As Medical Marijuana, Inc. and our portfolio of companies close our most successful year ever in 2018, we are already looking ahead to 2019 for ways to build on our success. CBD is a trending topic in the mainstream marketplace, and more than ever before, consumers are looking for products with CBD when they shop. Here are just a few of the opportunities Medical Marijuana, Inc. is looking to take advantage of new opportunities for success in 2019.
Passing of the 2018 Farm Bill
We can’t look forward to 2019 without first looking back at 2018’s most significant event for the hemp industry, the passing of the 2018 Farm Bill. The newest Farm Bill, an omnibus law that expires every few years, contains a provision that fully legalized hemp in the U.S., including its cultivation and commercial use, by removing it from the Controlled Substances Act.
This change has the potential to positively impact our business operations, including the way we source our hemp, the parts of the hemp plant that we use to manufacture our products, and even the distribution avenues we use to bring our products to consumers.
The CBD segment of the hemp industry could grow to $1 billion in 2019, the first full year of legalization, after hitting an estimated $600 million in 2018. By 2022, it is speculated to reach an astonishing $22 billion.
Increased Interest in CBD
With federal acceptance, the CBD industry is indeed poised for a boom. This is likely to come from increased interest by consumers in CBD as a potential wellness ingredient. Larger retail outlets and distributors, including health food stores, pharmacies, and wherever wellness products are sold, are anticipated to begin carrying CBD products. Mainstream consumer products, like beauty and body care, food and beverages, supplements, and more, are likely to integrate CBD into their products to meet consumer needs.
Medical Marijuana, Inc.’s portfolio is already established as a trusted source for wholesale and bulk CBD for use in consumer products to service the needs of these companies, and we are prepared to provide our top-quality hemp to businesses in the U.S. and around the world.
A Maturing Canadian Cannabis Market
In October, Canada launched its highly regulated legal cannabis market to an excited public. Despite setbacks like limited product availability at retail locations and popular products like cannabis-infused edibles being banned from shelves at the start, legal cannabis in Canada has been a success.
Medical Marijuana, Inc. introduced two of our popular brands, Real Scientific® and Dixie Botanicals®, to the Canadian cannabis market through our partnership with Salvation Botanicals to formulate and distribute our brands using Canadian grown hemp.
The Canadian government has announced that it plans within the first year to expand the types of cannabis products available to consumers to include edibles and concentrates. These are two of the cannabis market’s largest products categories after raw cannabis flower.
Medical Marijuana, Inc. is prepared to react to changes to Canada’s cannabis regulations and the demands of their cannabis market and introduce additional products to our current offerings in Canada.
Further Legalization Worldwide
Increased demand for CBD isn’t just isolated to the U.S. and Canada. All around the globe, governments are reacting to the wills of their citizens and revising their hemp and cannabis policies. These newly opened markets present a chance for Medical Marijuana, Inc. to further our mission of expanding access to CBD products to consumers across the globe.
Last year, our portfolio of companies expanded the reach of our products into markets in Canada, the countries of the European Union, Argentina, Paraguay, and Bermuda. In 2019, our companies will continue to react to changes in cannabis and hemp policy around the world to be among the first to offer CBD products in emerging markets.
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