As the CBD wave rises higher and higher across the country, one particular product is gaining more attention as well. Hemp flower has become a hit not just among health-conscious people but also among those who use cannabis recreationally simply because it is so relaxing. Here are some of the leading signs that smokable hemp will soon be a mainstream product.
The 2019 Harvest is the Largest Ever
Estimates indicate that approximately 138,000 acres of hemp will be harvested this year. These estimates are deliberately conservative because less than half of the 500,000 acres grown will reach harvest time. This huge harvest will increase the supply of smokable hemp on the market, and prices are likely to reduce to levels that make the products to be within reach for more consumers. In fact, many recreational marijuana companies have made the switch to growing hemp since it doesn’t come with as many regulatory issues as marijuana does.
Europe is Taxing It Like Tobacco
Many European countries have had smokable hemp available for years, and these products are being taxed in some countries, such as Belgium and Switzerland, at the same tax rates as tobacco. This trend indicates that smokable hemp is here to stay and its popularity can only rise higher.
A Huge Reddit Community
If you want more proof of how smokable hemp is increasing in popularity, check out how vibrant its Reddit community is. At more than 15,000 and rising, that is a very strong indicator of a huge movement of smokable hemp consumers that can only cement the position of this product in the coming years and decades.
Indiana’s Ban Was Overturned
When lawmakers and regulators start pushing back against something, it means that what they are reacting to is becoming a major force in the community. For the case of Indiana, the lawmakers there banned smokable hemp but some industry actors protested and went to court. And court, a federal court no less, ruled that the ban was in violation of the constitution since it imposed restrictions that are in excess of what Congress intended when it passed the 2018 Farm Bill. This ruling is indicative that even if many more states may wish to ban or restrict smokable hemp in their jurisdictions, chances are that the trend will continue and many courts will uphold the right to consume this hemp product.
As you can see, while the hemp flower segment of the industry may be young, lots of signs indicate that smokable hemp will be a major driver of how far the CBD industry will grow not just nationally but internationally as well. For this reason, experts believe that hemp industry players like Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF) and Canopy Rivers Inc. (TSX: RIV) (OTC: CNPOF) could be giving serious thought to this segment.
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