CBD has proved to be the solution to many health problems and found a use in multiple industries aside from health, such as food, drinks, and several others.
The stellar growth is projected to keep going through the roof for the next 10 years at least.
In the US, hemp cultivation is allowed under House Bill 3530: The Industrial Hemp Farming Act of 2017, but only for university research projects and on strains with less than 0.3% of THC content.
32 universities from 19 states have started growing cannabis for these research studies, including some of the biggest programs in the country such as Colorado, Kentucky, Minnesota, New York, North Dakota, Oregon, and Tennessee.
Cannabis advocacy organization Vote Hemp found that production in the US increased dramatically from less than 10,000 acres of hemp in 2016 to just over 23,000 this year.
“The majority of states have implemented hemp farming laws, in clear support of this crop and its role in diversifying and making more sustainable our agricultural economy,” Vote Hemp President Eric Steenstra said.
“It’s imperative that we pass the Industrial Hemp Farming Act in Congress so that we can grant farmers full federally legal rights to commercially cultivate hemp to supply the growing global market for hemp products,” he added.
Brightfield Group reported that hemp-derived cannabidiol (CBD) is projected to be a billion-dollar market in just three years.
The data compiled suggests that hemp CBD sales have already hit $170 million in 2016 and a 55% compound annual growth rate over the next five years will push it over the billion-dollar mark.
Just last year, hemp sales reached $688 million USD, according to the Hemp Business Journal, which estimates that the hemp market has been growing at a 22% compound annual growth rate over the past five years.
At the moment, most hemp-based products sold in the US are made from countries which already fully legalized hemp-production, such as Canada, Netherlands, and others.