By Zev Paiss
To better characterize the size of the U.S. hemp market, the Hemp Biz Journal studied sales and trends in seven major product categories and many more subcategories. They talked to industry thought leaders, manufacturers, government regulators, scientists, farmers and many others, conducting more than 125 interviews for this inaugural issue and pulled together import and export statistics, looked at industry data from associations such as the European Industrial Hemp Association, Hemp Industries Association, International Hemp Building Association and point-of-sale data from SPINS. The Hemp Biz Journal estimates that the U.S. hemp industry reached $593 million in sales in 2015 and project it to reach $1.8 billion by 2020.
Hemp industry insiders say they’ve seen this coming for the better part of a decade. With hemp growing legally in 26 countries, the U.S. has lagged the global hemp market, embroiled in a prohibition dating back to the 1930s. Spurred by legislative changes and a more tolerant political climate for cannabis, states like Colorado, Tennessee and Kentucky are starting to see their memories of hemp prohibition fade away. Now the young U.S. hemp market is experiencing a new set of problems: growing pains.
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Read this full story…..: Updated Hemp Market Statistics from the Hemp Biz Journal