As the United States waits for president Trump to sign the 2018 Farm Bill before next year, cannabis operator Marimed Inc (OTCMKTS:MRMD) has made an official announcement concerning a significant investment in hemp. The statement has hailed the passing of the Bill and its becoming law soon as this is considered the official inauguration of the Hemp derived CBD age.
What the bill means for Marimed and hemp market potential
According to MariMed CEO Robert Fireman, the anticipated assenting of the 2018 Farm Bill is welcome news for Americans as it will enable them to enjoy access to many hemp-derived CBD products legally which are of great significance in as they offer wellness and health benefits. Marimed is expected to produce a range of hemp-derived CBD products as well as increase distribution in 2019 because of the leeway provided by the 2018 Farm Bill. The CEO equally indicated that they are pleased about the prospects of legalizing hemp because it has a lot of potential and it is likely to benefit a lot of Americans in various ways.
The hemp derived CBD industry is growing tremendously and companies like MariMed are paying keen attention to this progress. Analysts estimate that by 2022 the growth of the hemp sector is expected to reach $22 billion from the current projection of $800 million this year which shows a lot of prospects and potential. Due to this great potential, Marimed announced last month that they are making a strategic investment of $30 million where they expect to partner with a top agriculture and technology firm that specializes in producing hemp derived CBD.
MariMed strategies in growing their brand
The Farm Bill is expected to do away with research restrictions on hemp. The CEO indicates that as a result of the change in restrictions, Marimed is collaborating with researchers so that they can develop cost-effective delivery mechanisms for the production of specific products meant for beauty, health and medical treatments. The company’s chief strategy officer, Charles Finnie, equally notes that farming hemp will be an essential venture because it is a drought resistant and eco-friendly crop that is likely to create numerous jobs as well as increase tax revenue. Also, he says that the timing is right for hemp to be established as a significant agricultural crop that is likely to shape the wellness and health of Americans.