5 Things Happening In Hemp In October
The hemp industry is moving at a lightning-quick pace. With the rapid rate of change, it can be hard to keep up with the latest news. Here are a few of the fun, interesting, and even bizarre things happening in the hemp industry in the last 30 days.
The Arthritis Foundation Releases Guidelines for People Wishing To Try CBD
In what’s become the first major patient advocacy group to step out publically in support of CBD, the Arthritis Foundation recently released guidelines for those interesting in using CBD to treat their pain symptoms. According to Kevin Boehnke, a research investigator at the University of Michigan who help write the guidelines, “It was important to acknowledge the public’s interest and put out some guidelines on the state of the science.” In the guidelines the group points out that they do not recommend stopping the use of traditional medication to treat arthritis. Rather, “if you want to try, here’s how you should do it.”
Square Inc. To Begin Processing CBD Sales; Shopify, Too
Earlier this month Square announced it would begin accepting and processing payments for those individuals or businesses who sell CBD products. The popular payment app makes accepting credit card payments easy for small businesses and individuals, and until now, have not allowed for the processing of merchants who sell products containing CBD. Similarly, Shopify recently launched new features designed for sellers of CBD products. The e-commerce giant allowed Canadian merchants to start selling CBD last year in 2018. It’s now extending those same rights to US merchants, both online and on location.
Advocates in South Dakota Host Hemp Day
A large number of farmers, entrepreneurs, legislatures, and business representatives gathered in South Dakota’s capital of Pierre earlier this month to show support for industrial hemp. The group gathered after the third of three summer hemp study committee meetings at the capitol building. South Dakota remains one of the three last states who have yet to pass legislation granting farmers access to grow industrial hemp. Legislators will again consider a bill in 2020 removing restrictions to the versatile crop.
US Retail Sales of CBD Expected to Pass $1 Billion This Year
A new report courtesy of Hemp Industry Daily suggests that retail sales here in the United States for CBD products will surpass $1 Billion yet this year. The report include projections for the next 5 years with 2024 showing between $9.3-$11.3 billion. Sales for this year include an increase of 133% over 2018.
GIE Media Inc. to Launch ‘Hemp Grower’ Magazine
The publisher of Cannabis Business Times is launching a new magazine in an effort to serve the newly legal US Hemp Market, particularly farmers and growers in the industry. Hemp Grower magazine will also offer a weekly newsletter available through its website, www.hempgrower.com. The first print edition will be available later this year.