“When the plants were moved to the flowering cycle, I only used foliar application once a week for the first 4-weeks. Because of the strong odor of ONIT when applied (it dissipates in about 6 hours), I chose not to continue application after week 4, not knowing if there would be a residual affect from the odor at harvest on the flowers scent or taste? I do not think that I suffered any loss in stopping at this point.
“I have not considered the cost effectiveness of ONIT, but empirically I would say it is winner.”
Brian Richards, Ark Minerals Oregon
CBD Industry and its Prospects
The cannabis industry in the United States has grown at a rapid pace, but keep in mind that cannabis is not legal in most states. However, CBD, a substance that can also be extracted from hemp, is in fact legal. The CBD industry is regulated by the United States Food and Drug Administration and nowadays there are many companies that participate in this particular niche of the industry. In this regard, it should be noted that the industry has grown rapidly in North America and if experts’ expectations are to be believed, then it presents a massive opportunity for ONIT Sciences.
At the end of the day, the raw materials are going to be produced from hemp and marijuana, both of which are agricultural products. If the demand rises, then cultivators will have to produce more and ONIT’s unique solutions are going to be in demand as well. In this regard, it is also important to mention the passing of the Farm Bill in 2018, which legalized the cultivation and processing of hemp across the United States. Since then, many leading companies have scaled their business models to include hemp-based CBD.
The CBD industry has grown at a remarkable pace over the past few years in the United States, due to the government’s relaxed stance on the non-psychoactive nature of CBD. Many retailers are now offering hemp-based CBD products, and as many as 33 states in the nation have legalized medical marijuana. According to most Wall Street estimates, the United States is expected to be the largest cannabis market in the world.
Nielsen has stated in a report that total legal cannabis sales in the United States could go up to as much as $41 billion in 2025. In 2018, total legal cannabis sales stood at $8 billion. That sort of growth represents a massive opportunity for the CBD market, which has rapidly grown into one of the most important constituents of the legal cannabis industry.
Investor Contact: Jeff Moses - [email protected] - (714) 273-1398