The hemp industry’s steady growth is good news for many. Truly, hemp has enormous potential for good as America’s #1 developing cash crop. Here are several reasons why the hemp industry is becoming a major player in the economy today.
Hemp marketing potential has been rapidly increasing and will continue to increase within the next couple of years. Today, the hemp industry nearly surpasses other popular industries including the virtual reality industry and big data industry. In fact, it is projected that, by 2025, the hemp industry will increase by 34%, or from USD 4.6 billion to 26.6 billion. That is a lot of selling power potential.
Thanks to recent changes in agricultural law, as well as political pressure on the loosening of hemp growing and exporting restrictions, many economists believe that the US will become an agricultural power, or ‘hub’, concerning hemp. For this reason, it may be worth taking a look at if you are thinking about investing in the industry.
America’s Growing Power
So far, the majority of hemp growing power is in several states. These states include Washington and Hawaii, as well as several others. However, this is projected to change in the near future as lawmakers recognize the utility and potential of cannabis as a cash crop.
Cannabis has a lot of potential to be America’s next big cash crop. Not only does it have thousands of uses, but it is also a relatively easy and eco-friendly crop to grow. Compared to other cash crops, like corn, hemp requires less water, fewer chemicals such as pesticides and herbicides, and less fertilizer. Furthermore, hemp grows rather vigorously and flourishes in many parts of the country. No wonder why many farmers have their eyes on this developing cash crop.
As briefly mentioned before, cannabis has so many potential uses. In fact, there are 40,000 different known or potential functions of hemp. Only several of these uses include fuel, clothing, paper, and bioplastics. And not only does cannabis provide great sources of fiber and oil, but it also offers many different medicinal properties that can aid in mental illnesses, degenerative diseases, chronic illnesses, and even skin disorders. Many people use hemp as a pain killer as well. Therefore, one of the main reasons why the hemp industry is seeing so much success is purely because of its utility.
No matter who you are—an agriculturalist, economist, health researcher, investor, or even just an interested consumer—the hemp industry’s current and future growth is an exciting thing to contemplate. After all, there are so many ways in which hemp could be used to benefit Americans from all walks of life.
Read this next: How to Destress When Life Gets Crazy