Medical Marijuana, Inc. was highlighted in a new article that explores the impact of the passing of the 2018 Farm Bill on hemp and CBD.
Medical Marijuana, Inc. was included in a list of the top five hemp companies to benefit the most from the 2018 Farm Bill in an article published today by Real Money.
In the article, the analysis site explored the cannabis market impact of the 2018 Farm Bill, which includes provisions that will legalize hemp as an agricultural and commercial commodity under federal law. The wide-ranging agricultural legislation overwhelmingly passed the U.S. Senate yesterday and was approved by the U.S. House this afternoon. It is now on its way to Donald Trump’s desk to be signed into law.
Real Money specifically highlights the top five hemp-derived cannabidiol (CBD) companies and top five states it believes will benefit most from the passing of the Farm Bill.
Medical Marijuana, Inc., which works to expand access to hemp-derived CBD and promote its benefits to a worldwide audience, was included among the site’s top five hemp companies.
According to Real Money, “Medical Marijuana has 10% of the overall market. Its 2017 sales were $32.2 million, and in 2018 it’s expected to report sales of $79.0 million. The company’s main product is Kannaway and through its direct sales model, it has been the company’s largest stream of revenue. The model continues to see success in a market where formal advertising and marketing are limited.”
The 2018 Farm Bill was passed by the Senate on Tuesday by a vote of 87-13. Debra @WallandBroad Borchardt gives you the 5 hemp companies and 5 hemp states that will benefit the most. https://t.co/C1ehPYOQ7S pic.twitter.com/ChYNs46L7b
— Real Money (@realmoney) December 12, 2018
The article also cites market research data calculated by Brightfield Group, which found that last year’s hemp-derived CBD sales in the U.S. reached $291 million. The cannabis research firm told Real Money that the passing of the Farm Bill would cause the hemp-derived CBD market to “quickly go mainstream” and reach $5.7 billion next year before growing nearly 40x its current size to hit $22 billion by 2022.
Brightfield’s senior analyst, Jamie Schau, said, “We believe that blowing market sizes and growth figures out of proportion would do our customers and the market a great disservice. This year’s hemp CBD forecasts might seem like a departure from that view, but I assure you they are not. These numbers reflect the substantial changes we anticipate will follow full federal legalization of hemp-derived CBD, a prospect that is no longer a pipe dream but looking more and more likely as bipartisan support for hemp and its extracts continues to grow.”
The Hemp Farming Act specifically amends the federal list of controlled substances with regard to hemp, removing federal regulations that prohibit farmers from growing, processing, and selling hemp. It also allows farmers to obtain crop insurance.
You can read the full article from Real Money here.