The CBD industry is a fast-moving machine that is constantly changing, so it’s hard to imagine all the developments that we’ll witness in the new year. Renowned cannabis attorney and CBD University panelist Rod Kight shared his projections for 2020 about the CBD market, industry regulations and more. Based on his expertise in the international and domestic cannabis and Hemp industry, Kight foresees five major advances during 2020.
Each of these projections would bring significant change to the Hemp industry as we know it. But what would it mean for your favorite CBD company, Hemp Bombs? Continue reading to discover Hemp Bombs’ 2020 vision for the CBD industry based on Kight’s predictions.
Rod Kight’s 2020 Predictions
- CBD will go mainstream.
- Track and trace and Good Manufacturing Practices (GMPs) will finally become the norm.
- We will see the emergence and availability of other cannabinoids on the market.
- An international cannabis market will finally emerge.
- We will see the first wave of cannabis insolvencies and bankruptcies.
CBD will be EVERYWHERE.
You probably think CBD already is everywhere – from coffee shops and spas to beauty stores and gyms – but just wait. When Kight discusses the CBD industry expanding to the mainstream, he’s referring to the market welcoming the vast majority of potential users as opposed to merely serving the early adopters, as we have now. That could mean as many as 85% more users. The push for education may convert more skeptics to consumers and help with CBD industry growth.
Certain restrictions on CBD products currently hinder online advertising efforts on social media sites such as Facebook and Instagram. Those restrictions can prevent quality products and education from reaching the masses. As federal guidance around Hemp emerges, these social channels will likely ease their rules and allow more ads.
You will feel confident buying CBD you can trust.
Although Hemp Bombs already holds our products to the high standards of similar consumer products, the same cannot be said for all CBD companies.
Without regulations from the FDA, businesses are free to produce low-quality CBD. However, with more brands like Hemp Bombs setting the standard for high-quality products, companies aiming to survive in the CBD industry will have no choice but to follow suit.
Implementing track and trace guidelines will give insight into a product’s lifespan from seed to sale. This process entails proper labeling and documentation, which allows top CBD companies like Hemp Bombs to more easily carry out recalls and quality control methods on the production line.
Additionally, establishing GMPs for the CBD industry will ensure that companies are manufacturing products that are safe for human use. Our vertical integration gives us the freedom to implement standard operating procedures (SOPs) regarding packaging and labeling, storage, production and in-house lab testing. Hemp Bombs’ robust quality control team carries out raw material, in-process, stability and finished-goods testing for each batch of products pursuant to GMPs used in related industries.
There will be a variety of CBD products to meet your needs.
Isolate, broad-spectrum, full-spectrum – these have been the most common formulations of Hemp-derived CBD products, until now. As the industry matures and the CBD market expands, consumers will look for more niche products with specific cannabinoids that meet their needs. Kight even highlights the other cannabi