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Hemp Industry Will Boom in 2019 According to Economists

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2019 is set to be a landmark year for the hemp industry. A lot of economists have been reading into the Farm Bill signed into law in December, 2018, as a precursor to their arguments. While the Farm Bill addressed a number of issues, one of the highlights was legalizing the production, sale, and use of hemp across state lines all over the country. All 50 states in the US are part of this legislation.

The trickle-down effect of the Farm Bill has seen a lot of people excited, with farmers already working hard to start planting hemp in their farms. The benefits of hemp by far outweigh most of the commodity crops that have been popular over the years, like cotton. Hemp is a valuable crop, and not as resource intensive as cotton is. Therefore, what farmers are looking at is more than just a crop that will be sold to stoners, but an all-around crop that could change their lives.

Industrial Boom

In light of the recent Farm Bill, it’s easy to think that the hemp industry just got a jolt of energy the other day. However, for many expert economists, signs of good things to come didn’t start just the other day. In fact, as early as 2014, the CBD boom was already in effect. This is according to Eric Oligschlaeger, the President and CEO of Hemp Haus, a Kansas City, Missouri company.

Hemp Haus has been keen on the CBD boom for a long time, and for them and any other company or individual farmer who have been following hemp developments, the Farm Bill was long overdue. What Hemp Haus is currently working on, is how to expand into new frontiers, establish an online presence and get an efficient supply chain up and running.

Understanding Hemp

A lot of people are aware of marijuana, or the effects of marijuana. In fact, it’s the effects of marijuana that often make people give you funny looks when you mention the plant. Hemp, on the other hand, doesn’t have the same effect. Hemp and marijuana belong to the same family, cannabis. However, hemp only has less than 0.03% of THC, which is the active ingredient that makes marijuana give you a high.

Companies like Hemp Haus are currently offering hemp in different forms, including vaping materials, gels, and skin care products. According to research in the field, there has been an uptake in the supply of hemp products since 2017. This began after individual states started amending laws to allow controlled access to hemp.

Studies have revealed that in 2017, more than 23,000 acres of land in the US were used for the cultivation of hemp. One year later, the acreage increased to more than 77,000 acres. Considering that farmers in Kansas and Missouri are yet to include their acreage in this statistic, 2019 looks like the year that the hemp industry and enthusiasts will be very happy about. What remains is clearance from the FDA on beverages and foods that can be accepted, and businesses will be able to offer more hemp products.

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