According to new estimates by the United States Department of Agriculture (USDA), hemp sales in the U.S. could increase to $25 million by 2020. USDA also estimated that by 2022, the sales could skyrocket to $100 million.
Hemp Industry Daily outlines some of the figures estimated by the USDA in a new special report, which was researched and compiled by experts and the editor of the Hemp Industry Daily. The report is titled ‘The USDA Hemp Rules: A Handbook for Hemp and CBD businesses’.
The report breaks down the costs and implications of the new USDA rules. It also answers questions on compliance and opportunities in the industry.
The free report released on Tuesday by Hemp Industry Daily outlines the USDA interim final rules guidelines on the establishment of a domestic hemp production program. On October 31, the USDA interim final rules took effect.
The USDA said that the growth of hemp sales would be determined by three factors, and these include;
- The rate of hemp acreage increase within the past few years.
- The number of states that produced hemp in the past few years under pilot programs
- The number of states that have authorized hemp production after the 2018 Farm Bill
The interim final rules were released on October 29 after the White House Office of Management and Budget approved the USDA hemp production federal rules.
Although the rules were welcomed, producers and experts in the hemp industry are working to determine the meaning of the rules and how they will affect the growing industry.
The editor of Hemp Industry Daily sat down with Shawn Hauser, a hemp attorney at Vicente Sederberg, in an exclusive webcast to discuss the rules hemp companies need to comply with, THC testing and landscape sampling as well as where to look for new opportunities.
In their special report, “USDA Hemp Rules: A Handbook for Hemp and CBD Business” the Hemp Industry Daily found other crucial information concerning the hemp industry, and this includes:
- The total number of estimated hemp production licensees through 2022.
- Per-acre yield and
- gross revenue estimates for hemp fiber, flower, and grain.
- Individual crop overview and
- Insurance programs available for farms and crops for U.S. hemp growers.
According to the 2019 Hemp and CBD Industry Factbook, other states that have approved hemp laws that are dependent on USDA approval include Florida, Georgia, Ohio, Louisiana, and Texas.
Industry watchers believe that hemp industry actors, such as HTC Extraction Systems (TSX.V: HTC) (OTCQB: HTPRF) and Marijuana Company of America Inc. (OTCQB: MCOA), feel encouraged by this bullish outlook the U.S. hemp industry.
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