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By Beau Whitney, Chief Economist, Whitney Economics
Hemp has been a hot topic as of late, even when it comes to adult-use and medical policies. Despite being separated legally, there seems to be an intersection when it comes to how cannabis and hemp can coexist. Despite these discussions, there is a lot of education that needs to be done on hemp in general and the opportunities that expanding the hemp market brings.
Three Industries within the Industry
The three pillars of the hemp industry: Fiber, grain and cannabinoids have had a rough go of things as of late. Not only are policy makers so focused on hemp-derived cannabinoids that they are inadvertently and negatively impacting the fiber and grain sectors, but with falling prices, lack of investors and regulatory murkiness, participation in the hemp industry is at a pre-farm bill low point.
The Surge of Participation Has Declined to the Point of Over Correction
As many in the hemp industry know, the number of acres licensed grew significantly after the passage of the 2018 farm bill. With over 80% of licensed acres dedicated to cannabinoid based cultivation even in 2020 and 2021, the collapse of the hemp cultivation market has seen its steepest declines in that sector, while fiber and grain cultivation has remained steadfast. As a result the U.S. hemp cultivation industry has the fewest licensed acres in the post farm-bill era.
SD Processor Boosts Industrial Hemp in Dakotas
PA Producers look to grow a market for Hemp
Pittsburgh Post Gazette
Valley Farmer holding out for Industrial Hemp reform in Virginia
Daily News Record
ADS Market Week,
August. 20-23, 2023, Las Vegas Convention Center, Las Vegas, NV
11th Annual International Hemp Building Symposium
October 10-11, 2023. Amsterdam, Netherlands
CBD Journey & CannaCon 2023
November 2-3, 2023. Tokyo, Japan
HIACON 2023 – Going Mainstream
November 28-29, Austin, TX
November 28-December 1, Las Vegas
10th Annual NoCo Hemp Expo & 1st Innovate Earth Symposium
March 20-22, 2024, The Broadmoor Resort, Colorado Springs, CO
Experience Hemp Prague and the European Hemp Conference
June 5-7, 2024, Prague, Czech Republic – Save The Date
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