Now that the 2018 Farm Bill is fresh with the president’s signature, hemp and derivatives are legal once again in the U.S. for the first time since WWII. The low-THC element of the cannabis plant (the other being marijuana) is highly versatile for use in products from lotions to clothing, as well as in medical tinctures. Los Angeles hemp product attorneys know there are still a host of regulatory and legal concerns as hemp farmers, product makers and distributors gear to launch or ramp up sales.
The Hemp Business Journal estimates that among all hemp product categories, the annual five-year growth rate is expected to be somewhere just north of 18 percent, growing from a $390 million market this year to one that surpasses $1.3 billion by 2022.
These legal pitfalls could be especially tricky for the food and beverage industry, which already must adhere to stringent standards and oversight for food production, packaging, labeling, marketing and distribution. In some ways, our Los Angeles hemp product attorneys see this as a plus; those companies are already familiar with how these bureaucratic processes work. On the other hand, the marriage between hemp and food brings with it a whole new layer of regulation. Our cannabis attorneys can help.
Many hemp derivative products are already used by food and beverage industry, and Food Business News magazine reports indicate there will be a surge of investors exploring hemp investment opportunities in that arena specifically. The president of one hemp product company in Colorado said there is wide acceptance of the notion that there is likely to be a sharp uptick in the products that fuse hemp with functional foods and beverages. Some examples include:
- Ready-to-drink coffee
- Sports drinks
- Energy bars
- Protein shakes
- Infused tea and water
- Mixed/ dried fruit and nut products
- Frozen desserts