It’s been about two weeks since the AltPro Expo Miami event, and I finally was able to catch my breath (and get caught up in emails), so I thought now was the best time to give a recap.
Tucked in the artistic district, Wynwood, and luckily, away from the Spring Breaker rush (thank goodness), AltPro Miami kicked off at the Mana Wynwood. Bringing in all of the usual suspects from previous shows, vendors come out to showcase their newest innovations and see other industry leaders.
This year, there was a large mix of CBD, Kratom, and supplier vendors. Even in the mix were a few adaptogenic mushroom companies. Most surprisingly, Nicotine was a newer face at the alternative product show. It was not so surprising, however, compliance was a mutual interest among all companies there.
CBD
Plenty of changes are happening in the CBD landscape as products evolve and companies are discovering new ways to utilize the hemp plant. As everyone has probably seen on social media, websites, or even on TV, “legal weed” has taken the industry by storm. Hemp-derived ∆9-THC can either be naturally pulled from the plant or chemically converted. This has become a consumer favorite for those who don’t live in recreational states.
Speaking of this new trend, a new need state has come about in the CBD sector. Recreational is now a target use within hemp categories right along Sleep, Stress, Pain, and Focus. One quote that was constantly used at the event was, “People just want to get high and relax.” That’s proving to be very true given the amount of attention the category is receiving.
Among the new focus on delta THC, there are also a lot of new cannabinoids that are in the market that weren’t necessarily the primary focus even a year ago. Delta-8 THC was the first THC variant that was introduced into the market back in 2020, but now we have Delta-9, Delta-10, THCa, HHC, and many more being discovered or created. One other new introduction to the market is the use of Live Resin in products. Formulated to give a unique experience, it’s most certainly going to have room for growth in the CBD sector.
Kratom
Kratom is taking a bigger stage than ever in the alternative product arena. Just like CBD, Kratom is utilized from an organic plant meant to provide a holistic approach to health and wellness. Unsurprisingly, the kratom industry is almost following lock-in-step with the same timeline of what CBD experienced about 3-4 years ago.
With product sets like tablets, shots, capsules, and gummies, this individual segment has an ingestible format for everyone. One of the biggest and most intriguing products that is growing in Kratom is ready-to-drink beverages, primarily seltzers. A fair majority of the companies at the event, had a beverage being showcased.
There’s a lot more to come with this new segment, but organizations like the American Kratom Association are working hard to bring legitimacy and advocating what could be the next hemp era.
Other Products
Adaptogenic mushrooms have been in the industry for over 2 years now, but going into 2024, there has been a larger focus on them as states are starting to have conversations about the legalization of psilocybin. Even though these are two completely different sides of the industry, it has now opened the door for Nootropics to be considered a wellness product. Speaking as such, we’re starting to see a cross-pollination between CBD and Adaptogens. A large number of products are now entering the market that look to utilize targeted benefits between the two categories. Honestly, I don’t foresee this changing anytime soon.
As mentioned earlier, nicotine has started to make an introduction into the alternative product space. With it being considered a cigarette or smoking alternative, it’ll be interesting to see how nicotine can fit into a primarily health and wellness category.
Closing
Overall, the AltPro Miami event is always a great way to see how the market is beginning to evolve and give insights into what the consumers are most interested in. With these ongoing changes in products and trends, regulation and compliance are doing the exact same. Speaking with a few companies, I’ve heard horror stories of what can happen if you inadvertently violate regulations even at the city level. From fines, to FDA warning letters, to even criminal charges. Staying compliant and able to adhere to all regulations the moment they change is going to be a staple for any successful business in this industry.
That’s where WAAVE comes in. We work behind the scenes with you as a partner to safeguard your business while also streamlining your business operations.
Stay compliant, stay stress-free, and work with WAAVE. Request your demo today!