After the 2018 Farm Bill legalized the cultivation and sale of industrial hemp and its derivatives, an industry swiftly sprang up around the product. Hemp is an extremely versatile product with a wide range of applications ranging from textiles and construction to health and wellness. Cannabidiol (“CBD”), a hemp extract said to have diverse medical capabilities, has attracted the bulk of the attention, and it is predicted to achieve $1.8 billion worth of sales in 2022. American companies are now looking to expand past the country’s border as more countries around the world launch hemp programs. But thanks to nearly a century of prohibition, the hemp space is still quite green, and countries are working on formulating regulations for the versatile crop. American CBD brand Uncle Bud, which sells 70% of its product locally, has expanded to foreign markets and is currently distributing in France, the United Kingdom, Australia, Germany, China, and New Zealand. According to co-founder Bruno Schiavi, the CBD brand had an “explosive launch” in China last year, and the Chinese market is currently its third-largest CBD beauty market after Australia, making up around 10% of its global sales.
CannabisNewsWire, 09/20/2021 04:20:00