HEMP - Congressional Report Sheds Light On Hemp's Impact And Future Prospects Amid Farm Bill Renewal Talks | Benzinga
- In 2022, the farm-level value of total utilized hemp production amounted to $238.4 million, a notable decrease from $824 million in 2021.
- This encompassed all production types and market segments, with floral hemp dominating in 2022, commanding higher market prices than other hemp products.
- In the same year, the US planted 28,300 acres of hemp and harvested approximately 18,300 acres, accounting for less than 0.1% of total US harvested cropland acres.
The US Congressional Research Service (CRS) released a memo on hemp industry issues ahead of the potential renewal of the 2018 Farm Bill.
THC Limits, Leading States, Policy Priorities In Congressional Report
The "Farm Bill Primer: Selected Hemp Industry Issues” memo highlights that about 20% of hemp grown may exceed legal THC limits, posing risks to farmers operating within USDA's regulatory framework.
Leading hemp-producing states in 2022 included South ...