Cannabis isn’t just limited to legal states. In fact, CBD is now present almost everywhere in the form of edibles, beauty and wellness products, beverages, ointments, candies, etc. And why not? When it can help treat anxiety, muscle pain, sleep loss, seizures, skin conditions and many other severe diseases without getting you high.
On the other hand, though, this multi-faceted nature of cannabis is giving tough competition to and disrupting a number of industries.
Given below are 9 such industries which see cannabis as a hindrance:
Advertising cannabis products is a complex process owing to the varying guidelines of states where the drug is legal. Not many billboard advertising companies are happy to take up projects that involve putting up cannabis-related boards at retail locations.
Hemp is a great eco-friendly alternative to plastic, and now that the 2018 Farm Bill has legalized the production of the same, many innovators are figuring out ways to use hemp in place of the ‘menace’.
Well, not just plastic but hemp can also act as an alternative raw material for paper. Notably, 1 acre of industrial hemp produces nearly 4 times the amount of paper that one acre of trees does.
Soybeans are ‘nothing’ when it comes to producing biodiesel. Like the above-point, an acre of hemp can produce as much as 4 times the oil an acre of soybeans is capable of producing. Thus, the day isn’t far when hemp becomes the primary source for getting biodiesel.
Since cannabis is still federally illegal in the United States, banks do not usually provide loans to even legal cannabis businesses as they are always at the risk of running into money-laundering troubles. Things may change any time soon, but until then cannabis remains an obstacle for the banking industry.
This industry is being disrupted not for a negative reason but because of high demand. According to CB Insights, the cannabis packing industry may reach about $5 billion in value by 2026.
Hemp is very flexible in terms of fabrics. Name any material — cotton, wool, denim, athleisure wear — and you’ll be surprised to know that hemp-based fabrics can replace them.