Orange peel-derived oil is made by Japanese company.
The latest news regarding CBD are here:
- CBD products derived from orange peels has been made by a Japanese company.
- According to a study from BDS Analytics, the CBD market will reach $20 billion by 2024.
- It has been found in the The US Hemp conference that that hemp product prices have decreased by 19-46% between January and April of 2020.
CBD News Stories
- Japanese Company Hiro International Launches Line Of Orange Peel-derived CBD Products
- BDS Analytics Anticipates That CBD Market Will Reach $20 Billion By 2024
- A 19-46% Decrease In Hemp Products’ Price Is Found By Us Roundtable Due To Covid-19
Hiro International, A Japanese Company, Produces CBD Products Derived From Orange Peel
It is reported by Hanf magazine report that CBD oil has been produced from orange peels by the Hiro International.
These products were revealed by the company at the Cosme Tokyo cosmetics trade show.
According to Ryousuke Koseki, spokesperson at Hiro, the THC-free oil could help bring CBD products to accommodate the strict rules on THC.
In a statement, koseki said that the same effect, same ingredients can be achieved with no danger of legality with Orange CBD. It also presents the CBD in a different way to the consumers that seems good than being extracted from the marijuana plant.
Due to strict regulations on THC, CBD products are not as famous as in other countries despite of its legality in Japan.
It is stated in a report by Hemp Industry Daily that the CBD market nearly get doubled in sales in Japan from 2017 to 2018.
It is believed by Koseki that there is great chance for this market to grow as, currently,many products contains trace amount of THC
Hiro International was established as an importer of fruits and fruit juices in 1984. CBD was found by them in the orange peels imported from US and this CBD was used to develop framework, including lip balm, body lotion, a hair care product, and make-up remover.
However, no decision has been to export these products.
BDS Analytics Anticipates That CBD Market Will Reach $20 Billion By 2024
BDS Analytics, market research firm, forecasts that the CBD market will reach $20 billion by 2024 and beverages market will reach $5.9 billion.
CBD sales in this catagory estimated to be $906 million in 2019.
In a statement Roy Bingham, Co-Founder and CEO of BDS Analytics said that “We’re noticing the development of the CBD from a sub-category of cannabis into a independent and developed industry. We predicts the annual groeth rate of 49% by 2024 across all distribution channels of the CBD market. This is the great opportunity for all the participants; however, it means the future plans will include decisions that need to be enlightened by the best possible data.”
It is predicted by the BDS that CBD products are rising in mass traders like Walmart and Target as well as to grocery stores, eCommerce and dispensaries.
Therefore, ingestible, hemp based products have been seldom carried by the mainstream retailers due to FDA regulation.
A change is expected here, and BDS forecast that CBD will be legalized to be used in supplements, beverages and food.
In February, Dr. Stephen Hahn, in this first speech as FDA Commissioner, said that they are now able to say, ‘You can’t use these products.’ Even if you did, it’s a fool’s game to even try to access that.
It is estimated by the BDS Analytics that the overall cannabinoid market will reach $46 billion by 2024, including THC-based products.
A 19-46% Decrease In The Hemp Products’ Price Is Found By US Hemp Roundtable Due To COVID-19
Throughout January to April of this month, the US Hemp Conference, collaborating with Hemp Benchmarks and PanXchange, has found 19-46% decrease in price depending on the hemp product.
The reputable hemp company gathered the information to help hemp farmers to ensure eligibility in the US Department of Agriculture’s (USDA) Coronavirus Food Assistance Program.
Last week, It is announced by the USDA that hemp would not be an eligible crop for its coronavirus food assistance program as it had not endured a five percent or greater drop in price between January and April.
In the beginning, the USDA said that hemp would not be make eligible even if the data proving the required decrease in price were presented.
However, according to the US Hemp Roundtable, it contacted the USDA, and the agency is now agreed to reconsider hemp if data could be provided.
In a phone interview with Marijuana Moment, Jonathan Miller, general counsel for the US Hemp Roundtable, said “The challenge we are facing is we’re not a developed industry right now. We don’t have some developed, refined pricing data like for corn or soybeans.”
USDA received the official comments with price findings by the US Hemp Roundtable, in which USDA was urged to include hemp in the Coronavirus Food Assitance Program regulation. The comment period remains open until June 21.