2018 ended on a great note when it came to Hemp. The Farm Bill was passed and the impact of this legislation on the hemp industry is huge. Without hemp even being legal last year sales reached $820 million. These sales have been projected to reach $2.1 billion by 2020 and that isn’t even taking into account if The Farm Bill hadn’t passed through all of the tiers of government.
The hemp industry in the states Kentucky, Oregon, Vermont, North Carolina, and Colorado will benefit the most if this farm bill passes. Colorado alone produces 50% of the country’s hemp, Kentucky might have more acres that are licensed but Colorado has more acres in production. North Carolina has had a booming first year with the most acres, growers, and processors than any other state. Vermont has been flexing its hemp muscles as well with 90 licensed growers and 560 acres for growing, this small state is not to be messed with. With the passing of “The Farming Act,” it will provide a certain future for hemp-based companies and hemp farmers to supply the goods that people want.
Brightfield Group - a cannabis research firm - found that CBD sales hit $291 million in 2017 and could potentially be a $22 billion market by 2022 which is near 40x growth, and tends to be larger than most hemp market estimates. These are only a few of the numbers that can be increased as hemp becomes less taboo.
Regardless of where you stand politically, there is potential to be seen when it comes to the hemp industry. Employment and economic growth are at the forefront of why hemp should be legal, there is too much focus on negative stereotypes that people tend to forget that they are fighting a war against a plant.