5 Things Going On In The Hemp World This Month
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.
Ohio Passes Hemp Legislation
The state of Ohio has become the most recent state to pass legislation allowing for the cultivation of industrial hemp. In the process, it has also opened the doors for the manufacture and sale of CBD products created from hemp plants. With the legislation, the state has become the 47th state to regulate the production of this incredibly versatile plant and hopes to capitalize on the growing market.
Universities Launch Hemp Programs
With growing interest and demand for hemp and the products produced by the plant, many universities are responding by launching programs centered around the plants. UC Davis has begun researching hemp and plans to soon launch a cannabis and hemp research center with the help of a pharmaceutical company that has agreed to partner with the school. Speaking of Ohio, Central State University is making strides toward becoming the first public university in the state to conduct hemp research. A reported $7.1 million has already been contributed towards these efforts from both private and public sources. Included in that total is a record-setting private donation of $2 million by philanthropist Frank Murphy. Not to be left out, Florida A&M has created a team of resources including research scientists, university professors, and public sector partners to study hemp production locally within the state.
The US Navy Issues Statement About Hemp Use
In an announcement released on August 7th, The Department of the Navy upheld its previous stance on the use of hemp-derived products, including CBD. The statement reiterated the current policy regarding substance use and abuse. In doing so, the use, ingestion, consumption, and application of cannabinoid products remain prohibited by soldiers in the Navy and the Marines. This includes products containing or derived from both marijuana and hemp. One of the primary reasons for the stance is that products derived from hemp plants, including CBD, have not been inspected by the FDA and effectiveness claims are difficult to validate.
Hemp Fusion Secures $36 Million Funding
In yet another sign of optimism for the CBD market, a popular CBD manufacturer recently closed a round of fundraising pocketing north of $36 million. This recent funding blitz brings the total amount of capital raised by HempFusion for the year to $42,000,000. Plans for the newly secured finances include scaling operations, expanding distribution of its products beyond its already existing network of 3,400 retailers, improve the company’s e-commerce experience, and launch more than 20 new products before the end of the year.
Canadian Firm Invests $300 Million in US Hemp
A Canadian marijuana company called Cronos Group has announced plans to expand its operations into the US and the hemp industry. The announcement offers insight into a $300 million investment to acquire four operating subsidiaries of Redwood Holding Group, which produces CBD products. The group hopes to take advantage of efficiencies of scale with the similar lines of business as well as diversify geographically.
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