What’s on the Menu for September?
Cheers, friends. Whether you’re catching us at one of our lively happy hours, an expo in your area or right here in this informative newsletter, Canna Consortium loves discussing all things related to the booming business of cannabis. After a whirlwind summer of expos and events, it’s hard to believe it’s almost fall. But with the change in season comes more must-attend happenings and plenty of trending news around hemp, cannabinoids and business operations amid an evolving pandemic. Read on to discover what’s new in our industry.
Cannabis Industry Insights
While Delta-8 and other hemp derived cannabinoids have been hogging the spotlight, CBN has been sleeping under the radar. This cannabinol used by many to help with sleep has seen a considerable increase in sales in the past year. And sales are soaring “CBN products provided $16.1 million in sales for the second quarter of this year in the state (California), up 6.6% from the previous quarter and 120% from the third quarter of 2020.” Selling exclusively as edibles CBN is proving to be a profitable market for many.
Regulatory Pulse Point
The U.S. Food and Drug Administration (FDA) rejected a bid by Charlotte’s Web to sell CBD as a dietary supplement. This proves to be a huge set back as the FDA almost seemingly refuses to regulate CBD and give some direction to the hemp industry. The FDA’s decision to treat CBD as a drug instead of a supplement leaves many scrambling to stay within the regulatory gray area and maintain a successful business. Read more about the FDA’s denial of Charlotte’s Web request here.
Entrepreneurial Extras
With limited marketing budgets, social media is one way for new businesses to display products and engage with customers while generating buzz and brand awareness. Well, that is if you’re not a cannabis company. More and more cannabis businesses are struggling to stay visible as moderators continue to shut down accounts that “go against community guidelines.”
Here are three steps you take to ensure you don’t get shut down or what to do if you do:
- Safeguard your account by avoiding cannabis sales-related links and words
- Appeal your account’s deactivation through the proper channels and outreach
- Getting your fans and customers to rally around reactivating your account
News and Events
This September we welcomed SC Filtration as one of our newest partners in The Canna Consortium! They are the leading expert in filtering biomass, fats, and waxes from harvested botanicals.
We attended the Southern Hemp Expo in Raleigh, North Carolina, and had a blast touring Huber Inc. and seeing many in the industry. Thank you to all that attended, we will see you soon.
Founder Spotlight
With offices in Colorado and Oregon, and seed-to-sale expertise including FDA, cGMP, OSHA, ISO, Fire and licensing, Allay Consulting guides business of all sizes through the bureaucracy of the budding cannabis and psilocybin industries. As a constant ally, Allay helps leaders avoid compliance pitfalls while ensuring best practices and exceptional product quality. As the rules and standards of the industry continue to evolve, Allay helps business leaders keep up on compliance matters so they can focus on their goals.
As the founder and CEO of Allay Consulting, Kim Stuck brings a regulator’s keen eye to evolving compliance and safety mandates for businesses working in the hemp, cannabis, and psychedelic industries nationwide. Before founding Allay, Kim held a pioneering role as the nation’s first cannabis and hemp specialist for the City of Denver. In this role, she conducted facility inspections and gained certifications as a quality auditor (CQA) and certified professional of food safety (CP-FS), and got a firsthand view of the regulatory compliance challenges business owners face. In addition to serving on several industry advisory boards, she has been a member of ASTM International’s cannabis standards committee since its 2017 inception.
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Teagan is the Marketing & Communications Manager for 710Spirits® and Rocky Mountain Reagents. While continually learning about the cannabis industry and all the possibilities it has to offer she creates content for The Canna Consortium both for blog posts and social media. Make sure to check out @thecannaconsortium2.0 for all industry updates and news.