The number of advocates in favor of a revival of a commercial hemp industry grows every day. From 2016-2017 cultivation of the plant has more than doubled and in states with the highest grown acreage of hemp, like Colorado and Kentucky, propagation of hemp plant has grown by 140%.
Though this could be attributed to the rise in popularity of hemp derived CBD products, growing industrial hemp creates a number of other possibilities to generate revenue streams for farmers, manufacturers, and distributors in the country.
Oregon, Tennessee, and Vermont more than tripled the amount of hemp grown in 2017, while Minnesota, New York, and North Dakota saw growth upwards of 400%. Overall the amount of hemp grown in the United States is up 377% over the past year and the average amount of hemp grown per state is found around 1,700 acres.
Though hemp is still illegal under federal law but under the 2014 Farm Bill, over 3o different States are currently conducting hemp pilot programs in the help of a University. The new federal budget signed last week by President Trump contains new provisions that protect the growing U.S. hemp industry from federal involvement.
SEC. 729. None of the funds made available by this Act or any other Act may be used (1) in contravention of section 7606 of the Agricultural Act of 2014 (7 U.S.C. 5940); or (2) to prohibit the transportation, processing, sale, or use of industrial hemp, or seeds of such plant, that is grown or cultivated in accordance with subsection section 7606 of the Agricultural Act of 2014, within or outside the State in which the industrial hemp is grown or cultivated
With the shifting tide of legislation in favor out a commercial industry, it is only a matter of time before hemp becomes an established crop in the United States.
You may be interested
Lender420 Provides Funding Solutions to Fit Your Company’s Equipment NeedsEditor - September 24, 2018
Purchasing equipment involved in the cultivation, processing, manufacturing, and distribution of the cannabinoid-derived products can be one of the most expensive costs of setting up a successful…
Elixinol Global to increase ownership in Elixinol Japan to 50.5%Editor - September 24, 2018
Public company Elixinol Global Limited (ASX: EXL; OTCQX: ELLXF), a prominent producer of industrial hemp derived CBD products announced yesterday that its wholly-owned subsidiary, EXL International Holdings,…
Canopy River Begins Trading on the Toronto Stock Exchange (TSX)Editor - September 21, 2018
Yesterday, Canopy Rivers Inc. (TSXV:RIV) announced that their company has began trading on the TSX Venture Exchange under the ticker symbol RIV. The company works in conjunction with…