Industrial Hemp Unlocks New Revenue Sources as the New Year Approaches

Industrial hemp was legalized on the federal level in 2018.

Hemp harvest at Mount Vernon (2018) Photo courtesy: Mount Vernon

(LAS VEGAS, NV) - The latest economic update on the industrial hemp industry’s growth outlook over the next 5 years is reviewed via Hemp, Inc. (OTC PINK: HEMP), as 2022 comes to a close.

According to Research and Markets “Global Hemp Market by Type” report, the industrial hemp industry is expected to have a compound annual growth rate of 21.6% by 2027, equating to $18.1 billion dollars.

This particular report analyzed the many applications of hemp as a textile, food item, and construction material, to name a few and cited the mass success hemp has had during 2022, making it a very socially-equitable industry.

Why has it become socially equitable? As another report eloquently stated, “Industrial hemp is a cultivar of the plant Cannabis sativa (marijuana) that is utilized for a range of industrial and personal purposes. Hemp fiber, hemp oil, and hemp seeds are some of hemp’s by-products.

"Because of their high nutritional content, antioxidant, and anti-microbial qualities, these biodegradable compounds are widely employed in a variety of industries, including personal care products, textiles, animal feed, and others.

"Industrial hemp, as a fast-growing plant, provides a sustainable and renewable raw material for the manufacture of a variety of products, including fuel, plastic, and paper.” (Source: Facts and Finders)

Hemp-based products are environmentally friendly, renewable, and connected with less toxic ways of production. Increased consumer knowledge of this has boosted the market’s growth.

With demand compounding, sources of revenue are rapidly unfolding creating huge, lucrative opportunities for established companies such as Hemp, Inc. That means more market opportunities and joint ventures, increased product sales, and the possibility of more manufacturing opportunities that did not widely exist a few years ago.

As one of the pioneers in the hemp industry, Hemp, Inc.’s foothold runs 14 years deep. The Company has facilities on the east and west coast and offers the broadest range of industrial hemp products.

These products include Spill-Be-Gone (an oil spill cleanup product made from the core particles and powder of the kenaf plant); DrillWall (a non-toxic, biodegradable drilling fluid additive used in oilfield drilling applications); and a full line of CBD/CBG/CBN that includes CBD-CBG Topical Pain Relief Roll-on, CBD/CBG Natural Coffee Enhancers, CBD/CBG Tinctures, CBDa/CBGa/CBD/CBG/CBN Capsules, and CBG Pre-rolls.

Hemp, Inc. also has the means to produce hempcrete, horse bedding, hemp bio-plastics, and more.

The industry has come a long way since industrial hemp was legalized on the federal level in 2018. Subsequently, states have approved their own laws and regulations for hemp production in order to capitalize on this burgeoning industry.

New York, for example, just passed Senate Bill S8496 which promotes greater use of New York-grown industrial hemp by businesses in New York.

It also instructs the Commissioner of Agriculture & Markets, in collaboration with the Urban Development Corporation, the NYS Hemp Workgroup, and industry representatives to develop a plan to expand market opportunities for industrial hemp that would increase its use in manufacturing and construction materials, including packaging, textiles, and hempcrete.

“I’m proud that my hemp bill has been signed into law, directing our state to seek strategic collaborations to help us usher in a new era of manufacturing power, product creation, and rural economic development around an industry that is nearly untapped around the world,” said Senator Hinchey.

If you want to know how your State is tapping into this nearly untapped industry, visit VoteHemp, to find out.

Source: Hemp, Inc.

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