Industrial hemp as an industry is still in its infancy in the United States. It only became a legal crop in 2018. CBG is one of the chemical compounds harvested from the cannabis plant. It may have medicinal properties similar to the more well known CBD. Neither compound is psychoactive. This is significant as we watch the hemp industry grow. The medicinal benefits of hemp products are a huge contributing factor. In fact, a market research firm based in India is predicting big things for the medical applications of hemp. They estimate it will drive hemp-derived products into a multi-trillion dollar business in the coming years. The firm, Market Research Future, projects the industry, which includes CBG, will reach $2.2 trillion by 2026.
Why CBG is gaining in popularity
CBG is best known for its anti-inflammatory activity. It may also help fight cancer and be useful in combating Huntington’s Disease. Research into the distinct medicinal properties of CBG are promising. New potential uses for CBG are still getting discovered. The most recent being its antibiotic potential. Among 18 different cannabinoids, CBG actually has the most potential as an antibacterial agent. Research found that it prevented communities of microorganisms from attaching to each other.
Consumers are becoming more aware of all the therapeutic benefits CBG may have. As a result, they want more CBG products. This demand will increase growth, allowing the hemp market to reach those lucrative peaks. The therapeutic applications of CBG may remain the dominating factor for growth in the industry all the way through 2026.
Promoting industry growth with research
CBG is a relatively new player on the hemp scene. Research will play an important part in helping it grow the industry. Rapidly developing advancements in technology, according to Market Research Future, will help speed things along. This, combined with increased investment, research, and development create a winning combination. They’ll help to educate the public on the actual benefits of CBG.
Topping off the ride of CBG with e-commerce
These projections align with a recent study by Ireland-based Research and Markets. While it notes that the multi-million dollar investments in cannabinoid research made by the National Institute of Health in the US can give the industry a boost, another factor is also making an impact. The growth in e-commerce Web sites and technology advancements as fueling growth.
Research and Markets found a few central market trends that may propel growth in CBG demand:
- The increasing use of plant-based medicine that’s minimally processed and chemical- free.
- The need for medications that offer therapeutic benefits without altering the patient’s state of mind.
- The rise in acceptance of hemp products.
- A preference in the healthcare industry for preventive medicine.
Becoming the largest international hemp market
While nobody has won this distinction yet, North America is high in the running. Research and Markets predicts North America will become the largest market for hemp-derived products.
Regulatory restrictions in other countries may hold them back from knocking the US out of first place. We’re already moving ahead of the pack with our approach to production and sale of CBG. The ability to ship these products across state lines is huge. It means consumers have access to CBG even if hemp isn’t grown in their state.
Growing hemp in Alabama
States like Alabama can luckily do both. As of 2018 Alabama farmers could legally grow hemp, and turn into CBG oil to sell to manufacturers. For these farmers, one way to transform your hemp into lucrative CBG is by partnering with Arbor Vita8. From seed to sale, we offer complete service and support. We’re here to guide you through the entire hemp growing process. Contact us today to learn more and be a part of this growing industry.