January 13, 2021
- Posted by: Shane Dwyer
- Category: Industry News
The year 2020 has disrupted most industries all over the globe and has put people behind their doors, halt the operations of most businesses and changed the global economy. This year of 2021, everything is expected to bounce back, thanks to the companies doing their best to develop vaccines that will combat this pandemic.
People can now go out of their homes, businesses are already operating and the global economy is bouncing back. As most industries adapted the new normal, including the hemp industry, it is expected to brought back the economy back to its feet.
The pandemic didn’t really hit hard the hemp industry, but it slowed down its growth. As the economy starts to rise again, it opens up new opportunities to the hemp industry.
Here are some major advances that we are expecting in the hemp industry this year.
Aggressive Research and Testing
The legalization of hemp caused a hemp farming boom as entrepreneurs jumped in to fill the consumers demand for hemp-derived CBD products. Under the 2018 Farm Bill, hemp production is federally legalized. It removed hemp (cannabis’ non-psychoactive sibling) from the definition of marijuana in the Controlled Substances Act (CSA).
People are now becoming aware and more educated of how hemp and CBD works and its numerous health benefits. With established industry players doing their best to unleash the full potential of hemp CBD, it is expected that more research and testing will be conducted.
With this development, the industry can offer a wide-variety of hemp-derived CBD products and people will have a lot of options when choosing products to try on. Some worth to try products include hemp pre-rolls, hemp oil tinctures and Delta 8 gummies (learn more about Delta 8).
Hemp farmer though, should know the regulations in their states and be proactive about testing their product throughout the harvest and post-harvest processes.
Cleaner and Healthier Products
Last year, we have seen a shift in consumer trends as people become more health conscious and leaning towards clean, natural and organic products. In early 2020, the Bloomberg released a report that the pandemic had accelerated organic food sales in the US due to the increasing demand of healthier foods and drinks.
As more consumers shift to healthier options this year, plant-based ingredients demand will also rise across the natural products market. In terms of ingredient trends in the natural personal care, hemp CBD, sea buckthorn, shea and radish extract are on the rise.
Some studies have shown that consumers will lean towards products with fewer ingredients as it translates to increased sustainability and reduced environmental impacts.
It Will Create More Job Opportunities
For the past years, sales of cannabis have risen in US states where it is legal, especially in states where it is legal for recreational use. Since the hemp industry is a labor-intensive market with jobs needed from “farm-to-market” for people with any levels of education and experience.
CannabizTeam, a search and staffing company in the cannabis industry predicts that Arizona, Montana, New Jersey and South Dakota will be adding tens of thousands of new cannabis-related jobs. Thanks to their officials who recently voted to allow recreational use.
There is a major opportunity for growth in the processing of finished products the industry is moving forward to fulfill the gap. Since the industry includes farming, research, manufacturing, retail, financial services and even legal help, it is expected that the industry can create high demand jobs.