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article imageHemp is now the cannabis cash crop as demand for CBD rises

By Karen Graham     Jul 19, 2019 in Business
Marijuana is still banned for recreational use across much of the world, and even medical access is limited in many countries. However, players in the $340 billion global industry are turning their attention to pot's less-regulated cousin, hemp.
The U.S. market for foods and beverages with hemp-derived CBD - from relaxation drinks to gummies - could hit $2.5 billion in the U.S. alone by 2023, amounting to 10.5 percent of the estimated $23.7 billion global market, according to a report from the Brightfield Group.
The Farm Bill brought immense change to the industrial hemp industry. And legalizing CBD will open the floodgates for a brand-new industry. 2019 is shaping up to be a massive year for industrial hemp and hemp-derived CBD, leading to just over a $5 billion industry by end of the year – a 706 percent increase since 2018.
But this is all contingent on CBD being legalized in the U.S., and we know the regulatory framework is still being worked out at the federal level. And until the federal government acts, no CBD-infused food or drink can be legally sold in the U.S. When and if this happens, there will be many companies already prepared to market their products.
Presently, the production of CBD (Cannabinoid) Hemp Oil is mainly concentrated in Europe and North America. Many producers of CBD (Cannabinoid) Hemp Oil in the industry have already formed an integrated industry chain, from the industrial hemp to downstream industries.
The bud of a Cannabis sativa flower coated with trichomes bearing cannabidiol and other cannabinoids...
The bud of a Cannabis sativa flower coated with trichomes bearing cannabidiol and other cannabinoids.
Psychonaught via Wikimedia
Most of them can provide various finished products of CBD (Cannabinoid) Hemp Oil to customers directly or through online retailers, like Amazon.com.
Derived from the stalk and seed of cannabis (hemp) plants, cannabidiol (CBD) oil or CBD hemp oil is a natural botanical concentrate that is high in the compound CBD. Of the more than 85 cannabinoids so far identified in the cannabis plant, CBD is the second most common after tetrahydrocannabinol (THC).
However, unlike THC, CBD is non-psychotropic and therefore doesn’t cause a euphoric high. This distinction makes CBD an especially "hip new trend" in lots of people's minds. And for the health and wellness business, this is fantastic.
There is a growing demand for products that keep consumers healthy and happy, and that means stress-free in today's uptight and frenzied environment. There are any number of different CBD products that health buffs crave right now. CBD tinctures and pills are a simple way to take CBD, but many consumers prefer CBD vape oils, edibles, and other options.
The need for trusted and reliable suppliers is absolutely necessary and this is one reason for the growth of so many producers and distributors in the U.S. The additional use of new technologies to improve hemp seed varieties and increasing the water-solubility of cannabidiols, are all in line with adding CBD into a range of health food and supplement products.
More about CBD market, Hemp, Cash crop, Canada, United States
 
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