Hemp has been thrown into the equation whenever a discussion comes up about whether cannabis should be grown for the good of society and the economy. Chinese farmers have had a long and distinct advantage over U.S. farmers who have often struggled to gain access to hemp over the better half of a century. The 2018 Far Bill changed the view of hemp, a member of the cannabis family that contains little to no amount of THC, the psychoactive ingredient that led to the banning of cannabis in general production, according to The Guardian.

What is the Hemp Industry Worth?

This is a tough question to answer because of the relatively new nature of the industry following the legalization of hemp and other cannabis plants in 2018 by the U.S. Federal Government. What we can be certain of is the fact the industry has already proven a success with its three commonly seen sectors seeing varying levels of success in the U.S. market.

Overall, the hemp industry is seen as one of the major successes of the agricultural sector over the last few years. The total worth of the hep market is still difficult to understand fully because of the different types of farmers making their presence felt in the U.S. from cottage outdoor growers to huge, indoor facilities over 7,000 feet in total space. Some reports have estimated the entire market is worth around $5 billion per year in 2020. The cannabidiol market is the most significant part of the sector with Statista reporting the market is with around $2 billion per year. Of this $2 billion per year, the market will produce more than $600 million from the sale of hemp-derived CBD.

Getting the Formula Right

One of the issues seen with the growth of cannabis plants of ay kind is the lack of research that is available for those looking for help in growing these plants. Ag Professional reports farmers around the U.S. are desperate to obtain licenses to grow hemp and take advantage of the market but face some issues when it comes to understanding how to grow hemp.

The market is going to face many issues with trial and error over the course of the development of the sector before hemp processing can be completed with ease. Farmers are reporting there is no specific right or wrong way to grow hemp because of the illegal nature of the plant for the last eight decades. Among the problems being seen is how much fertilizer to use for the best level of growth and how many cannabis plants to include per acre. Research is being completed at colleges and universities around the nation into how best to grow hemp, but this is a part of the industry that is difficult to estimate for the future.

Different Types of Hemp Production

When you are considering what you could earn if you switch from traditional crops to hemp, you will usually find yourself questioning what type of hemp production you are going to complete. Hemp processing is required if you are to try and grow these plants for fibers. This is a part of the hemp industry where the U.S. is still falling behind the Chinese hemp-growing and processing industry which has decades of experience to call on regarding the use of fertilizers and processing opportunities. If you are looking to harvest and process hemp for fibers you will see profits but you need to have a processing facility located close to your farm for success to be achieved.

The second form of hemp production you should know about is for grain used by the food industry. Grains offer a hefty profit when compared to other industries that are producing edible grains and crops for the food and beverage industry, but they still lag behind the CBD oil extract market.

CBD Oil has the Highest Demand

Farming, like most industrial sectors, is all about supply and demand. CBS oils are in the highest demand for those working with hemp extracts, no matter what reasons an individual has for wanting to use these products. Former professional football players are calling for hemp processed CBD oil to be an area of investment for the NFL as a way of handling the problems caused by head injuries in the sport. CBD oil is an integral part of the modern medical industry and looks set to continue to rise on profitability in the coming years.