BCW has launched a cannabis and hemp strategic consulting unit to help companies gain market entry, tackle regulatory challenges, communicate product benefits and engage consumers.
The move comes as the US legal marijuana market is expected to burgeon from to almost $150B by 2025, according to Grand View Research, which pegged the 2016 market size at $7B.
Meanwhile, New Frontier Data’s Hemp Business Journal predicts the hemp-derived cannabidiol (CBD) market will triple from $390M in 2018 to $1.3B in 2022.
Dan Doherty, executive VP & DC PA & crisis practice lead, spearheads the cannabis/hemp unit.
The WPP unit currently counsels PAX Labs, marketer of cannabis vaporization technologies/devices; Criticality, industrial hemp/CBD products, and Pyxus International, value-added agriculture.
Chris Foster, president of BCW North America, said the new cannabis group stands ready to advise clients on how to deal with the regulatory incongruity between federal and state laws in the US.