CannabisNewsWire Editorial Coverage
Moments prior to signing a historic 2018 Farm Bill and effectively legalizing industrial hemp,
President Donald Trump tweeted out a video of his performance at the 2005 Emmy Awards, singing the song "Green Acres."
Having already passed through the House of Representatives and the Senate, the bill was
met with much fanfare across nearly the entire cannabis sector, including benefactors such as Green Growth Brands (CSE:GGB) (OTC:GGBXF) (Profile), Cronos Group, Inc. (NASDAQ:CRON) (TSX:CRON), Canopy Growth Corporation (NYSE:CGC) (TSX:WEED), Harvest Health and Recreation (CSE:HARV) and MedMen Enterprises Inc. (CSE:MMEN) (OTC:MMNFF).
To view an infographic of this editorial, click here.
Trump's signature was the last hurdle for the $867 billion bill. Now the market is gearing up for the massive potential of hemp-derived cannabinoids hitting stores.
Among the benefactors of the passage is Green Growth Brands (CSE:GGB) (OTCQB:GGBXF), whose goal it is to become the leading retailer of cannabis and CBD products in North America. Under its Seventh Sense brand, the company is about to market its own line of hemp-derived cannabidiol (CBD) personal care products.
Back in September 2018, the market research firm Brightfield Group published a 2018 market overview and analysis on hemp-derived CBD.
Among the observations made in the report was the possibility that the CBD market could eclipse the cannabis market. Less than three months after the report's release, the Farm Bill's passage significantly improved this possibility.
According to the Brightfield Group's analysis, the CBD market is expected to annually grow by 147 percent, from $591 million in 2018 to an estimated $22 billion by 2022.
A 'Monumental Policy Shift'
Upon the passing of the bill on December 20, 2018, the cannabis retail innovators at Green Growth Brands saw the timing as nearly perfect for their company. Having passed just ahead of the launch of its hemp-derived CBD personal care product line under the Seventh Sense brand, Green Growth Brands announced its goal to become North America's leading retailer of cannabis and CBD products.
"The new bill is a significant step in America's acceptance of CBD and the benefits it can provide consumers," said Peter Horvath, CEO of Green Growth Brands, in the company's corresponding press release. "
This development dramatically accelerates our ability to grow our North American retail network. This piece of legislation provides clarity on how we can build out our operations and logistics, reassures those investing with us in this new, exciting industry and gets us closer to the ultimate goal of giving customers high-quality, CBD-infused personal care products at affordable prices."