US Hemp farmers cash in on CBD popularity

Published Feb 18, 2020 01:00 p.m. ET
iStock / nikoendres

CBD is big business in both the US & Canada with so many new and exciting products coming to market each day. The hemp farmers must be grinning from ear to ear. Since December of 2018, the federal farm bill in the US removed hemp from the controlled substance list. Before that, it was in the same category as heroin. Now that it is not a controlled substance in the US, it’s made some room for the US farmers to climb aboard and start beautiful fields of Hemp.

What that means is that they can sell their product. Since CBD is a big money-maker these days, farmers are cashing in. CBD oil is a great way to aid in treating the symptoms of sleep disorders, anxiety, and it offers pain management. This makes hemp a hot commodity, and farmers can make a decent living by growing and selling it.

There were about 285,000 acres of hemp planted in the US last year. That’s a lot of CBD, and it has been estimated that around 87% of that hemp would be used for CBD products. According to one market research firm, Canada had planted an estimated 78,000 acres last year. That’s a huge difference. This will be very beneficial for the hemp stock, and it is probably an excellent investment as well.

Growing hemp

The hemp farms primarily run by small farming families. It is an excellent opportunity that keeps the cash flow local and helps to keep the community in good form by providing jobs. It is no wonder that the hemp plant has some amazing uses and is a crucial element in the future of our environment. It can save trees, bees and provide us with some very soft clothing. Not to mention the rope, cosmetics, lotions, shampoos, and of course, the ever so good for you hemp hearts that also come from these plants.

The labour of hemp is hard work. Of course, the commissioner of agriculture estimates that hemp is going to be worth between 10 and 20 billion and that just in the state of Florida. Those are some incredibly high numbers for one single state. In the US, the value in retail for hemp products was 820 million in 2017 and it’s risen exponentially since then. Unfortunately, hemp farming is very costly to start, so you do need to consider that. Even though hemp is a robust plant, there are little issues that creep up just like any other type of farming.

The great thing about hemp is that it inspired hope. This is going to open the eyes of the federal government in the US and help with the legalization of cannabis. The revenue that is being generated just from the hemp farmers could possibly triple if marijuana were legalized federally. With so many farmers making cash on the hemp crops, it seems like this could be an excellent investment to make, as the industry for CBD products is growing at a rapid rate, and there is a huge demand for a more natural option.

The medicinal benefits provided by hemp plants are pretty much irreplaceable through any alternative options. Products that are made from the hemp plant are growing every day, so, there is no doubt that this little gem of a market is not going anywhere anytime soon, and from the looks of things, we can look forward to many more new and enticing products in the very near future.

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