An Introduction to the Hemp Industry
As more and more people realize the benefits of CBD, the industry continues to grow by leaps and bounds. As a result, farmers across the entire country are able to grow hemp in an industrial fashion with the guidance of the United States Domestic Hemp Production Program.
This program is a welcome sight for countless farmers who are looking to become more involved in the CBD industry, contributing to its rapid economic growth.
Seeking to Create New Opportunities for Farmers
One of the reasons why the government regulators decided to give this program the go-ahead is that the United States Department of Agriculture (USDA) is always looking for ways to provide new economic opportunities for farmers. The USDA knows that farming is an important cornerstone of the country’s economy. Because industrial hemp was legalized by the 2018 Farm Bill, the USDA needed to offer a safe and consistent guide for farmers looking to grow this “miracle crop.”
The opportunity to grow industrial hemp provides openings for new products and markets. They have worked hard to come up with a regulatory framework that will work well for this rapidly growing industry. Under the new program, farmers are able to grow hemp plants in every state as well as on reservations. This should provide a fair opportunity to all that is based on consistent regulations backed by science.
New Requirements Under the Program
Of course, the USDA has a handful of regulations regarding the program to ensure that it is conducted both fairly and safely. Those who decide to grow hemp need to obtain a license from the proper regulatory authorities. They also need to maintain records of their business and have their products tested for tetrahydrocannabinol (THC) levels on a regular basis. The program requires hemp farmers to show that their plants have less than 0.3% THC.
Furthermore, the USDA has set up rules and requirements for the disposal of plants that do not meet the requirements of the new program. These regulations are intended to help farmers grow the hemp plant in a safe, consistent, and fair manner.
A Rapid Increase in the Demand for CBD Products
CBD and hemp products are everywhere now. One of the main reasons why the USDA decided to go ahead with this program is that there has been a rapid rise in the demand for products containing CBD (cannabidiol). There have already been published research studies investigating the use of CBD as a treatment option for a variety of medical conditions.
Some people have claimed that CBD can help those who suffer from chronic pain, anxiety, epilepsy, and other medical conditions. In some cases, CBD might be used to help families who might not have any other option.
Many authorities believe that the potential of CBD to help with these conditions has led to a rapid rise in demand. Therefore, the USDA decided that it was time to give this program a green light.
The Projected Growth of the Industry
As the demand for CBD has grown, so has the industry. Some financial studies have expected the sales of various CBD products to total more than $20 billion in the United States by the year 2024. In addition, the sales of CBD products are various CBD dispensaries rose from six percent in 2017 to 11 percent in 2018, nearly doubling.
In this sense, many economic leaders believe that a transformation is taking place when it comes to CBD products. It is growing from a sub-category to a full-blown industry and should be treated as such. This creates a tremendous opportunity for those who are looking to become more involved with the growth of CBD.