After nearly seven years of being in the cannabis industry, Belushi’s Farm has entered the CBD (cannabidiol) pet product market.
In 2015, American actor and comedian Jim Belushi founded Belushi’s Farm to operate within Oregon’s medical cannabis market.
The farm has grown from 48 plants in 2015 to a now 93-acre cannabis farm.
Belushi tells Hemp Grower he’s been “flirting with and examining” CBD for a few years to learn about what’s in the oils, distillate, isolate, what works, what doesn’t work and more. Still, it wasn’t until recently that he decided to segue into the market.
But it’s no surprise that entering the CBD market right now is a risk as the industry struggles with oversupply issues. CBD prices have fallen considerably since 2019 after the number of acres grown skyrocketed that year, Hemp Grower previously reported.
Several farmers decreased operations and the number of licensed acres decreased from 511,442 in 2019 to 336,655 in 2020. And last year, only 70,530 acres of hemp were planted—all in an effort to fix the oversupply issue, which remains, Hemp Grower reported. PanXchange, a commodities trading platform that provides baseline prices for hemp, estimates hemp acreage will decline even further in 2021.
So, why did Belushi’s Farm enter