Hemp is a type of cannabis that contains less THC (tetrahydrocannabinol) and more of CBD (cannabidiol). THC is responsible for delivering the “high” associated with drugs. Notably, THC is dangerous when consumed in large quantities. However, CBD helps treat various health conditions. The Trump administration legalized hemp in December 2018. In September 2018, The Brightfield Group estimated that the CBD market would reach $22 billion by 2022. In June, Arcview Market Research and BDS Analytics projected that the US CBD market would reach $20 billion by 2024.

However, the FDA has only approved Epidiolex. Since the FDA hasn’t approved most CBD products, interstate distribution and product sales aren’t legal. Recently, US Senate Majority Leader Mitch McConnell asked the FDA to set the policy for CBD sales within 120 days. To learn more, read CBD Products: McConnell Wants FDA to Ease Regs. Now, we’ll discuss major hemp players’ growth initiation.

Aurora Cannabis (ACB) has been investing to acquire and form strategic partnerships with hemp-related businesses. In August, the company completed the acquisition of Hempco Food and Fiber. Aurora Cannabis said that the acquisition gave it access to high volume hemp with a lower CBD extraction cost. On Tuesday, Aurora Cannabis announced a partnership with CTT Pharmaceutical Holdings. The company introduced CTT’s cannabinoid-infused sublingual wafers in the Canadian market. To learn more, read Aurora Cannabis: New Product Launch with CTT Pharma.

In July, Aurora Cannabis announced that it would conduct a joint clinical research program with UFC. The company said that the research will assess whether CBD treats various ailments in MMA athletes. Aurora Cannabis said that the data from the study would be used to develop hemp-derived CBD topicals for athletes.

During Canopy Growth’s (CGC) (WEED) first-quarter earnings call, the company’s management said that it has been working to develop a portfolio of CBD products since the beginning of 2019. The company said that it’s securing production facilities in the US to bring CBD products to the market by the end of this year.

Canopy Growth’s management said that it established two offices in California and Colorado. The company also plans to open offices in Illinois and New York. Canopy Growth expects its extraction and production facility in Kirkwood, New York, to be ready by next year. In May, the company acquired “This Works,” which specializes in skincare and sleep solutions. The company is working to introduce a portfolio of CBD-infused skincare products.

On October 2, Canopy Growth acquired a majority stake in BioSteel Sports Nutrition. The company has entered the sports nutrition and hydration segment. Canopy Growth hopes that the acquisition will expand its CBD business in the US and across the world. To learn more, read Why Canopy Growth Acquired BioSteel Sports Nutrition.

Charlotte’s Web Holdings (CWBHF) produces and sells CBD oil tinctures, capsules, topicals, and pet products. To meet the growing demand for hemp, the company increased its planted acreage 187% to 862 acres this year. The company also expanded its retail presence to 8,000 retail locations by the end of the second quarter.

In July, Charlotte’s Web partnered with Rodale Institute and Natural Care to develop healthy agriculture practices in organic hemp farming. Later in July, the company announced the extension of its research work to develop hemp genetics for optimal growth along with The Center for Discovery in New York. On Wednesday, the company announced that it has partnered with Nielsen to provide insight into the CBD space to US consumer packaged goods companies.