Hemp-hemp-hooray for the U.S.A. and the move they’ve made to legalize hemp! But, is Trump going to sign the 2018 Farm Bill just to send a blow to China by knocking them out of the green scene as the dominant producer of hemp? It’s estimated that China currently is responsible for the production of an estimated 50% of the global hemp supply. Hemp is a member of the cannabis family that can be used for all sorts of things. One of the most valuable commodities from hemp is a phytocannabinoid produced by the plant called cannabidiol or CBD for short.
Oh Gee – Could it Be- All Because of CBD?
CBD has loads of reported medical benefits and is starting to acquire credible medical research to support these benefits. With Canada legalizing cannabis across the country, and China already responsible for around 50% of the worlds hemp supply, America is finding itself falling further and further behind in the green scene. The current trade war taking place with America and China has hurt farmers across the United States. In addition, levied tariffs that China has imposed on agricultural crops like wheat, corn, and soy imported from the U.S. have left family farms across America barely hanging on. Hemp could help offer these farmers some relief.
A New Era for the Global Hemp Trade
The 2018 Farm Bill paves the path to open doors between the U.S., Canada, and other countries. Doors that will allow them to participate in the global hemp trade. The current value of the CBD market alone is an impressive one already being worth billions. The Brightfield Group believes the hemp market will soar to $22 billion by 2022. If more products switch to environmentally friendly hemp, we could see this number become substantially higher. Imagine if hemp were used to make cars, boats, planes, houses, and buildings in addition to clothes, and more! The potential for hemp to thrive in America is alive these days more than ever before.