MCTC - USDA Praises Hemp Industry Growth But Warns About Challenges
The U.S. hemp industry has seen massive growth since the 2018 Farm Bill legalized the cultivation of industrial hemp. Bolstered by the demand for hemp-derived CBD, the sector is already worth millions just a year after federal legalization, and experts predict it may hit $20 billion in 2024.
However, according to a report released by the U.S. Department of Agriculture (USDA), the nascent industry hasn’t yet settled into a rhythm. Titled ‘Economic Viability of Industrial Hemp in the United States: A Review of State Pilot Programs,’ the report explored the economic viability of the growing American hemp industry after decades of prohibition due to...
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