The global hemp market generated $4.9 billion in 2019, and could reach $18.6 billion with a CAGR of 22.4% by 2027, according to Allied Market Research. “Rise in usage of hemp seed and hemp seed oil in several food applications, increase in awareness regarding advantages of recreational hemp, and surge in demand for hemp-based beauty and personal care products drive the growth of the global industrial hemp market,” they note.
In addition, the hemp industry could benefit from Congress’ introduced bill to legalize hemp CBD supplements. The bill, H.R. 841, or the the Hemp and Hemp-Derived CBD Consumer Protection and Market Stabilization Act of 2021. According to Natural Products Insider, “The bill would simply make hemp subject to all the other regulations as for any other dietary supplement, subject to new dietary ingredient (NDI) filings, Good Manufacturing Practices (GMP), and labeling and marketing provisions. It would maintain hemp’s definition as a cannabis plant with less than 0.3% THC—the euphoria-inducing cannabinoid in the plant, which is solely responsible for the difference between hemp and marijuana.”
That could be beneficial for companies such as Aurora Cannabis Inc. (NYSE:ACB)(TSX:ACB), Cronos Group Inc. (NASDAQ:CRON)(TSX:CRON), CV Sciences Inc. (OTC:CVSI), and Curaleaf Holdings Inc. (CSE:CURA)(OTC:CURLF).
It’s also good news for companies like Arev NanoTec Brands Inc. (CSE: AREV)(OTC: AREVF)
AREV, which produces functional ingredients through its proprietary extraction systems and methods for the natural health, medical, functional food, nutraceutical, sport nutrition markets, just announced the appointment of Dr. Jay Noller to its Scientific Advisory Board.
Dr. Jay Noller, PhD, is a globally recognized polymath in agriculture, environmental and earth sciences, archaeology, and visual arts. He has led organizations that provided diverse activities in education, research, extension, and public service relevant to seed production, soils and ecosystem services, small farms and community food systems, integrated pest management, and various approaches to natural resource management. He has served in numerous roles as leader or administrator of several enterprises that provide wheat, potatoes and other food commodities to the world at large as well as to food systems at community level.
Prof. Noller is a Professor Emeritus and is the founding Director and lead researcher of Oregon State University’s (OSU) Global Hemp Innovation Center. The Center is the world’s most comprehensive research center devoted to the study of hemp providing the most comprehensive knowledge of hemp innovation to be found anywhere. The Center is advancing the research of hemp and its market potential across multiple diverse industries and research fields to serve the growing international demand for innovative approaches to food, health, and fiber. Prof. Noller has been Oregon’s leader in hemp research and policy since 2014 and has developed research partnerships with over 40 institutions globally devoted to improving hemp genetics and modes of production and processing for fiber, grain essential oils, and advances in new classes of hemp varieties. He has directed hemp research and related industrial projects across North America, China, and Europe.
Dr. Noller is Professor Emeritus, with career of research involving the disciplines of soil science, geomorphology, art, and archaeology. In addition to his hemp projects, his research principally focused on human interactions with soils in modern and ancient agricultural and forest landscapes of the Middle East, Europe and the Americas. His experience includes more than 50 large projects, spanning much of North and South America, southern Europe, southwest Asia, and Africa. He has published more than 200 papers and maps, six books and has made contributions to additional works. He is also an internationally known soil artist creating large eco‐artwork installations and fine‐art paintings on display and in collections around the world.
Mike Withrow CEO commented, “We are pleased to welcome Dr. Noller to the AREV Scientific Advisory Board. His expertise in innovation and knowledge of human nutrition and methodology in phytomedicinal discovery will enhance our immediate corporate goals and allow significant contributions to the life science industry.”
“Feed the world better has been a long-held mantra of mine since I became a scholar in agriculture decades ago,” said Prof. Noller, “I look forward to providing an advisory role to AREV NanoTec in their quests to provide for a healthier humanity through better nutritional supports, such as RUTFs.”
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