The passage of the farm bill is expected to cause an overhaul in the CBD oil industry in the coming years. New Frontier Data predicts that the total sales for hemp-CBD are expected to exceed $600 million in North America alone. The publisher of West420, Dr. Lloyd Covens (industry analyst) speaks of his excitement as he waits for the fifth CBOutlook Conference that will be held on October 16-17 at University of Denver. Appropriately, “Race for Market Share” is the theme for the 5th CBOutlook as that is what currsently happening in the CBD industry.
2018 CBOutlook Conference comes to Denver
The upcoming event will mainly focus on the science and business of cannabinoids. In attendance, is a panel of 22 experts in cannabidiol from across the globe that gives lectures on various topics relating to CBD industry. These range from marketing and branding to medical research innovations extraction and genetics, investing, agriculture and legal considerations. Besides, the event will also feature a presentation of industry awards for Research & Design Excellence.
The upcoming conference is essential as it specially planned to help the professionals get answers to crucial issues in the industry. This includes explaining how the ability of domestic farmers to venture into the market will be affected by the 2018 Farm Bill. Moreover, the will also be great discussions on how consumer choices are impacted by the FDA-approved GW Pharma’s Epidiolex. There will also be a talk on how product innovation and clinical research lead to an expansion of consumer demand curve.
According to Dr. Covens, the research is quickly building, and in particular clinical trials for pain, addictions and sleep will play a vital role in providing a broader market. He predicts huge sales for CV Sciences tobacco cessation products that feature a combination of low nicotine combos and CBD. Besides, he also points out that CBD is still getting social sharing and loads of talk about health results of CBD and THC-free formulations for inflammation, mood, and anxiety, in spite of the restrictive FDA rules against making such claims. “A one-to-one combination of CBD/THC offers additional pain benefits,” says Dr. Covens.
Hemp-derived CBD total sales to surpass marijuana-derived CBD Sales
With the passing of the bill, it is expected that hemp-derived CBD will rapidly grow in sales to exceed marijuana-derived CBD by the end of 2018. However, apart from Dr. Covens, several other industry insiders predict a bright future in the CBD market. New frontier Data also suggested that hemp-derived cannabidiol sales would overtake marijuana’s sales in 2018 in all the legal states, including Oregon, California, and Colorado, with the sales likely to exceed $600 million. Besides, the New Frontier also projected that the total sales for hemp-derived CBD for 2021 to be $1.7 billion while the GW Pharma’s Epidiolex (the first FDA approved CBD anti-epileptic drug) sales are expected to reach $600 million.
Moreover, Dr. Covens also expects a future expansion of forms of CBD delivery, in addition to the existing forms like pills, capsules, topical and vape pens. He also predicts the increase in the demand for hemp flower rich in CBD, although compared to oils and tinctures it might still claim a smaller portion of the market.
Dr. Covens also warns that hemp-derived CBD is almost 90 percent likely to become cheaper due to the Farm Bill passage. Currently, a 1000 mg of CBD sells at a high $150. The new bill is expected to take hemp out of the schedule of substances controlled by DEA. This will make CBD readily available in all the 50 states and exportable to Mexico and Canada, which means a broader market. He says, “The new venture offers agile CBD makers with a strong 2019-2020 development plan a great opportunity to advance in the CBD market, hence the theme “Race for Market Share.”
CBD 5th conference speaker list
The next conference speaker list includes experts in various fields in the CBD industry. Here are the panelists and speakers currently scheduled for the 5th conference:
- Larisa Bolivar, Bolivar Consulting and Founder (Lakewood)
- American Cannabis Nurses-Rn, Courtney Allen-Gentry, (Omaha)
- Nick Browning, Auspicious Owl Founder (Denver)
- Mark Goldfogel, 4th Corner Credit (Paradox, CO)
- Kevin Chen, Hyasynth Bio CEO (Montreal, Canada)
- Dr. Lloyd Covens, CBOutlook Conference Chair (Denver)
- Dr. Sue Sisley, Scottsdale Research Institute President (Scottsdale, AZ)
- Eric Steenstra, Vote Hemp, Exec Director and Founder (Washington, DC)
- Kendra Soderberg, FormulaCBD Project Manager (Fort Collins)
- Dr. Stuart Titus, HempMeds/ MJNA CEO (San Diego)
- Sean Murphy, Director of Hemp, New Frontier (Washington, DC)
- Chris Rebentisch, CEO, Friday Nite (Las Vegas)
- Stephanie Wilson, SENSImedia Chief Editor (Boulder)
- Amber Wick, Terp Center Diol Senior V.P (Colorado Springs)
- Tim Gordon, CEO, Functional Remedies (Longmont)
- Dr. Richard Graft, Esq, Associate, Hoban Law Group (Denver)
- David Link, Founder, JDB Light Path/ Elite Health (Denver)
Sessions scheduled for the conference
These sessions include:
- Race for Market Share- Markets, Message, and Brands
- Review of Survey Data and CBD Consumer Studies
- HealthCare Provider –CBD & Opioids Roundtable, Mood and Pain
- The Legal Matters Ahead: The DEA, FDA, California Health and UN
- Smart CBD Investor Profile: New Funding, New Projects
- How CBD Can Create A New Way to Opioid Help?
- Design & Innovation Panel
- Innovation in Genetics, Extraction & Labs
- Awards Presentation for Research & Design Excellence
- Humulus-Derived CBD
- Improving Research Access-Best Practices for the Next Wave of Clinical Work
With the unbiased analysis matters related to CBD, the CBOutlook conference has set high standards. You can check CBOutlook web page (https://www.cboutlook.com/) for more information. Besides, if you want to a participant, you can sign up to be part of the next CBOutlook at Eventbritte.com.
Overall, the general admission tickets cost $222 while for $945 you get sponsorship, a booth and tickets to awards presentation and private events. All the participants will get a copy of the 4th edition “CBOutlook CBD DataDisk.”
5th CBOutlook Conference: https://www.cboutlook.com/
Farm Bill passage to shake up CBD oil industry, lower prices: Industry insider: https://www.potnetwork.com/news/farm-bill-passage-shake-cbd-oil-industry-lower-prices-industry-insider
US Senate Approves the 2018 Farm Bill: https://markets.businessinsider.com/news/stocks/us-senate-approves-the-2018-farm-bill-1027331352
Hemp is getting hotter, with help and harm from marijuana: https://www.marketwatch.com/story/hemp-is-getting-hotter-with-help-and-harm-from-marijuana-2016-11-08