The US hemp industry is in a rapid growth phase. Prior to 2014, all raw hemp materials were imported to the US from other countries. In 2015, the Hemp Industries Association (HIA) estimated the total retail value of all hemp products sold in the U.S. at $620 million. Since the passing of The Farm Bill in 2014, thirty-one states have passed hemp legislation and nine have pending legislation. Fifteen states have launched hemp research programs and over 20,000 acres have been registered for hemp production.
As a result, Hemp is positioned to become a giant cash crop over the next 5-10 years. Hemp is a hardy agriculture crop that is renewable, reusable and recyclable. It has the potential to be a sustainable solution for thousands of products. From the seed to the stalk to the flower, Hemp can be used in foods, personal hygiene, consumer textiles, industrial textiles, paper, fuel, construction materials, industrial products, health supplements, medication and much more. According to estimates by the Hemp Business Journal, the CBD market alone will grow to a $2.1 billion market in consumer sales by 2020. That is a 700% increase from 2016.
According to Hemp Business Journal and Vote Hemp, the hemp industry is growing quickly at five year 22% compound annual growth rate (CAGR).
The vast diversity in uses for industrial hemp make the market potential larger than medical and recreational cannabis combined.
According to Hemp Business Journal and Vote Hemp estimates, the total retail value of hemp products sold in the US in 2016 was $688 million.
Hemp is good for farmers and the earth. When hemp is used as a rotation crop, it stabilizes and enriches the soil while creating weed-free fields for farmers without the cost of herbicides.
According to Hemp Business Journal and Vote Hemp, in 2016, the hemp CBD market alone accounted for 130 million in total sales and has an AGR of 53%.