Jersey Hemp is the first company to be granted a licence to legally cultivate hemp for CBD. This came with support by the Jersey government to allow the company to explore the hemp market. The market is expected to reach 1 billion Pounds by 2025. The Minister of Economic Development stated that it is a huge opportunity and will allow the state to participate in the fast-growing sector. The licence represents opportunity and will allow for cultivation and processing of CBD in the UK and internationally.
Their contribution to the global market is significant as the UK has granted its first license to a national company to produce CBD. They goal is to improve healthcare and other areas of wellbeing in which the oil benefits. The US has the potential to legalize cannabis completely which would have a huge impact on the global market. According to the WHO, over 147 million people use cannabis in the US which would explain why the they make up 78% of the market globally.
Jersey Hemp could potentially put the UK on the global CBD map as it will be harvesting and storing 30 to 40 tons of hemp annually. This will move the market forward and help to diversify the state which will improve local livelihoods.