Flourishing Hemp Growth



Flourishing Hemp Growth

With $1.1 billion in revenues in 2018, estimated to more than double by 2022 to $2.6 billion, according to New Frontier Data, hemp is more than just a trendy cousin to cannabis. With nearly half the states with an approved hemp program, the industry has only just begun to see its potential.

Each season since the 2014 Farm Bill, hemp acreage has increased significantly. The product opportunities will only increase the number of farmers looking to switch or introduce hemp to their fields. The growth of CBD products is only the first wave in an ocean of possible hemp derived products.

The big hemp-producing states are getting bigger:

Colorado projections have the state at roughly 50,000 acres of hemp by the end of 2019, The Colorado Sun reports.

Oregon has 25% more growers licensed for the 2019 season over the 2018 total, with an expected 25,414 acres in production, according to the Portland Business Journal.

Hemp as a crop in Oregon may be more lucrative than the state’s current No. 2 commodity, cattle and calves, which were worth nearly $820 million in 2017, according to The (Bend) Bulletin.

Kentucky Agriculture Commissioner Ryan Quarles said there will be five times more hemp farmers (1,047). Triple the approved acreage (more than 50,000 acres) in his state than in 2018. Kentucky has approved more than 6 million square feet of greenhouse hemp cultivation.

Tennessee’s Department of Agriculture is reporting more than 12 times the 226 growers who produced hemp in 2018, Nashville TV station WKRN-TV reported.

Montana was the top-producing hemp state in 2018 with 22,000 acres planted. Farmers there had until the end of May to decide how many acres they will plant, Montana Farmers Union lobbyist Chris Christiaens told Hemp Industry Daily.

Wisconsin had more than double the total applications from 2018 in 2019 with more than 2,100 according the DATCP.

According to the advocacy group Vote Hemp, total U.S. hemp acreage was 78,176 acres in 2018, up from 25,713 in 2017 – more than a triple increase in one year.

What will 2019 have in store?

At the rate farmers have been turning to hemp in many states across the country projections are more than four times that planted in 2018. The products hitting the market from this expansion are looking to finally make their mark against competitive products. Hemp plastics are making a move into standard industry, while hemp paper has been accessible via imports, there are finally US based manufacturing opportunities.

As the nation has just begun exploring hemp based products, many many more shall come to market. We have only just hit the iceberg of the potential that this plant has to offer. Hemp has the opportunity to create eco-friendly and sustainable products. These products can replace the polluting petro-based ones that currently run the market.

Our professional hemp consultants can guide you through the process of sourcing the hemp biomass or hemp products you are looking for.


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