Hemp and brands
View(s):History of hemp
The article of today emphasises the mistakes that were made as a result of the British rulers’ deception and misdirection in order to promote tobacco goods and ensure that they could further the pharmaceutical sector in Sri Lanka. The smoke produced by heating cannabis leaves and heated stones in a brazier was inhaled by the ancient people. Many developed nations are making the most of cannabis, as we refer to it, and as we continue to debate whether or not it should remain outlawed. Historical accounts state that hemp was utilised medicinally by a king named Ravana who ruled Sri Lanka circa 10,000 BC.
The therapeutic benefits of cannabis were detailed in King Buddadasa’s Sarartha Sangrahaya, a medical pharmacopoeia written in 341 AD. Since then, cannabis has been classified as a significant herbal element in medical publications. Do these works include Yogarnavaya and Prayagorathnavaliya (1232), Glossary of Synonyms of Medicinal Plants (1798), Yogasekaraya (1894), Kolavidiya (1900), Vaidyacintamani, a wish-fulfilling gem of Medicine (1707), and Es Veda Potha (Opthalmic therapies) (1908)? As early as the thirteenth century, Arab traders carried cannabis down the southern Silk Road.
As early as the thirteenth century, Arab traders carried cannabis down the southern Silk Road. Sources claim that hemp was discovered in Sri Lanka as early as the 17th century. Although drug trafficking was outlawed by the Colonial Dutch in 1675, cannabis was still widely grown on the island by 1860—long after the British took control of it—and the nation served as a hub for the manufacture of opium that was shipped to China. The Opium and Bhang Ordinance, enacted by the British colonial authority in 1867, limited the selling of cannabis to authorised sellers only. The import of ganja, or bhang, was outlawed in 1897.
.. The Indian Hemp Ordinance was first enacted by the British colonial administration in 1905. It was amended in 1907 to penalise the production, importation, or distribution of “Indian hemp” with a fine of 100 rupees and a maximum jail sentence of six months. Cannabis was made illegal by the Poisons, Opium, and Dangerous Drugs Ordinance of 1935. The successful entry of India into the hemp-based cosmetics industry is significant, however the purpose of this essay is not to advocate for individual hemp intake, as smoking anything will not improve lung health.
This initiative aims to start a conversation about the country’s unrealised potential to service a USD 50 billion market in the future and to get officials to focus on taking the necessary steps to get things going so that we can, at the very least, enter the market as a bulk supplier initially. From there, it will attract investors to invest primarily in three areas where value additions occur: fabrics, medications, and personal care products.
Hemp Oil Market was valued at $ 82.45 million in 2021 and is predicted to reach $ 1,253.51 million by 2026, developing with a CAGR of 38.2% from 2021 to 2027. The global hemp-derived CBD oil market size was valued at USD 1306.07 USD million in 2021. It is expected to reach USD 6536.64 million by 2030.
What is the competitive advantage Sri Lanka has?
As a country in the tropical climatic belt, Sri Lanka is the only country in the world to sell King Coconut to the world. Sri Lanka also produces the best cinnamon and the best tea in the world. There is no doubt that Sri Lanka can produce the best cannabis that can be utilised in the production of medicines and cosmetics. Hemp fiber will be a by-product that can bring revenues to Sri Lanka. Let’s look at how big these three opportunities are to Sri Lanka.
Hemp Fiber Market -
The global hemp fiber market size is set to grow by USD 4.28 billion from 2021 to 2026, according to Technavio. In addition, the growth momentum of the market will accelerate at a CAGR of 15.32% during the forecast period. The hemp fiber market is fragmented due to the presence of several global and local vendors. The global hemp fiber market will be driven by factors such as the increasing use of hemp fibers in the textile industry. Hemp fiber is more durable than cotton or synthetic fibers, which makes it more resilient and long-lasting. It is produced in various ways and blended with other complementary yarns. It is lighter and has high insulation qualities when compared to synthetic fibers. Hemp is highly suitable for outdoor wear owing to its features such as resistance to ultraviolet (UV) and mold. It can also be blended with other fibres. These factors will spur the growth of the global hemp fiber market during the forecast period.
Hemp Cosmetics Market –
Global Cannabidiol (CBD) Skin Care Market was valued at USD 952.91 million in 2021 and is expected to reach USD 7583.91 million by 2029, registering a CAGR of 29.60% during the forecast period of 2022-2029. The CBD-infused cosmetics market is set to grow by USD 3.07 billion from 2020 to 2025, progressing at a CAGR of 21.42% according to Technavio. 45% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for CBD-infused cosmetics in North America. Market growth in this region will be faster than the growth of the market in other regions. The launch of innovative products, the growing use of online platforms to shop for CBD-infused cosmetics, and the rising awareness and growing adoption of organic cosmetic products will facilitate the CBD-infused cosmetics market growth in North America over the forecast period.
However, the lack of awareness and market penetration in developing countries will be a major challenge for the CBD-infused cosmetics market during the forecast period. CBD-infused cosmetics are common in most developed countries. However, their penetration in developing countries, especially in Tier-2 and Tier-3 cities in these countries, is very low. Also, the market in these countries faces several challenges, such as the lack of knowledge about the latest products and a greater demand for traditional cosmetic products. Furthermore, in developing countries, price consciousness among the people is a major hurdle that restricts the adoption of such premium cosmetic products. Vendors find it difficult to penetrate emerging markets in APAC and Eastern Europe due to the lack of knowledge related to the products offered to people.
Hemp Medical Market -
Data Bridge Market Research analyses that the medical cannabis market which was USD 11.0 billion in 2021, would rocket up to USD 54.34 billion by 2029, and is expected to undergo a CAGR of 22.1% during the forecast period 2022 to 2029.
In the region, India Hemp and Co. is the most exemplary case to mention. India Hemp and Co. was founded by sisters who shared a passion for the mountains and its abundance. They provide a range of essential cannabis goods, including hemp seed oil, hemp protein powder, and hemp hearts, in addition to a selection of oils and treats for pets. Sri Lanka is currently in a “Now or Never” situation. Rather than being something that Sri Lankan youth can smoke, the discussion should centre on how to turn it into a commercial crop. We are clinging to an issue that isn’t an issue at all.
.. As a result, the concerned authorities must move quickly to locate investors who are willing to travel to Sri Lanka and start growing hemp commercially in a high-security area if necessary. There is not enough time left for us to waste on discussions and disagreements. Sri Lanka can sooner rather than later join the branded cosmetics and hemp fabric markets with the value adds.
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