
April 25, 2018
2 Min Read
“The key here is consumer education. As things get difficult and CBD comes off the label, it’s all going to be consumer education, letting the people know that hemp extract and hemp oil contain CBD. Until then, give the people what they want.”
—Sean Murphy, Hemp Business Journal
Part 1: The disruption caused by CBD
A brief history of the “eruption” of hemp in the industry, nationally and globally.
CBD is considered a food ingredient, a dietary supplement.
55 percent of U.S. hemp cultivation is cannabidiol
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Part 2: Market overview
Hemp and marijuana sales are evenly distributed, but in 2017, hemp started to edge further forward. In 2020, forecasts call for pharmaceutical CBD sales to disrupt the balance and hold a stake of their own.
Three disruptions to watch in the CBD industry: Canadian CBD market is coming online; “The Bigs” are moving in; and exports are slowing.
Five natural products industry (NPI) retail disruptions to watch, including opportunities for large NPI retailers and established "Big Hemp" companies entering the CBD space.
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Part 3: Effects of “The Big 4”
The FDA, DEA, USDA and Greenwich Pharmaceuticals are the four big players in the industry right now with a large influence on the future of CBD.
U.S. government owns a patent on CBD that claims it has medicinal benefits, however it also is classifying it as a Schedule IV drug.
Surveys prove high CBD products are working, particularly as it relates to mood/psychiatric and inflammatory/pain.
The industry needs to work on labeling and consistency to build and maintain consumer trust in the marketplace.
Consumer education is key, especially as CBD comes off the label and things get more confusing and complicated.
This session—Hemp, Hemp Hooray: The Certified Business of Disruption (CBD)—was recorded at Natural Products Expo West 2018. Click "download" below to access the presentation slides.
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