USDA introduced Hemp Production Program opening the door for american farmers to grow hemp.
“At USDA, we are always excited when there are new economic opportunities for our farmers, and we hope the ability to grow hemp will pave the way for new products and markets,” said U.S. Secretary of Agriculture Sonny Perdue. “We have had teams operating with all hands-on-deck to develop a regulatory framework that meets Congressional intent while seeking to provide a fair, consistent, and science-based process for states, tribes, and individual producers who want to participate in this program.”
CBD (Cannabidiol) is considered be be a natural substance, which might be used as a remedy for pain, inflammation, epilepsy and other disfunctions. Unlike marijuana, hemp, which is used to extract CBD, is low in THC, responsible for the psychoactive effect of marijuana.
CBD MARKET ESTIMATES
| NOW | 2023 | |
| US | – | $24 billion |
| Canada | $540 million | $4,7 billion |
It is expected that with gradual increase of the number of countries enabling hemp cultivation for CBd production, the cannabis prices could fall. This was the case with Canadian farmers who supplied South Korea until China replaced them with cheaper supplies. Still, Canadians find it worthy to invest in hemp cultivation with double the increase of hemp cultivation land area last year.
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