Industrial hemp is generated from the cannabis plant and can be used to manufacture both medical and industrial products. However, some people tend to confuse industrial hemp with marijuana mainly due to their nearly similar appearances.
Experts at cbdnorth.co explain, the difference is that marijuana contains THC, the psychoactive product that makes you high, while industrial hemp has CBD, which is not psychoactive. And when it comes to the economy, hemp has shown great potential in providing multiple opportunities to developing countries.
The following sections will allow you to understand more.
The Legitimacy of Industrial Hemp
Most states are yet to legalize the use of hemp but due to the 2018 Farm Bill, hemp can be used in most states without any restrictions. The only restriction is that hemp products should only contain less than 0.3% of THC.
Possible Economic Impacts of Industrial Hemp
Due to the numerous restrictions that revolve around industrial hemp, it can be challenging to predict the exact economic outcome. However, in case the regulations are lifted, the economic outcomes will probably be positive in the coming years.
Here are some of them:
Hemp creates a sustainable environment
Industrial hemp is used to produce fiber and seeds but the best part is probably that it does not require any special conditions to thrive. It can grow perfectly anywhere whilst lowering pollution.
Another good thing about industrial hemp is that you can use every part of the plant. This includes its flowers, leaves, stems, and roots, which are ideal to use in industries that focus on automotive, food and beverages, medical facilities, construction, agriculture, recycling, furniture, and textile.
In a study, it was discovered that some parts of Africa burn around 80% plus of cotton fields, which in turn leads to pollution. But with industrial hemp encouraging a sustainable environment, it is probable that developing countries will gain massive opportunities thereby improving their economy.
Hemp encourages money-saving techniques
Typically, the economy of a country can drastically grow if they practice money-saving techniques. Luckily, hemp can cut extra costs in the construction industry by providing a cheaper but stronger material in place of wood.
For clothing industries, for example, the fiber from hemp is much more powerful than cotton. In addition to this, growing cotton requires the use of more pesticides that may risk economic growth and pollute the environment.
Lastly, hemp can also lower the usage of water. So, overall, hemp requires much fewer resources to produce than other commodities, and this should be an important point to take into account.
Hemp extract is predicted to bring more profit
CBD is extracted from hemp, and it is perceived to bring more profit in case the regulations are lifted. Firstly, CBD is a much cheaper and natural way of treating various medical conditions, which in return aids in advancing the economy.
As you can see, the economic prospects of industrial hemp can bring transition in certain countries if its transportation, use, and purchasing are fully legalized. Besides, we can also enjoy other benefits of hemp like the treatment of various conditions naturally whilst avoiding environmental pollution.