[This post originally appeared on the Data Driven Investor Blog]
As prohibition drifts into the past, hemp farmers and producers stand ready for the unprecedented growth forecasted for hemp products in the United States and globally. Unfortunately, several factors continue to impede industry acceleration, including continued FDA ambiguity, lack of consumer education, and limited retail shelf space.
Factor in a deadly disease, an economic downturn, and political chaos, the past year presented challenges for most industries, including hemp. Last year, without question, wasn’t a banner year for shopping, but as we turn the page on a global pandemic, businesses are anxiously anticipating the return of retail traffic.
But, if 2020 was a year to drawback, 2021 is the year to launch forward, at least according to Good Hemp (GHMP), a publicly-traded hemp beverage manufacturer based out of North Carolina. In an interview with CEO and Founder Bill Alessi, we discussed the strategic moves he believes will help slingshot the company into the emerging hemp beverage industry’s pole position.
Gaining Brand Visibility
For the newly emerging hemp market, gaining visibility in mainstream retail outlets has been difficult. Matthew Carr, Chief Trends Strategist at the Oxford Club, mentioned in an email, “I think the biggest issue for hemp beverage companies like New Age Beverage, Charlotte’s Web, and others is a lack of in-store retail traffic.”
Bill Alessi, CEO of Good Hemp, couldn’t agree more and is making a few strategic moves to launch their company forward. Reflecting on the last year, Alessi stated, “We’ve actually managed to expand our footprint, and that’s fairly significant in a COVID landscape.” He continued, “Although sales haven’t exploded during the pandemic, we’ve been focused on getting our ground-game together so we’ll be ready when retail begins to pick up again.”