Consumer response drives the growth of hemp and CBD markets
The legalization of hemp and CBD via the 2018 Farm Bill was a huge symbol of CBD’s mainstream acceptance in the U.S. Yet legislation and consumer response are two very different things. The immense creativity now being shown in the creation of CBD products is ultimately driven by consumer demand. With the market for hemp-derived CBD expected to grow to $22 billion by 2022, a variety of events and media outlets are emerging to join in the gold rush.
With major U.S. states legalizing both CBD and cannabis, the passing of the 2018 Farm Bill, the explosion of creative CBD product development and the enthusiastic response of consumers from all walks of life, it should be no surprise that the CBD market is expected to grow dramatically. One market prediction expects the hemp-derived CBD market to reach $22 billion by 2022. Such numbers may sound overly optimistic but there are good reasons to believe current projections remain low.
The boom has just begun
For example, one often sees media coverage about new CBD products being undercut by comments about the lack of research. So what happens if in a few years, when time-intensive peer-reviewed research is complete, researchers find the results are as dramatic as families and medical people are reporting from around the globe? And what happens if major media figures and popular natural health advocates that drive sales of supplements come on board? Since one might reasonably expect both to happen, that means exponential market growth is quite likely.
There was already a strong creative wave of CBD-products before the 2018 Farm Bill. Almost every delivery method is now available including lotions, drinks and edibles, vapes, coffee and supplements. One can purchase CBD power to add to one’s cooking. Even bars and restaurants are creating new concoctions that delight their customers.
But a true industry has many facets and pathways to success that go beyond products alone. CBD and hemp media is a new sector of the media industry that is growing organically in response to the CBD boom. Business events and conferences are also growing along with the rest of the CBD industry. Examples include a new industry publication called PotNetwork and a variety of events organized by both commercial and non-profit organizations.
Industry media outlets
PotNetwork Holdings, Inc. (OTCMKTS:POTN) is best known for its unique line of hemp-derived CBD products available through wholly-owned subsidiary Diamond CBD. Its latest news in CBD products is the Brain Chill CBD Slushy machine which is likely to keep its reputation for unique product creation front and center. POTN’s extensive background in the industry also set the stage for a new offering from another wholly-owned subsidiary, PotNetwork.
PotNetwork News launched as a website featuring news from across the larger CBD, hemp and cannabis industry. However, this new digital media outlet is going analog with an even newer media product, a print magazine called PotNetwork. For PotNetwork Holdings, such an industry publication will greatly strengthen their profile on many fronts as an industry leader.
Industry events
Another industry media outlet, Hemp Business Journal, is focused on the many uses of hemp. Its business events page reveals the growing range of conferences and summits related to the hemp industry. Such events include Organic Hemp Innovations in Denver, Balkannabis in Athens, Greece and the Expo West CBD Summit in Anaheim, California. While conferences can be a big business in and of themselves, nonprofits are also getting involved.
Organic Hemp Innovations is one of many events sponsored by the Industrial Hemp Research Foundation. The foundation is a nonprofit dedicated to hemp-related research and education. Though not a business, such organizations are key to any new industry for legitimacy and information. For hemp and hemp-derived product businesses, the Industrial Hemp Research Foundation helps bring consumers and entrepreneurs together as well as providing research to support further development.
Scratching the surface
The above examples of media outlets and industry events only scratch the surface of what is happening in the cannabis industry as a whole. And what is happening now indicates even larger possibilities ahead for hemp and hemp-derived CBD products. If one feels overwhelmed by the sheer amount of activity, much of which is driven by entrepreneurial energy, then it is time to educate oneself about what the industry has become and where it is going. Beyond simply familiarizing oneself with the growing range of hemp-related products, investors and future entrepreneurs can also now turn to industry-specific publications and events for further networking and education.
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