Why the Hemp Industry is Poised to Profit
The hemp industry is projected to grow from $400 million to $1.5 billion by 2020, according to the Hemp Biz Journal, driven by the lifting of legislative barriers. The Farm Bill of 2013 cleared the way for industrial hemp research activities, while the Industrial Hemp Farming Act of 2015 went a step further by removing hemp from the definition of marijuana. With the separation between marijuana and hemp made clear by law, the industry appears ready to turn a corner.
Companies in Colorado and Kentucky started hemp production for the purposes of extracting cannabidiol (“CBD”) over the past year. Many researchers believe the non-psychoactive cannabinoid may have therapeutic benefits spanning several indications. Hemp has also been used for centuries for a variety of other purposes. For instance, a single acre of hemp can produce as much fiber for clothing as 2-3 acres of cotton – and it’s twice as durable!
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