Hemp investment in Colorado is booming, and companies like Veritas Farms Inc. (OTC: VFRMD) are profiting
Since the legalization of cannabis for recreational use in Colorado in 2014, companies have not wasted time transforming the cannabis market into a billion-dollar industry. Now, the recent legalization of hemp has triggered a nationwide boom in CBD products and generated significant investment.
Cannabidiol (CBD) is one of over 100 cannabinoids of the hemp plant (Cannabis sativa). However, CBD does not contain the psychoactive compound THC and therefore does not induce intoxication. CBD is intended to give users a pleasant or relaxed feeling and is becoming increasingly popular as a supplement to relaxation exercises.
Since CBD can be obtained from hemp, which does not contain significant amounts of THC, CBD is virtually legal in most states. Although more and more CBD regulations are being issued, companies are working to maximise the potential of the CBD. Many of these companies operate in Colorado, such as Veritas Farms Inc. (OTC: VFRMD) which owns a state-of-the-art 140-acre industrial hemp farm and manufacturing facility in Pueblo, Colorado, and is registered with the Colorado Department of Agriculture to grow industrial hemp.
The company produces high quality hemp oil products and currently sells eight product categories with over 60 SKUs. They control their own supply chain which allows them to provide a fully transparent product. Recently, the company launched a QR code packaging thanks to which customers can check the quality of the product with their smartphones.
The company’s strategy is designed around transparency, honesty and high quality products. The approach ensured that Veritas Farms recorded more than $2.9 million in total revenue by Q2 2019 which is a 500% increase compared to Q2 2018, which amounted to gross profit increase by 798.9% up to $1,523,413. Thanks to these results the company managed to reduce their liabilities by over $1.3 million.
Colorado is not the only state targeted by CBD companies. Across the country, work is underway to create concepts and new product groups to bring them closer to customers. In Chicago, young entrepreneurs have recently launched a delivery service that works with local distributors to bring CBD products to customers’ doorsteps. Sales of CBD edibles in Colorado (where cannabinoids are added to food) have also been on the rise in recent years, according to BDS Analytics.
But it’s not just people who see the benefits of CBD. Parallel to the CBD hype among humans, a new movement has emerged that is committed to CBD products for pets. Research shows that CBD can help relieve pain associated with problems such as arthritis in dogs, and some veterinarians also use it to treat anxiety in pets.
The CBD market could become so large that in a few years it will outshine the existing cannabis market. It is speculated that over time CBD could become an everyday food such as coffee or dietary supplements. The Brightfield Group, one of the industry’s leading business analysts, expects the CBD market to reach around $22 billion by 2022.
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