As the hemp oil industry continues to expand, leading manufacturers of hemp-derived products like Green Roads are beginning to gain fame nationwide. Recently, the company was featured on CBS News Sunday Morning, one of the most-watched weekend news programs in the country.
For their recent segment on the growing hemp oil industry, correspondent Lee Cowan and the show’s crew visited Green Roads in Florida, where they spoke to co-founder and leading pharmacist Laura Fuentes.
“On the cutting edge of something big”
“I started making products way back, and we gave them to friends and family. And, it started working. And I was like, What? What’s happening here? Like, it’s working,” explained Laura during her interview with Cowan.
Laura founded Green Roads in 2012 alongside Arby Barroso. She is a licensed compound pharmacist recognized as one of the industry’s most trusted medical experts. The CBS segment describes Laura’s role in the industry as “threading the needle between the scientific and anecdotal evidence.”
“I have a really strong faith in it,” Fuentes replied when asked about the health benefits of hemp products. “There is great potential.”
Cowan recognizes Green Roads as one of the largest makers of hemp-derived products in the country, highlighting the company’s 10% share of the hemp oil market. He also notes the young and vibrant energy which was palpable during his visit. “Its sales force is made up of mostly 20-somethings who feel like they’re on the cutting edge of something big,” he said.
A $22 billion industry
Cowan also sat down with Bethany Gomez who is the managing director at Brightfield Group, a market research company that has been studying the industry in recent years.
“I have never seen an industry grow this quickly, and I’ve never seen an industry with so much headwind,” said Gomez. “Over the past year, it’s grown by more than 200%. And that was with the market being federally illegal until December 20, when the Farm Bill passed.”
Brightfield estimates that products made with hemp extracts will evolve into a $22 billion a year market within the next five years.
Big names joining the party
Even if those numbers seem too good to be true, the reality is that hemp is set to experience exponential levels of growth in the near future. Earlier this year, CVS and Walgreens announced plans to include hemp-derived products in their stores. Meanwhile, companies like Coca-Cola and Oreo are exploring the possibility of adding hemp oil products to their lineups.
With so much untapped potential, the rise of hemp products is inevitable. The question is, how long will you take to join this party?
Read our official Green Roads review to learn more about the brand!