Industry leaders in cannabidiol and hemp will be flocking to Miami Beach this weekend for the first ever USA CBD Expo.
“The USA CBD Expo is the ideal setting for showcasing the quality and reliability our brand is built on,” said Jim McCormick, president of Ignite CBD. “It’s a unique venue where our efforts can be recognized by discerning customers and industry peers who are able to fully appreciate the intentionality and nuances of our products.”
An estimated 15,000-plus visitors are expected to attend the three-day event, which is being held at the Miami Beach Convention Center.
“When choosing cities, we felt that USA CBD Expo is a perfect fit for Miami,” said Jason Monti, USA CBD Expo Partner. “Miami is full of creative young people looking for new experiences, alongside older generations we’ve seen express a great deal of curiosity towards CBD. We’ve worked hard to make sure the expo will have something brand-new for those familiar with CBD, and also serve as the perfect introduction for those who are not.”
Use of CBD, a nonintoxicating compound found in cannabis and hemp, has been gaining popularity because of its medicinal properties, such as pain relief, that can be an alternative to opioids.
In 2018, $620 million worth of CBD products were sold in the U.S. A year later, U.S. CBD sales reached nearly $5 billion. Brightfield Group, a predictive analysis and market research company, believes sales could skyrocket to over $23 billion by 2023.
“It’s the fastest growing market I’ve ever seen,” commodities trader Julie Lerner told UPI.
Lerner was speaking on both CBD and hemp, a versatile, fast-growing plant that can be used to make anything from rope to concrete.
There was a massive spike in hemp production and sales interest after the Hemp Farming Act of 2018, which made it an ordinary agricultural commodity. But, according to Lerner, the industry hasn’t caught up to the demand.
“Despite the massive market demand for industrial hemp, the ability for producers to transact with processors and end-users in a transparent, efficient manner is woefully inadequate,” she said.
Lerner, who will be moderating a panel of hemp growers at the expo, launched an exchange for hemp growers and processors to help streamline pricing.
For Monti, the expo is a way to bring industry leaders, companies and consumers under one roof to collaborate on this budding trend and help it flower.
“As recently as a year ago, CBD products were seen as extremely niche, a cannabis sub-industry at best,” Monti said. “In a short period of time, markets have witnessed the impact cannabidiol can have on everything from pharmaceuticals to cosmetics. The time is right for the industry to come together, to share knowledge, and to look ahead at what’s next.”
The USA CBD Expo starts Friday, August 2, and will last until Sunday, August 4. General admission to the USA CBD Expo is $19.99. Tickets for industry attendees are $99.99. The Miami Beach Convention Center is located at 1901 Convention Center Drive.
Kevin Castaneda is the Managing Editor at FloridaInsider.com. His years of experience in journalism, broadcasting and multimedia include roles as a Writer and Web Producer at CBS Miami. He graduated from Florida International University with a Bachelor of Science and Communication.