It’s becoming more and more common to run into CBD products. They’re everywhere from gas stations, convenience stores, and pharmacies. The CBD revolution started with last year’s Farm Bill. The legislation declassified industrial hemp as a controlled substance, thus allowing the farming, marketing, and sale of industrial hemp and its extracts.
To cater to the immense demand for the product, tons of sellers streamed into the rapidly growing industry. Green Ridge BioSolutions is one of the latest to do so. Last month, the state of Montana issued Green Ridge a hemp processing license, making it the first company in Ronan, Montana given the green light to process CBD.
The company will use hemp sourced from Montana farmers to make CBD products. “Here we further refine it, clean it up and then we take and put it into end products,” says Sam Belanger, the COO of Green Ridge Solutions.
If you’ve been paying attention to the news lately, you have undoubtedly heard of cannabidiol. The hemp extract is a hit in the medical, sports, health and wellness communities. Thanks to its potent and versatile medicinal properties, it is effective against a plethora of medical conditions including insomnia, anxiety and chronic pain.
In June last year, the U.S. Food and Drug Administration approved Epidiolex, a CBD-based drug to treat seizures in rare pediatric epilepsies.
Despite the prevalence of CBD products on the market, there’s very little conclusive research on the efficacy and side effects of CBD. Currently, CBD companies aren’t allowed to market their products as food additives or for any therapeutic benefits, and the FDA has sent several warning letters instructing companies to desist from doing so.
The new Green Ridge BioSolutions license grants the company permission to make several products including lotions, shampoos, conditioners, body washes, muscle rubs, and moisturizing creams.
“Through our farms and farmer partnerships, we are able to produce high-quality products without being subject to constantly fluctuating market prices. This allows us to have better control and predictability over our cost of goods sold and thereby our gross margins,” says Belanger.
He says that the company will use proprietary extraction methods to create full-spectrum hemp extracts, and only high-quality Montana hemp will be used.
Last year, Montana farmers planted 22,000 acres of hemp, more than most other states that had hemp programs. On top of its own hemp farms, Green Ridge can be sure of more than enough raw material from Montana farmers.
This license is bound to be good news to analysts and cannabis companies like MCTC Holdings Inc. (OTC: MCTC) and No Borders Inc. (OTC: NBDR) who would as many processors as possible to be licensed across the country so that no hemp farmer lacks market for their crop.
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