The 2020 Boom- The Ever-Growing State of the Cannabis Industry
As the dust begins to settle within the cannabis/hemp industry, we are seeing a major influx of enthusiasts looking to reap the benefits of legalization across America. In 2020, we may be welcoming six new state legislation that will legalize the use of the plant on a recreational level. This increases the number from 10 states to 16 states that have decriminalized and legalized marijuana for its citizens. The growing demand for cannabis is a major factor, people are finding out the true health benefits of the plant and as we continue to find more research we are actively discovering that hemp, in general, is one of the most valuable substances on the planet. The 2018 Farm Bill was set to allow new and existing farmers to establish and grow the hemp market across the United States.
The new regulations were scheduled to be released before the 2020 growing season to afford farmers enough time to prepare. The new regulations were created by the USDA and will have major effects on the maturation of hemp production throughout the united states.
What to expect from Farming
Farming hemp has been around for thousands of years but unfortunately has been banned in the United States since 1937, mainly because it was so closely related to its sister plant marijuana. The new regulations grant existing farmers and new farmers the opportunity to access government funding for production, it also clears up misunderstandings when it comes to the definition of hemp. Hemp has long been associated with the marijuana plant, the new labeling will create a distinct difference between the two plants. Hemp will now represent Cannabis Sativa L which indicates THC levels being below the regulated .03% allowed. Hemp programs across the country will include provisions for:
- Reporting information on the land where hemp production takes place
- Regulate the testing of THC levels,
- Regulate licensing standards
- Warrant proper disposal of plants that do not meet the government standard,
- Ensure newly implemented compliance requirements are met.
CBD and Hemp Marketing is Evolving
As the industry grows, marketing is essential in connecting with new customers and retaining current ones. The legal cannabis/hemp industry is no different, the industry has been subjected to obstacles especially in the marketing area. The fact that the plant is federally illegal makes creating valuable marketing campaigns difficult. The legalization process will continue to open up doors for innovative marketers who truly love and appreciate the cannabis/hemp plant.
CBD and hemp product companies are looking to separate themselves from the typical American capitalist by adding three important characteristics to their marketing strategies:
- Transparency- Corporate transparency is becoming a valuable commodity for competing companies in all industries. The cannabis/hemp industry is taking notice by ensuring their products are well tested and the audience knows it.
- Realizing more competition exists- Competition means prices will decrease. The growth in the industry results mostly in competitive pricing. As the industry begins to open doors for more entrepreneurs and business owners, the more we will see an affordable price point for cannabis businesses.
- CBD-oil production becoming normal- Producing CBD oil 10 years ago was an expensive process that only a few were able to complete. The increase in technology and research has allowed innovative companies to help create alternative devices that simplified the oil-producing process.
- The increased popularity of hemp2 byproducts. The industry will make room for diverse forms of hemp to further expand the industry.
Cannabis innovations to look out for in 2020
Now that the industry is wide open, where will the next big innovations come from? We want to discuss some popular trends that will impact the next 10 years. Most states that are legalizing cannabis/hemp on the recreational level are also looking to decriminalize for small offenses. This will welcome home non-violent offenders who were convicted on frivolous offenses. This will help to establish technology to regulate and enforce the new laws.
One of the most glaring additions will be Weed Breathalyzers, which will aim to enforce the law on drivers who intentionally drive under the influence of marijuana. Another important aspect of the overall maturation of the industry is technology that aids in the growing process. Hemp/cannabis is one of the great plants to grow but requires intense care. This is especially true for those looking to grow the cannabis flower. LED lights will be a major investment going into 2020, lights that help reduce cost and increase plant efficiency will be a leader of the industry as we enter its 2nd decade.
Cannabis will be redefined in 2020, numerous states are poised to legalize recreational marijuana, this potentially changes the entire landscape of the industry as demand increases. Competition grows as more entrepreneurs plunge into the industry, new brands, new voices, offer new perspectives on improving and advancing the industry as a whole. The goal should be focused on creating a more diverse and inclusive industry where all people can benefit and capitalize on its resurgence in our society.
Are you interested in learning more about the hemp and cannabis industry subscribe to our email list?
We are developing a content company dedicated to the growth of Hemp. mPower Hemp is a one-stop platform for news, trends, business insight, cannabis employment opportunities, and so much more.