In the initial installation of this roundtable, 6 cannabis leaders shared their intriguing insights on the pandemic’s impacts on their industry. In this 2nd part, those very same professionals sound off on other timely topics, that include federal legalization and the CBD market.
The participants in this virtual roundtable are as follows: Morris Beegle, co-founder and president of WAFBA( We Are For Better Alternatives), a Colorado hemp business; Andrew DeAngelo, cannabis market expert and co-founder of California-based dispensary chain Harborside; Katie Stem, CEO of Peak Extracts, a edibles and cannabis chocolate producer in Oregon; Sam Ludwig, president of Oakland, California-based Aster Farms, a sustainable cannabis company; and Mike Glazer and Mary Jane Gibson of marijuana podcast Weed Grub
This group Q&A was edited for conciseness and clearness.
Iris Dorbian: Is there anything you wish to see occur on the federal level for cannabis?
Katie Stem: Interstate commerce and nationwide legalization.
Mike Glazer and Mary Jane Gibson: Cut the b , and stop using the drug war as a tool of injustice.
Andrew DeAngelo: At the maximum, the Feds need to simply end all of it and deschedule cannabis. Just do it. We clearly have bigger fish to fry right now. There are certainly real dangers that need real resources and marijuana is far away from being among them. The Feds should, at a bare minimum, pass legislation ending the banking access problem for marijuana companies. This would permit us to take digital payments like credit cards and significantly decrease cash handling and infection spread. The truth that this has actually not been done is a dereliction of responsibility and a disgraceful omission of the oath they have actually taken to every person.
Sam Ludwig: We would like cannabis to be enabled to get emergency situation relief funds. Now, we do not have access to small company loans that other markets are declaring. We are considered “vital” but are not being acknowledged.
Dorbian: What is the biggest development market in the market?
Stem: Novel customers that are either coming back to cannabis from their young adulthood or finding it for the first time. The deterrent of illegality and absence of schedule has kept huge swaths of several demographics away from cannabis, and I believe that the 55- and-older crowd is going to rely on marijuana and hemp products to handle their pain as they move into old age.
Glazer and Gibson: Edibles are catching a bigger market share than typical, and sales of pre-rolls have dropped, perhaps due to the threat of coronavirus respiratory infections.
Beegle: Hemp-based foods that include hemp seed, hemp seed oil, CBD oil and complete spectrum hemp extracts as ingredients. This will include snacks, cereals, superfoods, beverages and more.
Ludwig: The most significant growth market is the Cannabis User 2.0. Accessibility and acceptance are increasing and brand-new customers are flocking to cannabis for medicinal and recreational usage. Total addressable market is no place near peaking. There is room for considerable growth in every category. We’re just starting.
Dorbian: Appears like everything has CBD in it nowadays. Will this continue or will there be a reaction?
Stem: The demand total for CBD will continue, but the more absurd items that have little verifiable energy (aside from novelty) such as CBD clothing, pillows, etc. will ultimately fall off. That said, I think CBD will have a place in every medicine cabinet in the country, either as a topical or ingestible due to the fact that it can have such a favorable influence on individuals’s sleep, stress and anxiety, discomfort and inflammation.
Beegle: The CBD trend will lessen and CBD in addition to CBG and other various hemp-derived extracts will end up being another active ingredient used by formulators of supplements and food. That is, if the FDA supplies common-sense policies around the uses of these active ingredients.
DeAngelo: CBD is going to be around for a while, but I do believe it has been over-hyped to an unsafe degree and I stress over reaction. 5 milligrams of CBD is not going to do much for anybody. Fifty milligrams might; 200 milligrams may do something great, but your latte at the cafe in West Hollywood may have half a milligram in it for the extra 5 dollars you paid for it. There are dangers in that kind of behavior. Like the majority of things cannabis, the method which we do things is actually crucial. But I believe CBD is here to stay. I simply hope it gets defined and utilized in the correct way. We still have a lot to find out, science-wise, about CBD.