The U.S. hemp industry grew 16% in 2017 despite legal challenges. A major cause of this growth was sales of hemp-derived CBD products. The CBD market barely existed five years ago, and now approaches $190M in sales.
The Hemp Business Journal estimates the U.S. hemp industry could reach $1 billion in 2018 led by hemp-derived products in food, personal care, industrial products—and CBD oils and extracts. It estimates the U.S. hemp industry will grow to $1.9 billion by 2022. The 5-year growth rate could be 14.4% between now and 2022.
In 2017, U.S. hemp production grew to more than 25,500 acres, which was 2.5 times the capacity in 2016. Colorado, Kentucky, New York and Oregon have the most licensed hemp acres in production.
There were 1,420 registered growers and 32 universities doing hemp research nationwide.
Hemp can be grown as a fiber or seed. It’s an agricultural commodity used for a range of products, including food and beverages, cosmetics and personal care, nutritional supplements, fabrics and textiles, yarns and spun fibers, paper, construction and insulation materials, and other manufactured goods.
While industrial hemp and marijuana are from the same species of plant, cannabis sativa, their differing cultivars are bred for different uses. Hemp has little or no psychoactive effect.
Source Grow Generation press release
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