Technology CBD products from Elixinol LLC at the NoCo Hemp Expo...

Technology
CBD products from Elixinol LLC at the NoCo Hemp Expo in Loveland.

Hemp Expo showcases growing industry with grassroots foundation
By Jensen Werley — April 9, 2018
LOVELAND — The hemp industry’s rapid growth was the message shared at this weekend’s NoCo Hemp Expo in Loveland.

Although U.S. Attorney General Jeff Sessions has come out against adopting acceptance for the cannabis industry, the industrial hemp industry continues to grow nationally and globally. Sen. Mitch McConnell, R-Kentucky, has even backed a bill legalizing hemp and allocating federal funds to cultivate the crop.


“It’s really interesting right now how hemp is expected to see growth,” said Jonathan Vaught, CEO and founder of Front Range Bioscience, a Lafayette-based bioscience firm that does genetic cultivation of cannabis plants, among others. “You can sense the energy here. It’s an exciting time to be here.”

Vaught said although Sessions has come out against cannabis, President Trump has displayed he’s a believer in state’s rights, which he said will contribute to hemp’s growth.

But he also warned that if the United States doesn’t soon take advantage of the popularity of the hemp industry, it could fall behind the rest of the world.

Paul Benhaim, founder and CEO of Elixinol Global (which has a Colorado-based subsidiary, Elixinol LLC, which makes CBD-based products) has seen the global spread of hemp firsthand through his 25-year career in the industry, working in Europe, Australia and Asia.

“The hemp industry is growing everywhere,” Benhaim told BizWest. He added that Europe is seeing the price of fiber increase, while on the nutraceutical side — that is, foods, minerals or vitamins used for a medical purpose — cannabis flower has gone from 100 tons sold in 2010 to 300 tons sold in 2015, with that number increasing today. Australia is seeing growth in food-based cannabis and medical cannabis, while Canada is leading in global recreational sales.

All that is to say that U.S. industrial hemp, as well as other cannabis-based products, have growth potential.

But the U.S. is limiting itself, Benhaim said, due to the lack of federal support. However, he added that the foundation for a booming industry is there.

“The ingenuity of American farmers, primary processors and upstream to dispensaries and retailers has led to a strong grassroots industry grown to international standards,” Benhai said. “It’s ready to go and to meet its potential.”

He also added that the state of the hemp industry is that it’s a professional one shedding the one-time image of hippies and recreational marijuana.

“It’s a modern American industry,” he said, “and companies are focused on supporting significant farming in the U.S. of this high-quality manufactured product with efficacy and integrity.”