It is becoming increasingly more likely that Congress will pass legislation legalizing industrial hemp. Currently, approximately 40 states have removed restrictions on the production and distribution of industrial hemp. Among those states, 18 have approved the cultivation of industrial hemp. Total sales for the U.S. hemp industry in 2017, were $820 million and are projected to reach $1.9 billion by 2022.*
The industrial hemp industry in the Mid-Atlantic and Appalachian regions is growing at a rapid pace. In less than one year – 2017 to July 2018 – Pennsylvania, West Virginia, Virginia and Maryland all launched industrial hemp pilot programs. The momentum toward federal deregulation of industrial hemp and the growing domestic and international demand for industrial hemp products is sure to be a boon for U.S. farmers.
To learn more about the industrial hemp market and opportunities in your state call or email K&M.