Hemp Industry Overview 2021
“For every human illness, somewhere in the world there exists a plant which is the cure.”
And what if we tell you there is a plant that has more health benefits than you can count on your fingers?
Growing at a rate of 30 centimetres in just a few weeks, the hemp plant is a popular and one of the most valued plants for anyone who knows how to wield its benefits. Since it is extremely low in THC, eating hemp products cannot get you stoned. But it is still a type of Cannabis sativa plant and thus, has been regulated by the government because of its psychoactive properties.
The good news is that times are changing, and so is the hemp industry. Hemp is now spun into fibre to make all different kinds of products, including paper, plastics, automobile parts, furniture and much more.
Read this post to get a quick hemp industry overview of 2021!
Hemp as an Alternative Medicine
One thing that can be said with absolute certainty about delta 8 THC and delta 9 THC is that they will be on the rise as alternate medicines. A great variety of health products are now made from hemp, such as massage oils, lotions, gummies, bath bombs, etc.
Aside from these health products, hemp is also proving to have a massive market as an alternate medicine. And with problems like illegal trafficking and overdose on prescription narcotics, it is only likely that in 2021, more doctors will be prescribing CBD as an alternate medicine for illnesses like depression, joint pain, and other common illnesses.
Legalization of Hemp
The legalization of hemp in all forms is largely expected to come to pass around the world. Lately, in the United States alone, there has been an overall trend of a legalization process for the plant. More and more governments are now taking it into consideration logically that hemp is just a plant.
In November 2020, the US presidential elections have been, in particular, a significant event for the cannabis industry. All cannabis legalisation ballots were passed in all five states; Mississippi, South Dakota, New Jersey, Arizona and Montana. And even interesting is that both the elected president and vice president have indicated an interest in addressing a federal cannabis reform in the country during their time in office.
Economical Growth From Hemp Production
Sales of cannabis, especially delta 8 THC and delta 9 THC, have witnessed a surge every year in the states where it is legal and that’s not it. Every year the list of states where hemp is now legal keeps getting longer.
From seed to sale CBD is known to be a labour-intensive market, offering jobs for people at all education and experience levels. A report predicts that during the 2020-2024 period, the industrial hemp market is expected to grow by USD 3.35 bn, progressing at a CAGR of 11% during the forecast period.
Being the 8th fastest growing industry in the U.S., both medicinal and recreational CBD sales are likely to witness a whopping surge in the new year. Needless to say, for all cannabis businesses, 2021 will be an important year to build on what they’re already doing and cross the T’s and dot the I’s for a promising future ahead.
Visit Freedom Health CBD to find out more about premium hemp products!
