Hemp in the Time of COVID-19: Executives Reflect on Pandemic's Anniversary
– Hemp Industry Daily
The COVID-19 pandemic affected every part of the global economy, and for the hemp industry, it was no different. Hemp extractors and processors saw equipment delayed by manufacturing shutdowns and retail locations were closed nationwide. Market analysts at the Brightfield Group, a Chicago-based data research firm, declared 2020 an “extinction event” for CBD brands, with 50% or more of an estimated 3,000 brands closing.
Global Widget™, the industry-leading manufacturer and distributor of premium Hemp-derived CBD products, was one company that saw an opportunity to adapt and reshape its business model.
“It was a good opportunity to think about really what our primary goals were in the industry,” said Margaret Richardson, chief compliance officer and legal officer at Global Widget.
“We could think about, in terms of product offerings, really what we wanted to offer.”
Global Widget revamped the product lines of its top-selling CBD brands, Hemp Bombs® and Nature’s Script™, thanks to its vertically integrated business model and the lowered cost of raw Industrial Hemp. Both brands CBD Gummies, CBD Capsules, CBD Oils and CBD Pain Gels now include more CBD while keeping the same low prices.
“It gave us a chance to trim some of the products that weren’t as successful and refocus on formulation. We came out on the other side, I think, stronger,” said Richardson.
Read Hemp Industry Daily’s full release covering the impacts of COVID-19 on the hemp industry here.
March 11, 2021