America’s hemp industry may be young, but it is brimming with potential just a couple of years after the 2018 Farm Bill legalized the cultivation and sale of hemp and its derivatives. But while the American hemp industry was valued at $5.66 billion in 2020 and is projected to see major growth over the next decade, it hasn’t received much government support. And given that hemp is a versatile product with a wide variety of applications ranging from cloth, cosmetics, and rope to printer’s ink, wood preservative, and a construction material called hempcrete, government investment could turn the nascent hemp sector into a juggernaut. As such, a national hemp trade organization that claims to represent 90% of Americans with state hemp licenses has asked the leadership of the U.S. House of Representatives to include $1 billion in funding to support hemp innovation and research in a budget reconciliation legislation. According to a letter written by the National Hemp Association (“NHA”) to leading lawmakers, the funding would help prop up the young industry as it tries to find its footing. The proposed amendment would allocate money to allow federal officials to “empower hemp farmers, processors, and related businesses” to help them compete globally, sequester a lot of carbon, repair contaminated soil, and provide funding and job opportunities to underserved communities, among others.
CannabisNewsWire, 09/17/2021 04:20:00