In the 2019 Hemp and CBD Industry Factbook, Kristen Nichols writes that hemp is new, popular and has immense potential, but the course the hemp industry is taking is not yet clear. She likens the industry to a runner with brand new shoes and full of energy with no idea of the course.
The hemp industry has captured the interested of many. A recent sales report shows that in 2019, CBD sales are expected to exceed $1 billion, which denotes a 133% increase above 2018 sales. By 2024, sales are forecasted to be $10 billion or more.
The supply chain in the hemp industry consists of growers, manufacturers, and retailers. The industry wants to exploit the new legal status of hemp and its most favored compound, CBD, which is non-psychoactive, irrespective of the lack of medical testing of the over-the-counter and wellness products.
THC and CBD markets are marred by much uncertainty due to the ever-changing regulations. For instance, when Julie Berliner opened her edibles company in Colorado, she was forced to operate the Sweet Grass Kitchen in a racecar because marijuana regulations were changing so often. She said that it would be possible to move her kitchen to a facility once the rules change. Berliner says the racecar was acting as an insurance policy. She went on to build a hemp production facility in South Denver, which is 8,000 square meters.
More people are looking for employment in the industry even if there are uncertainties on the regulations. Cannabis and hemp businesses hire people from different categories and skills. For instance, a farmer may employ a manager, a farmworker, horticulturists, and technology savvy people, as well as other professionals such as accountants and marketers to work on his enterprise.
According to a graph recently published by a reputable online media outlet which was based on the U.S. Bureau of Labor Statistics, it shows that there are more people employed in the marijuana industry that those hired as web developers or flight attendants.
Wana Brands is a marijuana company based in Colorado, and it is responsible for providing marijuana-related jobs. The co-founder and Chief Executive of Wana Brands, Nancy Whiteman, says that the company has been in the business of producing marijuana-infused edibles since 2010. She adds that in 2018, the company sold products worth more than $18 million. Wana Brands alone has more than 90 direct employees.
Wana Brands isn’t alone in employing people since there is a noticeable explosion of marijuana and hemp jobs across the country. Experts believe this increase in jobs vindicates hemp industry participants like VPR Brands LP (OTCQB: VPRB) and Earth Science Tech Inc. (OTCQB: ETST) who have always insisted that immense economic benefits will accrue from legalizing hemp.
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