America’s hemp boom has led to CBD creeping into almost every health store, sandwich shop, and gas station in the country. And the crop’s popularity isn’t expected to slow anytime soon. In fact, a new report from federal officials is predicting even more hemp hype — and hemp sales — in the next few years.
In USDA Hemp Rules: A Handbook for Hemp & CBD Businesses, a newly released educational reader from the Marijuana Business Daily team, US Department of Agriculture (USDA) officials predict that the American hemp market will reach $25 million in annual sales next year, pass $64 million in 2021, and eclipse $100 million by 2022.
Hemp was legalized on the federal level in 2018, due to the Farm Bill, and has since become the country’s new favorite cash crop. Thanks to lax laws surrounding any hemp byproduct that contains less than 0.3% THC, farmers from California to New York have pivoted their operations to embrace the plant.
And while CBD already feels like it’s in every health serum and topical on the market, USDA experts predict that expanded state legislation and local hemp farming pilot programs will lead to even more market saturation in the years to come.
After more than a year of waiting, the USDA released firm rules for the American hemp industry in late October, including mandatory THC testing and measures to increase transparency for consumers. For a more detailed look at how the USDA regulations will affect the ubiquitous hemp industry, you can download the entire Hemp Rules handbook for free here.
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