Yesterday, the U.S. Department of Agriculture (USDA) National Agriculture Statistics Service (NASS) released the results of its first Hemp Acreage and Production Survey including data on the total planted and harvested area, yield, production, and value of hemp in a National Hemp Report.
This survey, and other similar non-governmental reports, continue to demonstrate a steep decline in hemp production and commodity prices nationwide.
The USDA survey results conclude that the total market value of hemp production in the U.S. reached $824 million in 2021, with about 54,200 acres grown across the country. Compared to 2019-2020 reports, this is a 50-75% decline in acreage dedicated to hemp production. And of the hemp grown, a much smaller portion was actually harvested: Colorado, for example, planted more than 10,000 acres of hemp, but only harvested 31 percent of it. Much of this can be attributed to “hot” hemp crops testing over the stringent THC levels.
Additionally, floral hemp production for the cannabinoid-based products continues to dominate the market, accounting for approximately 75% of total hemp production value at $623 million.
Still, the CBD market remains unregulated and has resulted in an overall 90% decline in commodity prices according to Hemp Benchmarks. The industry that was projected to hit more than $20 billion by 2024 has a long way to go in order to get there!
To US, it’s clear.
The lack of regulatory framework for CBD products combined with the burdensome testing and THC requirements for growers and processors has created too many industry barriers and complications.
Congress must act by passing common-sense legislation to regulate CBD (HR 841, HR 6134 and S 1698) and other cannabinoids, while providing regulatory relief for farmers (HR 6645).
Please visit the links below and fill out the forms to contact your members of Congress urging them to support these critical bills that would empower farmers and hemp producers by providing them a safe, fairly regulated market to sell their hemp crops and products.
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