Federal Hyper Focus on Hemp Cannabinoids is Suppressing the Growth of Fiber & Grain
By Beau Whitney, Whitney Economics
In 2023, U.S. Hemp-derived Cannabinoid Sales are Larger than Legal Cannabis Sales
The U.S. cannabinoid market is a major national industry. At over $28 billion in revenue and with a nationally integrated supply chain, the hemp-derived cannabinoid market is currently larger than the entire legal U.S. adult-use and medical markets.
Will Proposed Federal Fixes Do More Harm than Good?
Hemp operators are looking for federal support in terms of standardizing rules and regulations related to hemp-derived cannabinoids so that the industry can maintain its extensive supply chain, support consumer demand and continue interstate commerce. Right now, a one size fits all policy is doing more harm than good, and has reduced the fiber and grain opportunities by $20 billion alone in 2022/2023.
Many groups are involved, and policy makers are getting conflicting inputs. As a result, policies are haphazard, when they should be focused on specific sectors and issues like public safety, youth access, and product testing. Issue-specific policies would be beneficial because they would limit unintended impacts on other hemp sectors.
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EVENTS
Front Range Fall Hemp Fest
October 13, 2023. Longmont, Colorado
International Conference Hemp & Industry
October 16-17, 2023. Prague, Czech Republic
CBD Journey & CannaCon 2023
November 2-3, 2023. Tokyo, Japan
Asia International Hemp Expo & Forum 2023
November 22-25, 2023. Bangkok, Thailand
MJBIZCON 2023
November 28-December 1, Las Vegas
Jack Herer Cup 2023
November 29, Las Vegas
10th Annual NoCo Hemp Expo & 1st Innovate Earth Symposium
March 20-22, 2024, The Broadmoor Resort, Colorado Springs, CO
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