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Millennial Entrepreneurs Enter the CBD Market

Millennials have been known to embody some of the worst qualities of human behaviour as per the stigma attached to them. And, as these younger generation professionals graduate and collect their college degrees and head towards the workforce, they battle with a host of misconceptions and stereotypes which surrounds millennials. 

Despite how innovative or smart or intelligent millennials could be, they are often labelled as narcissistic, lazy and lacking good work ethics. Despite the allegations and stereotypical ideas, some of these millennials have broke through them and excelled in fields dominated by industry experts. 

In reality, some of the world’s leading innovators and entrepreneurs were born between 1981 and 1996, putting millennials at a higher pedestal and making them more productive than perceived. 

Legalized Hemp Production Boosts Economic Growth

The federal government in the United States passed a bill legalizing hemp cultivation nationwide back in December 2018. According to CNBC, the growing hemp industry will boom to a whopping $2.6 billion industry by 2022. 

Innovators like Allan Gandelman (Main Street Farms) and Kallum Mitterer (Industrial Hemp Farms) are among the few millennials who have rapidly turned legalized hemp into a major business model which, in turn, has become a huge revenue source for them. Along the way, they have helped create jobs that have virtually touched every sector, ranging from hemp farmers to retailers to accountants. 

The legal marijuana industry in today’s date has more than 211,000 full-time employees. Joy Beckerman, President Hemp Industries Association believes that CBD and hemp based companies will “dwarf” this number in the future.

Miterrer, Chief Marketing Officer (CMO) Industrial Hemp Farms (IHF), faces challenges on a daily basis of getting the word out. Social media platforms like Instagram and Facebook create major roadblocks for companies working with CBD as they have stringent policies against promotion of such products (containing CBD). Despite all the regulations acting against CBD, the IHF made a total revenue of approximately $4.5 million in January 2019. 

Innovations in vertically integrated sales allowed IHF to start launching international partnerships in May 2019. With the immense popularity that surrounds CBD and the press releases touting the latest moves IHF’s, it is quite evident that there’s nothing more stereotypical about this company led by millennials. 

Main Street Farms: From Fresh Veggies to CBD

Main street farms initially focused exclusively on organic, sustainably grown vegetables, but has now embraced new economic opportunities as well. Residents of New York City can still purchase fresh veggies from the Main Street Farms, however, they can also look into the company’s herbal Head + Heal brand of CBD products. 

Gandelman, a CBD farmer and Main Street Farms owner, had experimented with CBD and hemp after suffering from Lyme disease. The 37-year-old millennial discovered that CBD products helped in his pain relief, soon after this he applied for a grower’s license. Based on his previous experience with CBD, Gandelman chose to focus solely on the CBD compound of the hemp plant. Gandelman’s company now sells topicals, creams, gels, softgels, tinctures and pet formulas. 

Innovation is the Key For Survival 

Millennials are the first generation which continues to be worse than their parents financially. Contrary to popular belief, this is not because of their work ethics. In fact, this is the most highly educated generation in all times. However, it is difficult to get past the previous ones financially, owing to the drastically changing economy which often comes with highly expensive college bills and a steadily expanding wealth gap. 

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Employee productivity has increased as salaries have become stagnant. Yet millenials and their co-workers aren’t getting equal compensation to their parents at the same age when adjusted for inflation. 

Studies reveal that millennials have net worth that is 21% lower than people of the same age about three decades back. Add that to the rapidly increasing prices in every sector during the same time period and you’ll understand why this generation is suffering so much to even survive, let alone have a decent life. 

Hemp Industry- A lucrative Industry For Millennials

Despite of the struggles faced by millennials, Pew Research Group, suggests that this is the most “confident, connected and open to change”, however they still struggle. According to a famous quote, necessity is the mother of invention, and that’s pretty visible from the works of IHF, Main Street Farms, and tons of other millennial-led hemp and CBD based companies.

Ivan writes about Cannabis at The Cannabis Radar. He has a degree in Nutrition Sciences from University of Oklahoma Health Sciences Centre. He likes to spend his spare time reading to his daughter or spending time with his wife.

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