In the initial installation of this roundtable, 6 cannabis leaders shared their provocative insights on the pandemic’s effects on their industry. In this second part, those very same professionals sound off on other timely subjects, which include federal legalization and the CBD market.
The individuals in this virtual roundtable are as follows: Morris Beegle, co-founder and president of WAFBA( We Are For Much Better Alternatives), a Colorado hemp business; Andrew DeAngelo, cannabis market expert and co-founder of California-based dispensary chain Harborside; Katie Stem, CEO of Peak Extracts, a edibles and cannabis chocolate producer in Oregon; Sam Ludwig, president of Oakland, California-based Aster Farms, a sustainable marijuana business; and Mike Glazer and Mary Jane Gibson of marijuana podcast Weed Grub
This group Q&A was edited for conciseness and clearness.
Iris Dorbian: Is there anything you ‘d like to see occur on the federal level for marijuana?
Katie Stem: Interstate commerce and across the country legalization.
Mike Glazer and Mary Jane Gibson: Cut the b , and stop utilizing the drug war as a tool of injustice.
Andrew DeAngelo: At the maximum, the Feds must simply end everything and deschedule cannabis. Simply do it. We plainly have larger fish to fry right now. There are certainly real dangers that require real resources and cannabis is far away from being among them. The Feds should, at a bare minimum, pass legislation ending the banking gain access to issue for marijuana business. This would enable us to take digital payments like charge card and greatly lower cash handling and virus spread. The fact that this has not been done is a dereliction of task and a disgraceful omission of the oath they have actually required to every resident.
Sam Ludwig: We would like cannabis to be enabled to get emergency relief funds. Right now, we do not have access to bank loan that other industries are declaring. We are considered “important” but are not being recognized.
Dorbian: What is the biggest growth market in the industry?
Stem: Unique consumers that are either coming back to marijuana from their young the adult years or finding it for the very first time. The deterrent of illegality and absence of availability has kept substantial swaths of several demographics away from cannabis, and I think that the 55- and-older crowd is going to rely on cannabis and hemp products to manage their discomfort as they move into aging.
Glazer and Gibson: Edibles are capturing a bigger market share than usual, and sales of pre-rolls have actually dropped, possibly due to the hazard of coronavirus breathing infections.
Beegle: Hemp-based foods that include hemp seed, hemp seed oil, CBD oil and full spectrum hemp extracts as ingredients. This will include snacks, cereals, superfoods, drinks and more.
Ludwig: The biggest growth market is the Cannabis User 2.0. Ease of access and acceptance are increasing and brand-new consumers are gathering to marijuana for medicinal and leisure use. Total addressable market is no place near peaking. There is space for substantial development in every category. We’re just starting.
Dorbian: Looks like whatever has CBD in it these days. Will this continue or will there be a reaction?
Stem: The demand overall for CBD will continue, however the more outrageous items that have little verifiable utility (other than novelty) such as CBD clothes, pillows, etc. will ultimately fall off. That said, I think CBD will have a location in every medication cabinet in the nation, either as a topical or ingestible due to the fact that it can have such a positive influence on individuals’s sleep, stress and anxiety, pain and inflammation.
Beegle: The CBD trend will reduce and CBD along with CBG and other numerous hemp-derived extracts will become another ingredient utilized by formulators of supplements and food. That is, if the FDA provides sensible guidelines around making uses of these ingredients.
DeAngelo: CBD is going to be around for a while, however I do believe it has been over-hyped to an unsafe degree and I stress about backlash. Like a lot of things cannabis, the method in which we do things is actually crucial.