10 Dec Coming Soon: Industrial Hemp
On June 28th, 2018, the Senate voted 86-11 to legalize Hemp, led by the unlikely hero in Senate Majority Leader Mitch McConnell, of all lizard people — *cough*, I mean, politicians. This legislation, included in the 2018 Farm Bill will be finalized and voted on soon, expected to pass early to mid-December. Of course, that is barring any additional former-presidential deaths, alien invasions, romaine lettuce zombie outbreaks, or lastly, states of emergency put in place due to wildly incoherent Tweets at 3AM from our current president.
Since 2014’s Farm Bill lifted restrictions on State or Academic led hemp cultivation, farming, and research, thousands of licenses for hemp cultivation have been handed out across the United States, and that is just the tip of the hemp-berg. Hemp, the exploding in value cousin of cannabis continues to provide cost-effective, environmentally-friendly solutions in place of current practices across several facets of industry.
One example is the arena of bioplastics, where industrial hemp could potentially edge out the world’s addiction to petroleum, by replacing it with a renewable resource that has less greed, corruption, and bloodshed associated with it. Plastic is a necessary evil, but does it have to be so evil? Apparently not. With the 2018 Farm Bill’s promise to legalize hemp at a Federal level, it’s high time for the Justice Department’s regulatory choke-collar to come off, allowing hemp’s freak-flag to fly triumphantly into the arms of the Department of Agriculture, where it belongs.
With legal hemp on the horizon, we’ve learned companies like LEGO have already contemplated phasing out their petroleum based resin with hemp based resin by 2030, as told to Plastic News in 2016. Don’t worry though, LEGO wants the hemp-based bricks to be indistinguishable from their current setup, so if by 2030, they achieve their goal of hemp-based legos and you so happen to step on one, the goal is that it will still feel just as sharp and horrifying as it did before.
Other plastic-demanding industries, such as the automobile industry, in which plastic usage is expected to increase 75% over current levels by 2030, according to Plastics Today, have seen manufacturers make the switch from petroleum based plastics to organic hemp based plastics. Ultimately, this is because “organic hemp based products are lighter, safer in accidents, recyclable, and more durable” than their petro-based counterparts, according to an article posted by the National Hemp Association on April 14th, 2016.
The main extract of hemp, Cannabidiol, or CBD, is of major interest and the competitive landscape is currently taking form. So many are eager to get their hands in the proverbial hemp cookie jar, which experts estimate will grow from its current market size of ~$800 million, to roughly $10-22 billion by 2025, based off Market Reports done by The Brightfield Group and Grand View Research.
We at Honey Oil are eagerly awaiting the outcome of the upcoming vote, and excited for what the future of legal hemp means to not only the Cannabis industry, but also the implications it has in store for the world economy. Imagine a world independent from the wartorn Oil Industry. That’s the world I want to live in.