6.1. Understanding the Market Dynamics and Regulatory aspects

New entrants should first familiarize themselves with the market dynamics at various levels. This includes understanding consumer demand, product standards, and the most important regulatory requirements changes. The hemp industry is still evolving, and staying informed about these changes can provide a competitive advantage and the legal certainty necessary to grow a stable business.

Key actors in the industry include product buyers, trade associations, and regulatory bodies. Engaging with these stakeholders helps businesses stay informed and compliant with industry standards and regulations. At the European level, the European Industrial Hemp Association (EIHA) plays a significant role in representing industry interests, while at national level several old and new bodies are operating at national and local level. The EIHA serves as a platform where industry peers can exchange insights, collaborate on common challenges, and advocate for favourable policies. Additionally, the EIHA is in regular contact with other trade associations specialized in cosmetics, feed, construction, farming and food, positioning it to stay perfectly informed about upcoming reforms and regulatory changes. This network is essential for fostering innovation and ensuring adherence to evolving legal frameworks, thus safeguarding the industry’s growth and sustainability.

Alongside trade associations, specialised and general press are useful to retrieve information on the latest developments. National specialised newspapers have been created in the past years, tackling all different aspects and markets of hemp.