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…
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