By 2025, it's estimated that the global industrial hemp market will reach $10 billion or more.
There are thousands of uses for this variety of cannabis; industrial hemp is currently being used for medicines, textiles, construction material, animal feed and animal bedding, topical creams, rope, and much more. And one thing that's been contributing greatly to the growing success for hemp has been the rise in demand for cbd products, as there are many hemp-derived cbd products that you can now find today on the market.
In Pennsylvania, where hemp has recently been legalized, there are many farmers who are seeing a boom in business and happy now that the tide has turned. One farmer from the region, Shawn House, says that he is happy now to know where the product is coming from and that it's being grown locally rather than being imported from somewhere else.
Researchers at various educational facilities in the state of Pennsylvania have also recently started to grow their own hemp so that they can investigate the multiple benefits that it could potentially provide. As one researcher has admitted, Mr. Graybill from Penn State Southeast Agricultural Research and Extension Center, there could be many uses for hemp that are yet to be discovered and they say that the market is wide open for that opportunity to investigate new potential uses.
Hemp businesses are growing rapidly elsewhere in the U.S. and worldwide. Last year in the U.S., hemp sales were reportedly $820 million. Despite moves from officials in recent years to try and endorse hemp legalization in various states though, the federal government still views the plant as a “dangerous drug” and various individuals admit to having tremendous difficulty while trying to navigate the hemp market as a result of that confusion between state and federal rules on the matter. Also, just because someone might be interested in exercising their freedom to grow this plant, doesn't mean that their local government will authorize them the freedom to do so--no one is guaranteed a permit.
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