How Hemp Became Insanely Lucrative
Hemp-derived products’ rising acceptance, combined with easing state regulations, caused U.S hemp production to explode in 2018.
A versatile plant used for thousands of years as a food and fiber source, Industrial hemp was grown commercially in the United States until both its and marijuana’s cultivation was prohibited after World War II.
“Industrial hemp” is a variety of Cannabis sativa L. containing less than 0.3% plant chemical delta-9 tetrahydrocannabinol (THC), the psychoactive compound typically associated with “Marihuana,” Agricultural Act of 2014, 7 U.S. Code Section 5940. Different varieties of the same plant species, Cannabis sativa, marijuana is cultivated to yield psychoactive THC and industrial Hemp is cultivated for more than 25,000 oil and fibrous products.
CBD is an example of an oil based hemp-derived product, has broad health and wellness uses, and, according to cannabis research firm Brightfield Group, CBD’s domestic market reached $291 million in 2017 and will hit $1.65 billion by 2021.