If you read the hemp news in 2019, you know it was an intense year for many hemp enthusiasts and entrepreneurs. There was much progress in some areas for the hemp industry, with 2019 consolidating as the first year after the Farm Bill passed in the US. Hemp is now a mainstream product, and the awareness has only grown recently. In 2020, the latest news about hemp shows some exciting trends to keep an eye out for. Keep reading to find out more about what we think will be the following trends.
The growth of consumers’ awareness
Consumers are maturing their knowledge and understanding more about how cannabis compounds work in the human body and the hemp benefits. As success cases gain more media coverage and word of mouth spreads the benefits of hemp and CBD, the industry can expect more consumer awareness. On the other hand, cannabis vendors with low-quality products, unreliable testing, and questionable sources can start losing the trust of the customer base. The more educated buyer now requires brand transparency regarding their products, processes, and supply chain.
A wider variety of hemp products
More hemp and CBD topical products are likely to hit the shelves of mainstream retailers. Differently from products for internal use (such as ingestion or inhalation), the topical products (use on skin and hair) are regarded as safer by the regulatory agencies. This trend will help many whole food markets, drugstores, and convenience stores to have an abundance of CBD and hemp topical products.
Brands will continue to launch more and more CBD and hemp products, including significant brands initially not tied to the hemp industry. Although there isn’t a full regulation from the Food and Drugs Administration (FDA), after the recent boom, it’s nearly impossible to push hemp back into the prohibition box, at least in the US.
More regulations and legislations for hemp businesses and farmers
The approval of the SAFE Banking Act in the US at the end of 2019 was highlighted in many media news about hemp. This measure is giving the cannabis businesses much hope since it can allow such companies to become bank customers without any federal issues. This act can also help cannabis companies get easier access to capital, funding, and other benefits of the financial system. However, for this legislation to be signed into law, it still needs to pass the Senate and hit the president’s desk.
Hemp farmers can expect positive outcomes from the regulations for harvesting cannabis as well. The US Department of Agriculture (USDA) is working on federal rules to be effective in 2021, and this department is usually less bureaucratic than the FDA. Regulation for hemp farmers can bring more clarity for licensing, acceptable levels of THC, and other legal aspects of harvesting cannabis. This legislation can also support cannabis farmers to get access to crop insurance, which can help them transition safely from different cultivars to hemp. Although the regulations are still in draft and being discussed between the states, farmers and entrepreneurs are optimistic about them.
Hemp News leading more countries to the path to legalization
Many global markets can look optimistic to the legalization of cannabis products in the upcoming years. In 2019, Thailand was the first country in Southeast Asia to legalize the medicinal use of cannabis, and in 2018, Canada fully legalized cannabis, after Uruguay, in 2013. As news about hemp spreads through media channels worldwide, other countries are taking promising steps toward legalization, such as Mexico, where the Supreme Court is currently discussing the matter.
New Zealand is the next on the list, with a scheduled referendum regarding cannabis legalization to happen later this year. Other countries that may be close to legalization include Chile, Australia, Peru, Ecuador, Colombia, Argentina, Spain, the Netherlands, Italy, and of course, the US. Meanwhile, in the US, states and local authorities are setting their legislation until the FDA decides its position regarding many CBD products. Click the following link to learn more about the current state of hemp legalization.
If you are fascinated by the hemp market, you can surely be enthusiastic about the upcoming year. With a more educated customer base, regulations for farming, banking, and many countries looking towards legalization, 2020 shows an exciting landscape for the hemp industry.
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