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Hemp is often an overlooked subsector of the cannabis space, but its usage in the United States and around the world is growing every day. In fact, World Wrestling Entertainment, Inc. (NYSE:WWE) performer Daniel Bryan unveiled a brand new hemp version of the WWE Championship belt on Tuesday’s edition of “SmackDown Live.”
Hemp Usage In The US
Hemp is a version of cannabis that is different than marijuana and is typically used for industrial purposes rather than consumption. In 2017, the U.S. produced $802 million of hemp products, but the 2018 Farm Bill, which legalized hemp nation-wide, is expected to open the flood gates for hemp production.
About a fifth of U.S. hemp is used to produce cannabidiol, but hemp is also used as a food supplement, and as a useful material in construction, industrial and textile applications. For example, hemp can be used in the capacitors of electric vehicles as a lower-cost alternative to graphene.
Popular CBD Brands estimates legalized hemp will represent a $40 billion market in the U.S. by 2021.
Vegan Champion
On Tuesday, Bryan found a new use for the versatile product, unveiling a brand new championship belt made almost entirely of hemp.
Bryan’s WWE character emphasizes his real-life vegan lifestyle, and replacing the leather straps of his belt with hemp is only one example of his extreme environmentalist WWE persona. Bryan has repeatedly called out WWE fans for their consumerism and environmentally destructive behavior, including eating meat and driving SUVs. Bryan threw the old WWE Championship belt in the trash on Tuesday, and WWE fans in attendance has a good time booing Bryan’s character for his condescending attitude.
Benzinga's Alex Oleinic highlighted why hemp is a big deal for a few lesser-known cannabis companies.
Farmers will be able to cultivate a new crop and obtain crop insurance under the provisions of the farm bill. Moreover, manufacturers of CBD products such as New Age Beverages (NASDAQ:NBEV) and Youngevity (NASDAQ:YGYI) — as well as some cannabis companies that have operations focused on hemp and hemp-derived CBD — will be able to legally transport their products across state lines and even explore import and export opportunities.
While Bryan’s character is highlighting the versatility of hemp in a fun and lighthearted way for WWE fans, cannabis investors are hoping the new Farm Bill and growing mainstream acceptance of cannabis in the U.S. and abroad will ultimately result in some major profits for popular cannabis producers.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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