Hemp, once associated with eco-friendly fashion and aging activists, is experiencing a resurgence in popularity thanks to significant investments from the cosmetics, food, and health industries. The market now offers a wide range of hemp-based products, including protein powder, tea, burgers, milk, and even dog food. This renewed interest in hemp is not only beneficial for businesses but also for cannabinoid research.
Historically known for its high CBD content, hemp has always intrigued researchers and industry developers. However, federal prohibition prevented them from fully exploring its potential. That all changed with the signing of the Agricultural Improvement Act of 2018, also known as the Farm Bill, which legalized hemp in all 50 states. Since then, research and development in the field of hemp have taken off.
BAS Research, one of California’s leading cannabis research and manufacturing companies, is actively investing in hemp following the Farm Bill. Brian Vifian, the director of operations at BAS Research, expressed the company’s plans to use hemp as a catalyst for change in drug development and production methods. The company aims to explore various cannabinoid compounds besides THC and expects significant growth in nutraceutical products.
While BAS Research had already initiated its hemp plans prior to the legislation, the passing of the Farm Bill has provided additional benefits such as increased funding opportunities. Removing hemp from the controlled substance category has facilitated easier access to research and product development.
BAS Research is not alone in its enthusiasm for hemp. Numerous cannabis companies are positioning themselves to tap into the booming industrial hemp market. Some are even adjusting their production strategies to gain a competitive edge. For instance, in collaboration with Global Hemp Group Inc., the Marijuana Company of America plans to start their hemp clone production much earlier than previous years to allow for increased plant growth and biomass generation.
Despite the growing interest and support for industrial hemp post-Farm Bill, there are still challenges to overcome. Some state authorities continue to treat hemp as a criminal substance, despite its federal legality. The varying interpretations and enforcement of hemp laws across different states create obstacles for research and development. Additionally, potential public cases of misuse or inadequate research could result in backlash and further regulatory obstacles.
However, companies like BAS Research remain optimistic that these challenges can be addressed and overcome. They believe that progress will be made on both the product development and regulatory fronts. While uncertainties may exist, the overall excitement surrounding hemp and its potential remains unchanged. As the industry moves forward, it is expected that these issues will progressively be resolved.
In conclusion, the legalization of hemp through the Farm Bill has opened up new opportunities for research, development, and commercialization. Hemp is now being recognized as a valuable resource in various industries, with companies actively investing in its potential. Although challenges persist in terms of inconsistent regulations and potential misuses, the overall outlook for hemp remains positive. With continued advancements in research and support from both the public and private sectors, hemp is set to make a significant impact on various markets.
