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Hemp: A Multibillion-Dollar Opportunity for CanIDeal
May 9, 2018
Hemp is a multibillion-dollar opportunity for the cannabis industry, with potential to revolutionize the entire market. Currently, the U.S. is the world’s largest consumer of hemp, importing an estimated $100 million worth of products each year. And while hemp cultivation remains illegal at the federal level, the crop can still be grown in U.S. states that have hemp legislation and pilot programs.
U.S. Hemp cultivation has seen significant growth in recent years. In fact, from 2016 to 2017, the top 10 hemp growing states increased their cultivation acreage by 140%, and the amount of hemp producers doubled. Moreover, the number of hemp producers in Oregon, Tennessee, and Vermont more than tripled in 2017, while Minnesota, New York and North Dakota saw growth of 533%, 425% and 600%, respectively. These numbers are projected to grow even more if the Hemp Farming Act of 2018 passes, which was introduced by Senate Majority Leader Mitch McConnell in April. If passed, this bill will legalize hemp as an agricultural commodity and remove it from the list of controlled substances.
What would this legislation mean for CanIDeal? A major increase in revenue streams! Think about all of the business opportunities associated with Hemp–paper, textiles, clothing, biodegradable plastics, paint, insulation, biofuel, food and more. Not to mention CBD, a cannabis compound with analgesic, anti-inflammatory, and anti-anxiety properties and no psychoactive effects. According to Brightfield Group, the U.S. market for CBD hit $291 million in 2017, and they estimate it to reach $1.65 billion by 2021 – a near 6X increase.
That’s a lot of money entering the cannabis industry, and CanIDeal will serve as the B2B e-commerce entity for it all—making now a great time to invest.