Hemp has a strong future thanks to the U.S. Farm Bill.
Farmers across the U.S. have been rushing for a piece of the hemp market ever since President Trump signed the Farm Bill into law last year. That legislation removed hemp from the government's controlled-drug category, triggering a surge in demand.
"There's a lot of excitement in the farming community because hemp is seen as a high-return crop. There are many farmers around the country who are struggling to make ends meet and they're looking for an alternative like hemp to boost revenue," said Eric Steenstra, president of VoteHemp, as quoted by The KXLY Broadcast Group.
Total sales for hemp-based products in the US were nearly $1.1 billion in 2018.
By 2022, sales are expected to more than double.
As momentum begins to build, some of the top beneficiaries include MYM Nutraceuticals Inc. (CSE:MYM)(OTC:MYMMF), Charlotte’s Web Holdings Inc. (CN:CWEB)(OTC:CWBHF), and OrganiGram Holdings Inc. (TSXV:OGI)(OTC:OGRMF).
MYM Nutraceuticals (MYM)(MYMMF) just announced that it acquired 50% of BioHemp Naturals, a licensed hemp cultivator in the business of cultivating and distributing CBD-rich hemp biomass to licensed producers in Canada.
BioHemp is expanding its hemp operations to cultivate 450 acres this 2019 season with plans to expand to 3,000 acres of certified organic hemp in 2020. Forecasted revenues based on the sale of biomass for the 2019 grow season are expected to exceed $30 million with 2020 grow season $225 million. The partnership will allow BioHemp to toll-process the hemp flower through MYM’s planned extraction plant which would significantly increase revenues for both seasons.
“Acquiring 50% of BioHemp Naturals and engaging Mr. Atkinson as MYM’s Global Hemp Project Manager is a huge win for MYM and our stated goal to become global CBD-rich hemp cultivators, extractors, and distributors,” said Howard Steinberg, CEO of MYM. “The addition of BioHemp Naturals adds over 3,000 acres of cultivation to the company which is expected to significantly increase future revenues of MYM.”
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Charlotte’s Web Holdings Inc. (CWEB)(CWBHF) recently reported that its 2018 harvested hemp results produced 10 times growth in harvested hemp compared to 2017.
"Charlotte’s Web is one of only a few hemp CBD producers capable of supplying large volumes of high-quality hemp extract from its own supply chain that can meet significantly increasing market demand. As the category and brand leader, our goal is to increase our market share and with this bountiful harvest we are able to satisfy our customer demands for 2019 and beyond," noted Hess Moallem, President and CEO.
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OrganiGram Holdings (OGI) is ramping up production to capitalize on new market opportunities as an existing licensed producer. An active expansion includes a 15,000 sq. ft. extract processing facility that could prove quite useful, as the cannabis market progresses.
In recent months, the company just signed a letter of intent with the Société québécoise du cannabis (SQDC). The company now has distribution in place for all ten Canadian provinces.
“Organigram’s growth strategy has always focused on establishing a strong national footprint and building our brand presence with the Edison Cannabis line nationally,” says OGRMF CEO Greg Engel. “We are proud to work with our partners across the country to help ensure Canadians have access to a reliable supply of premium cannabis products for both medical and adult recreational use. We look forward to continuing to build on these relationships as we look ahead to the legalization of cannabis edibles.”
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