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.
- 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 market 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 companies 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 cannabinoids present in the Hemp plant that may gain popularity throughout 2020 and into 2021.
Likewise, the presence of new cannabinoids means new products to help meet your needs. We’ve already seen the creation of products like CBD activewear and CBD floss – new ways to enjoy this cannabinoid across many aspects of a consumer’s life.
Throughout 2020, we will focus on bringing you a range of cannabinoids through diverse new products. Our expert formulators are always crafting unique products, and we have an exciting lineup set to release throughout 2020 – from an active line to self-care must-haves.
Fewer players and more big names like Hemp Bombs in the CBD market.
As the market grows and regulations emerge, many small companies will find it hard to keep up with the stricter guidelines, resulting in small CBD businesses falling out of the race. While small businesses have every right to thrive in the CBD space, not all of these mom-and-pop shops will have the resources to do so. Large companies that are more equipped to make necessary compliance updates to keep consumers safe will strive to stay at the forefront of the CBD industry and become reliable household names.
As a company, Hemp Bombs seek to lead the conversations with the federal and state officials around consumer safety and product continuity. Standardized, accepted manufacturing processes are best completed with modern machinery that gets the job done consistently. Our over 100,000 square feet of facility space and state-of-the-art production and testing equipment give us the capability to manufacture CBD products to the standards expected from similar consumer goods.
There’s no way to know precisely how the CBD market will shift in 2020, but we’re prepared for anything that may come our way. With compliance experts, regulated in-house production processes and a dedicated team, Hemp Bombs has the tools and commitment to meet state and federal regulations quickly and effectively. In 2020, we will bring you more products, additional education and the quality you’ve come to expect from Hemp Bombs.
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