Farm Bill 2018: Hemp Oil CBD Products Experience Significant Growth

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March 22,2019

The hemp industry can now market its beauty, health and wellness products across the U.S. under strict new federal guidelines.

The passage of the 2018 Farm Bill that governs the U.S. agricultural sector, removed hemp from its list of federally controlled substances in December 2018. This legislation has made it legal to grow, process and sell hemp CBD products nationwide. Nerovana, which has seed to sale operations for its Royal Botanical hemp oil products in the health, beauty and wellness sector, will now be able to expand their sales and marketing reach nationwide.

Public awareness in the beneficial properties of non-intoxicating CBD has grown exponentially in the past several years. Tapping into interest in both cannabis and other natural remedies that could provide personal wellness and medical treatments that may succeed where others have failed, CBD health and wellness product sales have soared. 

Hemp CBD enhanced nutraceutical product sales have seen intense growth in the United States and beyond. Hemp-derived CBD was a $390 million market in 2018 and expected to reach $1.3 billion by 2022.

Know Your Hemp History
Hemp is one of the fastest growing plants and was one of the first to be spun into usable fiber over 10,000 years ago. For thousands of years, hemp was a globally used product found in cloth, rope, mats and building materials. Many of the great tall ships exploring the new world relied on hemp for their riggings.

In the 20th century, hemp became caught up in the attacks on cannabis in the sweeping anti-drug crusades of the time. Anti-drug campaigners were determined to protect consumers from the effects of THC in cannabis at all costs.

Hemp, a member of the cannabis plant family was also outlawed at a time when there was not an effective way of distinguishing between it and other forms of cannabis such as marijuana that has the intoxicating element tetrahydrocannabinol (THC). Hemp was also declared an illegal substance, even though it naturally has only has trace amounts of THC.

Why Hemp?
Hemp oil is an ingredient that companies such as Nerovana use in nutraceuticals or plant-based health, beauty and wellness products. Combined with other naturally occurring hemp plant compounds such as vitamin E and antioxidants, full-spectrum hemp oil with CBD is used in Nerovana’s popular Royal Botanical brand of soft gels, topicals, soaps and more.

Under the Farm Bill, hemp production will be tightly regulated. Most states already have regulations in place, and the U.S. Department of Agriculture will be developing its own regulations as well.

For Nerovana, an established hemp nutraceuticals company, which currently does business in California, Colorado and Oregon this shouldn’t be a problem. Working within new federal regulations shouldn’t present a significant challenge and the existence of consistent national standards will create more opportunities for growth.

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