For years, hemp and cannabidiol – better known as CBD – remained relegated to the fringes of the CPG market. But they broke into the mainstream in 2018, in a big way, growing into a $390 million market. Industry analysts expect that growth to continue unabated, with some estimates predicting CBDs can become a $1.3 billion industry by 2022 – a combined annual growth rate of more than 27 percent.
The popularity and booming growth of CBD coupled with hemp's illegal past, has attracted bad actors and cutthroat activity. There is a wild west/ gold rush mentality that increases risk. For the many companies that have not yet matured to complete professional standards, it’s critical to know the facts and to work with knowledgeable good actors to avoid complicated and costly legal matters.
With TraceGains’ cloud-based technology solutions, businesses in the hemp and CBD space can rest-assured that they can achieve the supply chain transparency required to demonstrate compliance and satisfy customer needs.
No matter where you sit in the supply chain, you can plug into a global network that automates and tracks information sharing and documentation exchange, making sure there is visibility at every step.
"TraceGains has a long history of protecting consumers, manufacturers, and distributors by ensuring the highest level of transparency in safety and compliance. We reviewed several options, but only TraceGains gives manufacturers and distributors the ability to validate CBD providers are fully compliant with the 2018 Farm Bill.”
- Eric Wang, Managing Director