How the Hemp Industry Is Changing the Economy and Agriculture

When searching for CBD gummy reviews, one of the first things that may come up is Canadian CBD. It’s a good thing since it only means that it’s gaining well-deserved recognition.

The hemp industry is booming and has gained around a 455 percent productivity boost since it was made legal nationwide in 2018. You can only expect continuous rise and progress as more states prohibit its legalization. As a result, a higher demand is expected in the coming years, which would also mean good business for researchers, marketing people, sales experts, and hemp farmers.

More about Industrial Hemp

Industrial hemp is closely associated with the cannabis plant, but it is non-psychoactive and can be utilized to make biofuels, biodegradable construction products, fiber, food, and many more. Its most popular byproduct, Cannabidiol or CBD, has gotten many people’s attention worldwide to treat various health concerns, including anxiety, arthritis, insomnia, and epilepsy.

The hemp industry experienced a setback in the 20th century when it became illegal in the US. The move aimed to lower the percentage of people using recreational cannabis. Now that it is legal again in the US, it has paved the way for new economic opportunities and investments in agriculture.

Here are the top ways the hemp industry is influencing the economy and agriculture:

1. More farmers are getting more interested in growing industrial hemp

According to the data from Vote Hemp, an advocacy group in the US, farmers in the US grew less than 10,000 acres of hemp in 2016. But the numbers grew to more than 78,000 in 2018. The numbers even skyrocketed in the following years.

The industry realizes that there’s a rapid growth in the demand for hemp. Aside from farmers, the industry encourages small businesses to launch related products. All people and industries involved must work hand-in-hand with the government and scientific researchers to ensure the success of all related projects.

2. More careers are opening in line with the demand for industrial hemp and cannabis

According to the data from the advocacy group New Frontier, the hemp industry may amass up to $2.6 billion in 2022. It reached the $1.1 billion mark in 2019 after hemp farming was legalized.

Following the massive growth is the cannabis industry. To date, it already employs more than 200,000 full-time workers, and it is expected for the numbers to grow in the coming years.

3. Laws are changing to accommodate the demand for hemp

The hemp industry experienced a major advancement after the Farm Bill was passed in 2018. Legislators made the most significant updates regarding the agriculture policy when it minimized restrictions on planting and selling industrial hemp products. The bill also allowed possession, transport, and sale of hemp-derived products.

Final Thoughts

The hemp industry is expected to rise in the coming years. It will help boost the economy and change the face of agriculture. It will open new opportunities to many sectors, including researchers, marketing, and sales experts, to further boost its development.

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