Boston Hempire, CBD Industry Sees Spike in Sales During COVID-19 Pandemic
Jun 09, 2020, 11:54 ET
BOSTON, June 9, 2020 /PRNewswire/ -- As non-essential businesses start to reopen around the country, hopes of normalcy are on the forefront of people's minds. The stresses of COVID-19 have tested people around the world as millions were confined to their homes for months. Doctors have reported anxiety cases are on the rise, according to Time. How have people dealt with the stresses and anxieties brought on by the pandemic? Online shopping? Eating and drinking? Many have turned to CBD as sales have skyrocketed throughout the industry.
CBD is one of many natural cannabinoids derived from hemp and marijuana plants. CBD is non psychoactive, unlike another well know cannabinoid, THC. In 2018, the Farm Bill Act was passed legalizing hemp and CBD on a federal level. New farms, stores, and processors peppered the country within a few months. The CBD industry immediately rose to a billion-dollar trade in 2019, with projections of $20 billion by 2024 (Forbes).
Boston Hempire, a Massachusetts based CBD company, is one of the many CBD providers seeing a jump in sales due to the COVID-19 pandemic. "We didn't know how business was going to be affected going into this pandemic, but sales started to drastically increase", said Boston Hempire's CEO, Brandon Gadles. And the growth has been substantial; upwards of 300% for certain products.
Gadles and close friend, Kevin Coyle launched Boston Hempire in early 2018. Both entrepreneurs were seeking alternatives to prescription drugs for a sick parent. Gadles' mother was coping with the side effects of chemotherapy while fighting stage 4 lung cancer and Coyle's father had been struggling with a variety of issues from ALS. Each parent found some type of relief or benefit from CBD (pain relief, sleep aid, appetite builder). After seeing the benefits of CBD, Boston Hempire was born, quickly expanding its wholesale distribution to over 5000 stores/medical offices across the nation. In late 2018, the e-commerce website was also launched.
Boston Hempire has core values of quality and transparency. Most of their products are organic, and all offerings are third party lab tested and fully insured with Cannabis Insurance Business. Each product in the Boston Hempire brand is grown and produced in the United States. Gadles only works directly with family farms as well as partnering farms to ensure the industry is not overrun by large tobacco or pharmaceutical companies. "We have received several offers to sell but have declined due to rising concerns regarding the direction big tobacco will take the industry", Gadles said. "We are a leader in this industry and Boston Hempire will not be overly influenced by big tobacco, taking profits from the hard-working farms and small businesses of America".
In early 2019, the company expanded with a full line of wellness products. Gadles states that all products have seen an uptick in sales since the start of COVID-19, especially Gummies and Soft Gels. Boston Hempire is not alone. Companies across the industry have seen a drastic increase in sales.
Claims cannot be made without approval from the FDA, but customers report a variety of benefits from CBD. Most statements include decreased pain (muscle and joint), anxiety, depression, stress, and better sleep. Because CBD is non-psychoactive and there are no known side-effects, many people are switching to CBD as a natural alternative to OTC and potentially addictive prescription drugs. The symptoms people are feeling caused by the pandemic align with the reported benefits of CBD, therefore supporting the large increase in sales.
Boston Hempire offers their entire selection of CBD products online at www.BostonHempire.com.
SOURCE Boston Hempire
