In 2019 the Texas legislature passed a bill allowing farmers to grow hemp, but permits won’t be issued until sometime this year after the USDA signs off on the measure. As soon as that happens, look for the business to explode in Texas.
Michael Gordon, the co-CEO of the Texas Hemp Convention, says there are 350 hemp-associated businesses currently operating in the state selling product grown elsewhere. The industry’s largest trade convention is coming up January 28-30 in Dallas where networks can be expected to form and connections with seed distributors will develop.
“The hemp industry is growing,” Gordon tells KTRH News. “The real opportunity is still on the horizon, with the Department of Ag yet to release their rules and regs, and the federal roll-out of legal hemp just coming.”
The Nielson Company forecasts that the U.S. based CDB market could reach $2.75 billion this year, attempting to be on the conservative side. They suggest in the next decade hemp CBD-products could replace traditional over-the-counter treatments for arthritis, sleep, and general pain.
Ingestibles are expected to grow more than 250% in 2020 alone.
Gordon confirms that the pet industry is expected to be a beneficiary of increased interest expressed by dog owners who currently administer vitamins and medications to their dogs, 37% of whom say they’re interested in trying CBD products instead.
Largely a mom and pop business today, he says the major shift will come when major corporations jump onto the bandwagon. “Where are the Coco-Cola’s and Neutrogena’s?” he asks, watching closely a probable answer.
Hemp is said to be a difficult crop to grow, requiring specific conditions for different strains, so the Texas Hemp Growers Association is holding master classes throughout the state. Their Houston class last November sold out.