Did you know that in December 2018 hemp became legal? Since then, so many people have taken the different opportunities that came with legalizing hemp. We have put together this guide to share more about hemp market trends, and different business opportunities in the hemp industry.
Table of Contents
Keep reading to learn the ins and out of this diverse crop
Hemp Trends
When it comes to hemp products there are plenty of trends in this new century. One thing is for certain, hemp products will be on the rise because there are so many different applications for hemp in lifestyle products. From pet health vitamins to creams to sprays to massage oils, the list goes on and on.
Hemp Food and Drinks
This is one trend that is quickly growing. Have you tried hemp chocolate or hemp soda yet? Keep an eye out for more food and beverage products that contain hemp. Some foods will be used for good flavor and others will be geared towards enjoying the many benefits of CBD.
If you still have not tried hemp on the purest edible level, reach into a bag of toasted hemp seeds and have a tasty and healthy hemp experience.
Hemp Farming
Another trend that will continue to grow is agriculture in the hemp world. Hemp is able to help farmers get through the season with ease because of the multiple uses it comes with. Many farmers that used to plant tobacco are changing over to hemp because after the hemp is harvested it leaves the soil in pretty new condition.
This gives farmers the ability to grow other crops after they harvest the hemp. Hemp naturally cleans the soil from the pollution which is another reason that farmers prefer to grow hemp.
Hemp Biodiesel
This is another trend we will see grow this new decade because diesel fuel can be made from hemp. This can eventually take the fossil fuel industry out of the market once the infrastructure and technology are up to date to make biofuels faster and easier.
Drilling for fossil fuels does not make sense long term when there are farmers that can make fuel instead.
Fewer Cotton Products
Cotton products have been popular for many years but with the legalization of hemp, the rise in hemp apparel is beginning to grow. You can expect fewer cotton shirts and pants and more comfortable hemp tees and jeans.
Business Opportunities
Although there are new businesses opening their doors every day in the hemp industry, there are still a number of different opportunities for entrepreneurs looking to get into the hemp industry.
CBD
We are sure you have heard of different CBD products already because they seem to be everywhere. If you have a love for CBD and all of its benefits then this is a great business opportunity for you.
You have plenty of products to choose from between chocolate, granola bars, peanut butter, gummies, lotions, pet products, etc.
Food
If you are a foodie then this niche and opportunity will make sense for you. In the food world, different parts of the cannabis plant are used as a direct food source.
There are many healthy items you can produce such as hemp oil, hemp seeds, and hemp nuts, to name a few. Hemp seeds are being used to replace breadcrumbs, flax seeds, and chia seeds. People that are allergic to nuts are taking advantage of hemp seeds to avoid any allergic reactions.
Industrial Products
If you want to start a new business that produces industrial products made from hemp, the options are endless. You can opt to go into the clothing industry, shoe industry, paper products world, textiles, insulation, biofuel, etc.
Hemp is even crossing into the construction world. A perfect example of this is hempcrete which is a material that is similar to concrete but more energy-efficient, fire-resistant, and more cost-efficient.
Hemp Legalities
Although hemp is legal there are a few laws that you want to become familiar with to make sure that you stay within the law. In order for hemp to be considered legal, it can’t have more than .3% THC. It is also a highly regulated crop and can’t be grown like you grow basil or tomatoes.
In order for a farmer to grow hemp, they have to check their state laws for the steps they have to take in order to grow hemp legally. There are usually plans that have to be submitted for approval before growing hemp.
Once everything is approved there are other steps that have to be taken to make sure that the hemp does not contain too much THC and everything is within compliance. If a hemp producer ever violates a hemp production plan, they will have corrective action for at least two years.
It is important to avoid violations with the government because it can result in not being eligible to produce hemp for five years. Anyone that falsifies any information in their application to produce hemp will be barred from ever participating in future hemp production.
Ready to Tap Into the Hemp Market?
Now that you know more about the hemp market including, the trends and business opportunities to look out for, you can make an informed decision if you want to continue going down this route. If you are passionate about hemp and its legalization you can have a very profitable new business.
Did our article help you today? Please come back soon to always stay in the know.
