The US Department of Agriculture just released new statistics in regards to hemp plantation since the CBD boom. US farmers have more than 4x the land planted with hemp in 2019, from 27,424 acres in August 2018 to 128,320 acres currently. This is mainly due to the passage of the 2018 Farm Bill and the fact that the new law separates “Hemp” from “Marijuana”, with 0.3% THC being the legal mark. Currently, the DEA still consider Marijuana a schedule I drug. Other crops aren’t even close to production amounts compared to hemp. A yield of hemp can fetch up to $30,000, compared to less profitable crops like soybean, which is closer to $500.
Industrial hemp has been the focus of official interest in several States that are cashing in on the CBD craze. However, hemp and marijuana are different varieties of Cannabis sativa and both have their own individual supply and demand. With Canada now having hemp production, questions have been raised about the demand for hemp products. U.S. markets for hemp fiber (specialty textiles, paper, and composites) and seed (in food or crushed for oil) are expected to grow as more and more people enter the industry.