HEMP - USDA Hemp Market Report Shows Stability And Growth Amid Challenges | Benzinga
The hemp market, after riding the highs of the “green rush” in 2021, faced significant challenges in 2022, similar to the broader global cannabis market downturn. This period was marked by considerable corrections in cultivation and prices. However, a recent report from the U.S. Department of Agriculture (USDA) brings promising news: the market is showing signs of stabilization.
Key Insights From USDA Report
The USDA’s National Agricultural Statistics Service released a report indicating positive trends in the hemp industry:
Market Value and Acreage: The value of open hemp production rose to $291 million, an 18% increase from the previous year, with a stable cultivation area of around 27,000 acres nationwide. The report highlighted that the unprotected segment of the hemp market (areas not covered by specific hemp programs) reached a production value of $258 million.
Yield Improvements: Interviews with farmers revealed that increased market value is partly due to improved yields in various hemp categories, ...