It has been said that legalized hemp manufacturing is reaping the rewards of an ‘international rebirth.’
It’s a persistent rumor spread among pro-cannabis people that the Declaration of Independence as well as the 56 signatures were written on paper made of hemp. As, we now know, that myth has since been deflated by researchers at Thomas Jefferson’s estate, the National Archives, and the Library of Congress. The founding fathers signed the document in 1776 on material made of animal skin. Thomas Jefferson wrote a rough draft of the document on Dutch-made paper containing linen rags, as indicated by watermarks. It is currently being held with the Jefferson Papers collection at the Library of Congress.
Regardless, almost 300 years later, hemp is still making waves in its own right. It has been said that legalized hemp manufacturing is reaping the rewards of an ‘international rebirth.’ Being multifaceted and environmentally friendly to manufacture, hemp is being produced and utilized across the globe for various commercial purposes; CBD, terpenoid oils, elixirs, foods, fabrics, building materials, and so much more.
Hemp has a long and affluent history in the United States, predating what we now know as America itself. Sadly, for the better part of the last century, legalized hemp manufacturing has been saddled with an illegal federal classification simply due to its relationship to cannabis. They are related, but while cannabis is still banned under the federal Controlled Substances Act (it has psychoactive properties from THC), hemp commonly holds only about 5-25% of THC.
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The company, who previously obtained the Hemp Business Journal to boost resources for top-tier data and market intelligence within the industry, is currently following specific potential market trajectories. Sean Murphy, the New Frontier Data’s director observed that,
“There is continued tension in the industry, with actions being taken by and between hemp and marijuana players in states like Oregon. There’s also industry love happening with an increase of M&A [mergers and acquisitions] deals in Canada being driven by Canadian LPs [licensed producers], Big Tobacco, and Big Pharmaceuticals placing bets and positioning their interests in the market.”
“CBD Report 2018,” from the Hemp Business Journal recounted that the entire CBD market in the US increased by 40% in 2017 and is expected to gain another $1.2 billion in revenue by the year 2020, and up again in 2022 by 2 billion. $190 million of those sales came from legalized hemp manufacturing compared to the $177 million generated by recreational and medicinal sources. Considering the possible gains involved, it comes as no shock that there are a few rift beginning within the interested reform movement players.
- The increasing battle over retail shelf space in dispensaries is already causing a few US cannabis operators to worry.
- Cannabis is grown by the square foot in greenhouses and indoor-cultivation factories, while hemp is cultivated by the acre on farms, creating an economic advantage for its growers to overtake the supply chains for CBD products
- The quantity of hemp being harvested in the United States is rapidly expanding with states like Oregon recording up to 3,500 cultivated acres of land in 2017 and it’s neighbor, Washington, cultivated up tp 175 acres!
- 34 states currently have legalized hemp programs, and protectionist legislation is being suggested in multiple legislatures to protect the legal cannabis market from hemp-related competition.
- Paving the way for a budding US market, Canada, specifically Health Canada, documented 138,00 acres licensed for cultivation in 2017, and the Hemp Business Journal predicts that 110.000 acres were under cultivation. Actual data has not yet been verified by Health Canada or the Canadian Hemp Trade Alliance.
- Global competitors from China, Switzerland and Other nations in Europe are buying whole hemp plants because Canadian hemp can now only be used to yield fiber and seeds, leaving flowers and leaves unutilized.
Expectations for the production, use, and sales of low-THC products should stay high, supposing all the clashing is suggestive of future market activity.
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