Projections: U.S. Leads in Global Hemp Cultivation
The U.S. hemp-derived CBD market is expected to reach $23.7 billion by 2023, up from the current value of $5 billion, according to Brightfield Group. Thousands of farmers are ramping up production in response to the passage of the 2018 Farm Bill (which legalized hemp at the federal level), the expansion of state industrial hemp programs and the promise of profits.
HIGHLIGHTS
- In the U.S., the profit potential of CBD is driving the growth in hemp cultivation
- Hemp for CBD could potentially generate $45,203 in revenue, per-acre, compared with $773 for corn.
- U.S. farmers are expected to invest in hemp cultivation for the higher return potential from hemp-derived CBD.
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