The legal hemp oil market has taken off over the past few years, thanks to improvements in education and products.
Not only do hemp products not cause a “high” in users, but they contain compounds similar to the endocannabinoids produced without our own body. Supplementing with hemp oil extracted from the mature stalks of the plant —not the seeds— is a non-toxic way to support the Endocannabinoid System. All mammals have this system, which is why hemp oil for pets has become so popular. We view our pets as family members, like our own children, which has created an entirely new market for hemp products.
Statistics
The Hemp Business Journal estimated the CBD market to be valued at $2.1 billion in consumer sales by 2020. $450 million of that is expected to come solely from hemp-derived products. What this means for the hemp industry is astronomical —a 700% increase from 2016! [1]
In 2015, hemp-derived CBD products brought in $90 million, with another $112 million from marijuana-derived CBD products sold in dispensaries. [1]
What does this mean for the future of hemp?
What has previously been a decent sized niche market is expected to emerge as a nationally recognized industry. We envision hemp oil supplements as a common household item in everyone’s home. This spur in growth could lead to new, innovative products and opportunities for many entrepreneurs who jump in at the right time. If you’re thinking about joining this incredible industry, our piece of advice is to jump in now while there’s so much growth potential. Be a powerful source of education for your customers! With US Hemp Wholesale’s specialized dropship, wholesale, private label, and custom manufacturing services, joining this market is simple.
Headset research also noted that since the product is not regulated in the same way as THC, CBD producers can import industrial CBD oil. [1]
Some companies import large vats of industrial hemp oil from Chinese sources, which we strictly avoid. Lab testing of many of these oils suggest impurities or significantly less CBD than advertised. In order to provide the highest quality hemp oil possible, we source our oil from Europe and have it 3rd party lab tested. This is a great selling point when customers compare products to lower cost products that use questionably sourced oils.
We encourage consumers to perform their own research to determine if hemp oil is right for them and to verify they’re purchasing quality oil.
In the Media
In 2013, Dr. Sanjay Gupta hosted a documentary called “Weed” on CNN. This went so viral, a second one published later on. The documentary led to a huge spike in awareness and shift in opinion on this incredible plant. It was especially shocking coming from Dr. Gupta, who had previously spoken against cannabis. This change in view came from first-hand experience with the incredible potential this plant extract is capable of. Check out this documentary on YouTube if you’re ever in need of inspiration.
Sources
[1] Forbes.com, Dec 12, 2016