A group of hemp industry policymakers released new policy recommendations and an updated model plan for state hemp programs, providing a guide to developing federally compliant state regulatory regimes. The recommendations can be viewed and downloaded at http://bit.ly/UpdatedHempPlan-Pt1.
“Our updated policy guide and model plan outline the best practices and legal requirements states can utilize to create hemp programs that are operable, successful, and federally compliant,” said Shawn Hauser, the lead author of the document and chair of the hemp and cannabinoids practice group at Vicente Sederberg. “We plan to continue updating these documents to reflect the evolving legal and regulatory landscape governing the burgeoning U.S. hemp industry.”
Part one of the update focuses on policy considerations related to hemp production. It is intended to promote compliance with the 2018 farm bill and the minimum requirements for state regulatory plans detailed by the U.S. Department of Agriculture in an interim final rule issued on October 31, 2019. Part two of the update will be made available in the coming weeks and addresses areas not governed by the USDA, such as processing and transportation.
The 2018 farm bill was signed into law in December 2018, lifting the decades-long prohibition on hemp production in the U.S. and allowing for federally sanctioned hemp production governed by the USDA. It gave states, U.S. territories, and American Indian tribes the option to act as primary regulatory authority, requiring those that choose to do so to first submit their regulatory plans to the USDA. In order to receive approval, plans must meet minimum requirements set forth in the farm bill, including regulations for registration, testing and inspection. States that choose not to regulate or prohibit hemp production cede jurisdiction to federal authority. Several states are in the process of creating plans, and plans from eight states and 10 tribes have already been approved, according to the USDA website.
“Congress took a monumental step forward by ending our federal government’s decades-long prohibition on hemp production,” Hauser said. “It is equally important that it be replaced with sensible laws and regulations that protect public health and safety while also allowing this new industry to flourish. This crop has an exceptional amount of potential to boost our economy and improve our environment, but it will only be reached if the rules that govern it are fair and practical.”
The document was authored by attorneys with national cannabis law firm Vicente Sederberg LLP with support from Agricultural Hemp Solutions, the American Herbal Products Association, the U.S. Hemp Roundtable, and Vote Hemp. It is the first part of a two-part update to the “2018 Farm Bill Policy Guide and Model Hemp Production Plan,” which was produced by the same coalition of attorneys and organizations and released last February under the banner of the American Hemp Campaign.
The South Carolina Department of Agriculture (SCDA) said that it will begin accepting applications for hemp farming, handling and processing permits for the 2020 growing season starting Feb. 1, 2020. Now in its third year, South Carolina’s hemp farming program has grown from 20 farmers in 2018 to 114 permitted farmers and 43 processors at the end of the 2019 season.
In 2020, there is no cap on the number of permits SCDA can issue, and no cap on hemp acreage. SCDA will no longer allow “responsible parties” growing under another farmer’s permit, meaning each person who wishes to farm hemp must apply for a permit.
Requests To Change Federal Rules
SCDA’s Hugh Weathers is asking the U.S. Department of Agriculture to revise its national regulatory framework for hemp to better set up South Carolina’s Hemp Farming Program for success. USDA released its interim final rule on hemp on Oct. 31, 2019, and the South Carolina Department of Agriculture is in the process of writing a state plan that complies with the federal rule.
The SCDA has voiced several concerns about testing requirements in the federal rule and has formally submitted comments to U.S. Secretary of Agriculture Sonny Perdue asking that they are reconsidered. For example, the federal rule mandates that all hemp fields be sampled by SCDA-designated staff and tested by a DEA-registered laboratory within 15 days prior to harvest, a window SCDA feels is too narrow. Farmers are at the mercy of weather conditions, while laboratories are likely to experience back-ups during harvest season, and SCDA has not been given any funding to administer this testing.
“We believe that several provisions in the interim final rule lack the flexibility necessary for our farmers to be profitable and for SCDA to be able to implement a successful hemp program,” Weathers wrote.
Requirements to receive a hemp farming permit include:
Proof of South Carolina residency
Criminal background check
$100 nonrefundable application fee and $1,000 permit fee
GPS coordinates of all locations on which hemp will be grown
Attending an SCDA orientation and signing a Hemp Farming Agreement prior to possessing any hemp, including clones and seeds
SCDA will also license hemp processors and, for the first time this year, hemp handlers, a category that includes transporters, seed dealers, laboratories, and others who handle hemp. Separate permitting fees, facility requirements, validation inspections and certificate of occupancy are required.
Farming applications will be accepted Feb. 1, 2020, through March 31, 2020, while processing and handling applications will become available Feb. 1 and will remain open through the year. Applications will be available on the SCDA website, agriculture.sc.gov/hemp, starting Feb. 1.
Hemp Benchmarks report for January was published on Wednesday at the Hemp Benchmarks website. Founder Jonathan Rubin noted that wholesale hemp markets continue to face significant challenges, including oversupply and declining prices.
The report stated, “We have in previous reports emphasized the current glut of biomass on the market, which has led to farmers being unable to move their harvests. Such market conditions continued in January, with numerous members of our Price Contributor Network reporting that relatively little buying and selling of biomass was
taking place. Transactions that were reported showed high-CBD biomass prices continuing to sink, with the assessed rate for transactions of over 1 million pounds down 53% from last month.
Even the assessed price for high-CBG biomass experienced a 27% downturn. Reports from our network indicate that large volumes of biomass remain unsold, suggesting that further price erosion is possible. Additionally this month, numerous price contributors stated that sales of extracts, specifically distillate, have been sluggish. Very few spot cash purchases are being made and inventories held by producers and processors who are taking splits or tolling fees are growing.”
His exhaustive report determined the following results:
The glut of CBD biomass persisted in January. Numerous members of our Price Contributor Network reported few spot cash transactions, while large volumes remain unsold. The aggregate price for all transaction volumes declined 31% month-over-month, while the assessed price for large transactions (1 million pounds +) sank by 53%.
Sales of CBD extracts, particularly distillates, were also reported to be sluggish in January. Cash transactions are also rare, while inventories of producers and processors taking splits and tolling fees are growing. The assessed price for Crude CBD oil sank by 25% compared to December 2019, and the aggregate price for various types of distillates was down 17%.
As farmers prepare for the 2020 growing season, prices for clones and feminized seeds of CBD cultivars saw increases this month after several months of declines. However, prices for such items remain down compared to those documented at the end of October, when the USDA released new production regulations with an effectively stricter THC limit. Farmers are concerned that available CBD cultivars could be non-compliant with the new rules, while some seed producers scaled up significantly from last year.
Available data shows relatively low planting and harvest rates compared to the amount of acreage licensed for hemp production in 2019, yet growers still generated enough CBD biomass to swamp existing processing capacity and tank prices. Wisconsin officials stated registered growers reported that only 6% of their crops had been sold by the end of 2019, on average. With production looking as if it will increase in 2020, processing capacity and demand appear as if they will have to expand significantly to absorb it.
Just over a year from the date when the 2018 Farm Bill removed hemp from the list of controlled substances and legalized it for industrial growth, issues plaguing hemp producers in 2019 are coming to light. The most dominant pitfalls include a glutted market, unpredictable climate, problems with mold and pests, and a chronic shortage of adequate drying facilities.
Seasoned farmers are no strangers to these types of problems, but industrial hemp poses a new challenge: how to bring a crop in under the .3% THC limit mandated by the federal government.
In an October article by Chuck Abbot at www.agriculture.com, analysts at agricultural lender CoBank forecasted that changing federal regulations would make it difficult for growers to keep up with guidelines for testing plants for excess THC. The National Law Review published a piece on Jan. 19, 2020 entitled “Key Takeaways From USDA Final Interim Rules for Domestic Hemp Production”. (These interim rules are set to expire in 2021 and will be replaced by finalized regulations.)
The scope of the rules includes conditions for growing, processing and/or selling hemp, and requires an approved testing and sampling procedure to ensure that no plant exceeds .3% THC content. Unfortunately, the currently approved method focuses solely on identifying the THC content of the plant rather than its genetic profile (which can definitively identify the plant as hemp). Testing only for THC content leaves this undetermined.
A hemp plant can “go hot” (aka experience a spike in THC levels) due to using a new seed variety, environmental factors, or a plant left to flower for too long. This can lead to what the National Law Review article describes as “excessive non-compliance and crop destruction”, not to mention devastating financial losses for growers. Writing for local Denver publication Westword, Mathew Van Deventer reports that fourth-generation farmer Randy Taylor was forced to destroy eighty acres under hemp production when that hemp tested at .47% THC by the Colorado Department of Agriculture. The CDA is attempting to address this conundrum by approving and overseeing the development of industrial hemp seeds specifically engineered for low THC/high CBD content.
Theresa Bennett’s Q&A with Vote Hemp President Eric Steenstra at www.hempgrower.com provides further insight into the issue. Steenstra shares that there has been almost a 500% increase in the number of people growing hemp nationwide over last year. These new growers are largely unfamiliar with the complexities of the genetic seed make-up required to keep THC in crops from spiking. As a result, buyers are favoring larger-scale operations with tested seed stock and reliable facilities, which edges new growers out of the market before they gain a foothold.
Despite the obstacle that regulations regarding THC content pose for unseasoned producers, industrial hemp still shows a profit margin generous enough to lure those willing to educate themselves and keep abreast of the changing guidelines into the industry. Hopefully, the lessons of 2019 will make for a less perilous and more profitable learning curve for aspiring hemp entrepreneurs in 2020.
A group of hemp farmers including the U.S. Hemp Farming Alliance, First Crop, International Hemp Solutions, HiLo Seed, GenCanna and Farm Journal came together to form the U.S. Hemp Growers Association (USHGA), www.ushempga.org. It is the only national farmer-directed hemp trade association and seeks to provide educational and market development resources, research, and networking opportunities and will unify the voice of farmers to actively engage in critically important advocacy efforts.
At launch, more than 300 farmer-members of U.S. Hemp Farming Alliance will fold into USHGA. Caren Wilcox will serve as the inaugural USHGA executive director. Wilcox is a well-known ag and food leader who has held executive roles at Hershey, the USDA and the Organic Trade Association. USHGA will meet in late February 2020 in San Antonio to secure founding partners and to install an initial board of directors. A majority of the board leaders will be active hemp farmers.
“I am honored to be a part of this historical moment in U.S. agriculture and lend my experience and expertise to the emerging commercial hemp industry as we develop this organization,” said Caren Wilcox, executive director for USHGA. “The forward-thinking industry leaders who have partnered on this endeavor see the potential for hemp as an agricultural commodity and understand this industry can contribute to the environment and sustainable products that benefit, at the grassroots level, farmers and consumers.”
“Industrial hemp provides a unique economic opportunity for farmers and all of rural America,” said Michael Bowman, cofounder of First Crop. “I am thrilled that First Crop is a founding partner of USHGA. Our focus is to promote regenerative farming practices to nurture the soil, not just for this year’s crop but for future generations, and hemp is one of the tools that will help us achieve these goals.”
Farmers and organizations interested in supporting U.S. agriculture’s role in the success of industrial hemp should go to www.ushempga.org to obtain more information or to sign up as a member of the organization.
The USA has a new boom for hemp farmers. Though it is forbidden to consume cannabis at the federal level, 33 states legalized its usage for medical purposes and 11 states don’t mind about you smoking hemp for your personal advantage.
Let’s distinguish the difference between hemp and marijuana. There are over 50 thousands of goods that have hemp as one of the ingredients. They include clothes, cosmetics, beverages, food, construction supplies, etc. These two types of crops are cultivated from one sort of plant, Cannabis sativa L. However, hemp has only 0.3% of THC (Tetrahydrocannabinol), the addictive component of marijuana. This means, that hemp can’t make you high and doesn’t have a similar effect as smoking a joint of marijuana.
According to Barclays Bank and EssayShark, the size of the legal cannabis market reached $28 billion in the past year. If the USA legalizes the full cannabis market, it will enhance to $41 billion by 2028. In case the medical usage is legalized in Europe and at the federal level, the market will grow to $55 billion. It’s logical that such perspectives attract lots of investors. This fact led to the appearance of many hemp-related startups in 2018. At the beginning of 2019, their total value was worth $1.2 billion.
It’s not surprising that these tendencies and potential increased the number of new hemp farmers. There are limits to growing cannabis, but they are quite ridiculous. For example, you can’t grow more than three sorts of the plant. A person can freely grow up to 6 bushes of hemp. People who managed to “catch the wave” of planting cannabis have now grown to the earning millions of dollars. The average price for their final product is seven thousand dollars per one kilo. Farmers are sure that it’s better to work legally and the prohibitions only support the drug dealers and the development of the black market.
The product that had been illegally brought to the USA turned into legal goods. Authorities imposed taxes and customs on them. Workers involved in the hemp industry obtained official employment, government establishments started checking the quality of the product. As a result, the price for legal cannabis increased by 5-6 times in comparison to the illegal options. Many people with low budgets prefer purchasing under-the-table weed instead of paying more. Thus, the new hemp farmers who want to have a stable income must sell their product almost without any retail margin to compete with the existing offers until they have a stable audience of customers.
Due to the high demand and the global madness over an opportunity to earn money in this industry, many people attempt starting their own production of hemp. Those people who have never had experience with anything related to agriculture (it is agriculture by any measure) have a strong belief that it’s a piece of cake. New hemp farmers usually make the same mistakes. They don’t compile a harvest plan and take into account the weather conditions. As a result, they might lose their yield or have a smaller amount of crop than expected.
Another reason that influences the new businessmen is their confidence in finding the customers or contractors for selling their products. Experienced and considered farmers search for the contractors prior to planting the crop. Therefore, they can estimate the approximate number and the workforce required to cultivate and process the product. The majority of new farmers rely on independent contractors who have to cultivate, harvest, and dry their crops. Unfortunately, many such contractors make only verbal promises and don’t satisfy their customers’ needs. As a result, farmers fail to yield and process hemp to have a final product for sale.
It’s difficult for amateur farmers to enter the market and beat the competition. The huge processing and harvesting companies in the industry leave almost no chances for small businesses. Thus, even if you consider all the negative factors like unfortunate weather, low prices, lack of labor, and create a perfect harvesting plan, there is still a high possibility that you might push your income into the red. The industry is facing the oversupply of hemp which leads to the decreased rates. Many farmers hurry to fire-sale their crops to anyone not to lose all the money and efforts put into the cultivation, harvesting, and processing.
The hemp market is definitely flourishing in the USA. Unfortunately, the equipment, workforce, knowledge, skills, and time required to grow cannabis might be too much for the newbie farmers. They tend to underestimate the efforts and financial risks for entering this sphere.
Virginia’s Governor Ralph Northam announced that the first commercial hemp fiber processing plant, Vitality Farms, LLC, will soon be launched in Wythe County. According to the statement, the facility is currently operating as Appalachian Biomass Processing with plans to invest $894,000 and create 13 jobs.
Plant To Buy $1 Million in Hemp
The plant intends to purchase at least 6,000 tons of industrial hemp valued at $1 million or more from farmers in Virginia in the following three years.
Governor Northam further said that his goal is to pursue every avenue meant to bring economic prosperity to the communities. He also noted that industrial hemp production opens the state of Virginia to a sea of opportunities such as new jobs and businesses. Governor Northam added that Virginia is dedicated to developing a booming and sustainable hemp industry, and he believes that by establishing the processing plant, a market will be opened for the farmers and growers of industrial hemp.
In March, Governor Northam aligned Virginia’s hemp law to the 2018 Farm Bill by signing the bill legalizing commercial farming and processing of industrial hemp. The announcement was marked as the first economic development in the hemp industry in Virginia.
The Secretary of Agriculture and Forestry, Bettina Ring, said that farmers in the Southern and Western regions if Virginia could benefit highly from the hemp as it has much potential. She further noted that for areas growing industrial hemp to benefit from the crop’s great potential, they must have a processing facility and robust markets for selling hemp products. In Virginia, the number of registered industrial hemp farmers is more than 1,100 and the local hemp market is growing, said Ring.
The governor’s announcement noted that the Appalachian Biomass Processing will use a specialized decorticator to process bales of hemp stalks into two raw agricultural products. The company will sell bast fiber to a North Carolina company for further processing and sale to the textile industry, while the woody core of the plant, or hurd, will be sold to a Virginia company for use as animal bedding. A native of Wythe County, company founder Susan Moore has cultivated substantial industry knowledge and relationships through experience conducting research in partnership with VDACS and the University of Virginia.
Working with Wythe County to snag the project for the Commonwealth is the Department of Agriculture in Virginia and Consumer Services. Agriculture and Forestry Industries Development, through Governor Northam, awarded the project a $25,000 grant. Wythe County was supposed to match the grant amount with local funds.
The Governor’s office released a statement saying that the company will process hemp stalk into agricultural products with a specialized decorticator. Appalachian Biomass Processing will sell the processed bast fiber to another company in North Carolina for further processing, which will later sell the finished product to the textile industry. The woody core of hemp will be used as animal bedding.
The United States Department of Agriculture has released a draft for the regulation of hemp in the US. The official rules will not be released yet. Geoff Whaling, chair of the National Hemp Association, says once the rules are released they will be temporary for the first year. This allows the states to participate in hemp cultivation and processing for the 2020 growing season. It also allows all stakeholders the opportunity to begin to implement the regulations and determine areas that need to be improved.
From the draft, “under this new authority, a State or Indian Tribe that wants to have primary regulatory authority over the production of hemp in that State or territory of that Indian Tribe may submit, for the approval of the Secretary, a plan concerning the monitoring and regulation of such hemp production. For States or Indian Tribes that do not have approved plans, the Secretary is directed to establish a Departmental plan to monitor and regulate hemp production in those areas.”
The rules also cover other important things like where hemp can be grown, THC testing standards, biomass transportation, licensing regulations, and more.
“The laboratories conducting hemp testing must be registered by the DEA to conduct chemical analysis of controlled substances (in accordance with 21 CFR 1301.13). Registration is 15 necessary because laboratories could potentially handle cannabis that tests above the 0.3% concentration of THC on a dry weight basis, which is, by definition, marijuana and a Schedule 1 controlled substance.” It also has been stated that there has been consideration to establish a fee associated with hemp testing for THC.
If a plant exceeds the legal level of THC, it must be disposed of properly. The draft states “if a producer has produced cannabis exceeding the acceptable hemp THC level, the material must be disposed of in accordance with the CSA and DEA regulations because such material constitutes marijuana, a schedule I controlled substance under the CSA. Consequently, the material must be collected for destruction by a person authorized under the CSA to handle marijuana, such as a DEA-registered reverse distributor, or a duly authorized Federal, State, or local law enforcement officer.”
There also many details within the drafted rules regarding licensing. “To produce hemp under the USDA plan, producers must apply for and be issued a license from USDA. USDA will begin accepting applications 30 days after the effective date of this interim rule. USDA is delaying acceptance of applications for 30 days to allow States and Tribal Governments to submit their plans first. This is to prevent USDA from reviewing and issuing USDA licenses to producers when there is a likelihood that there will soon be a State or Tribal plan in place and producers will obtain their licenses from the State or Tribe.”
It is exciting to see these rules finally being put into place so hemp can be well regulated in the United States. These guidelines should clear a lot of the gray areas that have been causing confusion about US hemp production, allowing for a better-regulated industry that will benefit the economy and community.
Industrial hemp with a THC content of less than 0.3% was removed from its classification as a Schedule I substance in the United States, per the Hemp Farming Act of 2018. The crop was removed from a federal list that classified it as harmful and addictive as heroin and ecstasy. It was removed from the scheduled substances lists entirely and is now categorized as an ordinary crop, though it does have some different regulations.
Before the bill was passed, hemp and CBD businesses operated in a quasi-legal status depending on the states’ individual laws. Hemp has been used in everything from topical products, food, pet care, and beauty.
Now that federal restrictions have been lifted, many are wondering how they can get in on growing hemp.
Before you start planting seeds in your backyard, there are some steps you need to take to ensure everything is done legally.
Here is what you need to do to get started:
Make sure hemp is legal to grow in your state, and be sure you can comply with your states’ regulations for growing
Despite the 2018 Farm Bill legalizing industrial hemp cultivation on a federal level, each state is able to decide exactly what that means for their particular state. According to the National Conference of State Legislatures, Mississippi, South Dakota, Idaho, and the District of Columbia prohibit the cultivation of hemp in any form.
The states that do allow hemp cultivation to have different regulations concerning the ways it can be grown. Some states only permit it for research purposes, and other states allow industrial hemp to be grown for commercial purposes, as well. For example, according to the NCSL “Missouri created an industrial hemp agricultural pilot program, in accordance with federal law, to be implemented by the Missouri Department of Agriculture (MDA) to study the growth, cultivation, processing, feeding, and marketing.” This is a wide range of allowances for hemp cultivation in Missouri. Nebraska on the other hand only “allows a postsecondary institution or the Nebraska Department of Agriculture to grow hemp for research purposes.” There are other states like Nebraska who have a limited scope when it comes to growing hemp.
Ensure you have space, time and patience to give to hemp cultivation
According to Industrial Hemp Farms, hemp plants can be grown about four inches apart, making roughly 15 to 30-inch rows. Think about your purpose for wanting to grow hemp and determine if you have the space to grow what you need. If you’re growing hemp in hopes to turn a large profit, you’ll likely need a lot of space.
Industrial Hemp Farms says irrigation is important, especially in the first six weeks of the seed being planted. Hemp is easily able to be grown organically because it does not require a lot of supplementary nutrition and is virtually pest and disease-resistant.
The plant will grow for 90 to 100 days before being considered fully mature. The hemp plant can be harvested at approximately 100 to 120 days from the seeds being sown. This is usually around September or October.
Submit an application to grow industrial hemp in your state
Each state has its own individual process to begin growing hemp legally. For example, according to Missouri’s laws, “Industrial hemp may not be grown in Missouri and individuals may not possess seeds or propagules without an applicable Producer Registration and/or Agricultural Hemp Propagule and Seed Permit.” The MDA website lists the following criteria for growing hemp in Missouri, “The applicant must be a Missouri resident or the entity must be domiciled in Missouri; and the registered location cannot be within a residence; and the applicant must pass an FBI fingerprint background check; and the applicant must not have been found guilty of or pled guilty to a felony offense under any state or federal law regarding the possession, distribution, manufacturing, cultivation, or use of a controlled substance in the ten (10) years immediately preceding the application date.” The Missouri Department of Agriculture says there will be fees established to participate in the industrial hemp program. These fees will help with the costs of establishing a new industry. There are also annual renewal fees to keep permits and registrations valid.
Wait for your state to approve your application
As mentioned above, Missouri will not even begin accepting applications for industrial hemp cultivation until December 2nd, 2019. This is because many states’ industrial hemp programs will not begin until 2020. Until then, potential hemp farmers will be getting their ducks in a row to apply for the program.
Here’s how the math works according to the report:
The average number of plants per acre was between 1,500-2,000
The conversion of flower to CBD averages 40 lb/kg
The yield per acre is on average 20 kg/acre
This brings a range of revenue per acre to between $30,000-$50,000 per acre.
The report also gave a sample list of the largest U.S. cultivators that have planted over 100 acres.
Lilu’s Garden is the largest hemp manufacturer. The company said that its 2019 harvest is on track to bring in 50 million pounds of hemp or 1 million kilograms if isolated CBD. The hemp is processed in a 175,000 square foot plant in Owenton, Kentucky. Lilu has planted 75,000 acres, which is a record quantity achieved by partnering with numerous farmers.
Eureka 93 has 19,000 acres planted and is a combination of several companies. LiveWell Canada, Acenzia and Vitality CBD Natural Health make up this company that farms in Montana. It has extraction facilities in Montana and New Mexico.
Integrated CBD farms 10,000 acres in Arizona using organic farming processes. The report said that Integrated has the ability to process 200,000 pounds of biomass per day. and 1.3 million liters of distillate per year.
Australian company Elixinol has 4,942 acres in Colorado and Crop Infrastructure Corp. farms 2,115 acres in Nevada.
The report did not shy away from the challenges of growing hemp. “There is a lot of
manual labor involved in hemp cultivation, especially during harvest. Due to the newness of the industrial hemp industry in the U.S., there are limited choices in machinery for harvesting hemp so some farms are retrofitting their machinery to harvest hemp floral material (where the CBD content is highest).”
The plant requires space between the plants, much like tobacco and unlike corn, which can be grown in rows. The report also noted that some companies promise farmers to buy their hemp and then renege on the deal. There is also the issue with the plant’s sex and cross-pollination. Farmers apparently have to make sure the male hemp plants aren’t too close to the female plants.
“Despite these challenges, hemp offers a chance for family farms facing low commodity prices for corn and dairy to increase their incomes. On a per acre level, hemp for CBD is many times more profitable than hemp.”
Brightfield looked at where the top U.S. CBD companies were getting their hemp and of the 21 top companies, 69% sourced their product within the U.S. The report noted that consumers feel strongly about hemp from the U.S. The four companies that get their hemp outside of the U.S. were Epidiolex (GW Pharmaceuticals), PlusCBD Oil (CV Sciences), Medical Marijuana and Nature’s Plus made by Hempceutix.
As the U.S. grows more hemp, Canadian acreage has declined from 140,000 acres in 2017 to 78,000 in 2018. In Asia, China leads the way with 250,000 acres of hemp. In Europe, France and Romania each farm about 40,000 acres.
Brightfield Group predicts “growth in acreage from 2019-2020 will be significant because of the 2018 Farm Bill and the additional states that enacted hemp regulations and legislation before, during, and after the hemp growing season in 2019 (e.g., Ohio, Georgia, Florida). Prices will decline as more hemp enters the market and value will move to process and branded products.”
The company also believes the U.S. will stop importing hemp giving more opportunities for U.S. farmers. There may even be a demand for the U.S. grown hemp, creating a market for the farmers in the states.
The Hemp Market Report will target news from the fast growing worlds of cannabidiol (CBD) and hemp. As a sister site to the Green Market Report, HMR will cover financial stories, but also take a look at lifestyle news as well. The Hemp Market Report will also publish sponsored content as we seek to expand our content offerings.