The green rush is on. And according to Hemp Business Daily’s newly released 2019 Hemp & CBD Industry Factbook, retail sales of CBD may surpass $10 billion by 2024.
According to those projections, the combination of consumer demand and easy access to CBD products may drive sales to about $1.1 billion – $1.3 billion in 2019. The numbers, based on comprehensive analysis of the CBD marketplace as well as industry surveys, show CBD sales doubling over the next few years, before leveling out as demand is met.
Of course, there are unknowns — including the lack of federal regulation so far. The CBD industry is awaiting the FDA’s upcoming regulations, which could impact the kind of CBD products allowed on the market.
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California Governor Gavin Newsom just signed a new bill that brings the state’s hemp laws into alignment with the Hemp Act included in the 2018 Farm Bill.
The new measure will take effect on January 1, 2020 and includes a requirement that the California Department of Food and Agriculture submit a hemp regulation plan to the USDA before May 1, 2020.
Hemp growers can expect to see expanded registration and regulatory requirements as a result of the new law.
As vaping illnesses continue to be a hot topic in the news, a cautionary tale came to the surface this week. A second-grade teacher in Wisconsin caught a seven-year-old boy vaping CBD in the classroom.
The boy apparently took the vaping device from his mother’s purse and brought it to school. Child Protective Services were called, and a social worker took the boy to the hospital to be checked out.
The boy’s mother, who said the device contained CBD, said she had no idea that he had taken it. The boy is fine and has been returned to his mother, but the story highlights the importance of keeping all CBD and vaping products away from children.
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Colorado is the latest state to propose new rules related to cannabis vape liquid or devices in the wake of the recent wave of vaping related illnesses.
A public hearing took place on Tuesday, in which Colorado’s Marijuana Enforcement discussed the proposed ban on the following products in inhalable cannabis products:
- Polyethylene glycol (PEG)
- Vitamin E acetate
- Medium Chain Triglycerides (MCT oil)
Manufacturers of concentrates and vape products would also be required to include a list of ingredients on the product label. If the rules are approved, companies will have until January 1, 2020 to comply.
Each week, news stories crop up about hemp being stolen from farms. Hemp is a lucrative crop on its own, but it is also often mistaken for high-THC cannabis, which increases the likelihood of theft. But this week’s hemp theft was more significant than most.
C&C Farms in Conway, South Carolina had over $15,000 of hemp stolen over the weekend. But the farm had installed a good surveillance system which has resulted in one 17-year-old being taken into custody, with several other suspects being investigated.
The estimated amount of hemp stolen in this case puts the theft into the category of grand larceny, which comes with hefty penalties — up to ten years for for those convicted as adults.
More From CBD Hacker This Week
We’ve updated our interactive map with new state laws concerning CBD, medical marijuana, and industrial hemp. Find out how states have changed their approaches to hemp and CBD after the passage of the 2018 Farm Bill.
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The SAFE Banking Act which passed through Congress last week could make accessing banking services easier for the cannabis industry (both hemp and marijuana). But the experience of businesses in Canada suggests that it may not be so simple.
Darrell Dexter, former premier of Nova Scotia (and currently vice chair of Global Public Affairs and head of the Cannabis Beverage Producers Alliance), is calling on Canada’s federal government to address the banking issues that many cannabis related businesses are still facing.
Nearly a year after the federal legalization of cannabis, many smaller businesses are still facing what seem to be arbitrary and inconsistent hurdles to obtaining banking services.
“It’s confounding,” said Dexter, “How do you carry out transactions if you’re a company in the legitimate space if you don’t have banking? That is a huge barrier to entry into what is a legal, regulated market.”
As Florida’s Department of Agriculture works out regulations for hemp farming in the state, universities are already starting research pilot projects on the plant.
Currently, the University of Florida’s Institute of Food and Agricultural Sciences is growing test crops of hemp mainly for CBD. The research, which is being funded by hemp and agricultural industries, will hopefully result in growing recommendations for hemp growers.
And the University of Florida is not alone. Florida State University, Florida A&M University, and The University of Central Florida have all identified companies to partner with for pilot research projects on hemp and CBD in the near future.