December 8, 2021
Happy Holidays from Cannabis Insurance Business!
2021 has brought a lot to the table for cannabis and hemp companies.
We saw e-commerce skyrocket as online ordering and a national presence is starting to connect post-covid and showing the needs of consumers being met in ways that have changed from retail approaches in person. The shutdowns, mask mandates, and Covid restrictions boosted online shopping and Amazon-like approaches, which is no surprise.
Amazon had jumped on board to stop drug testing employees and threatening job security over marijuana this year. We see Amazon being one of the largest supporters of Federal and National legalization of Cannabis as they would be in the position to be the largest distributor of these products coming in the US… Interstate commerce is still a hurdle to be dealt with, along with federal legalization. But more progress than ever has been seen.
There was the chasing of converted THC variances from the CBD and hemp industry such as Delta 8 THC, Delta 10 THC, THC-P, THC-O, HHC, and many more that pressed into the rec and medical markets in many states, while other states have banned the activity and made Delta 8 and other THC variances illegal. This is still being sorted and figured out on a state-to-state basis, but we do see this going in the opposite direction and more regulation and authority stepping in on the synthetic and converted cannabinoids.
Mainly because the “other” is often not defined, and testing standards are still being perfected. In layman’s terms, they need to get these cannabinoids to 100% purity and struggle to do so.
We do see hemp going back to industrial commodities such as fiber, plastic, etc. as well as coming back to the roots of THC-free and ultra full-spectrum products after a lot of the synthetic THC approaches failed.
We now see the ultra full spectrum approaches riding the line of .3%THC by weight and law to get as much delta 9 THC in a product without going “hot” for say. To offer as much as they can to consumers while being able to compete on price against rec and medical.
Gummies have had the most market presence this year than ever before, along with edible and infused products which have been killing it in the market.
The biggest wave we will see in 2022 to come will be companies using “Mother Licker” or distilled minors with MCT oil and CBD to create ratio products that offer a plethora of cannabinoids with a higher MG per product of THC that will ride the .3% line and rule; wherein a lot of cases hemp and CBD companies are finding out they can now offer just as much THC in a product as a rec or medical retail shop, but not cross the .3% barrier.
So, you see the National chain of e-commerce taking over the edible market for CBD and hemp; which is keeping that industry alive at this time. That market has a heavy back-supply that is catching up with the supply and demand curve.
We do expect some pushback from MED and rec companies and look forward to what 2022 brings for Cannabis altogether!
We are here and happy to help in any way we can.
We are honored to be one of Colorado’s and the Nation’s premier Cannabis Insurance Businesses!
Ready to learn more about insuring your cannabis & hemp products? Then contact us at (720) 999-3345 or at info@CannabisInsuranceBusiness.com. You can also learn more about CIB at https://cannabisinsurancebusiness.com/about
Colorado-based and pushing the industry further one step and state at a time. Proudly serving all 50 states.
Pushing the industry further one step and state at a time. Proudly serving all 50 states. – Cannabis Insurance Business of Loveland Colorado
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