Hemp and CBD have only been legal in America since the end of 2018, but you wouldn’t know it from the popularity of the products these new companies can barely keep in stock. But this multi-billion-dollar industry is, basically, an infant. And infants come with unforgiving learning curves, which is why entrepreneurs now flooding this space can find solace in the new “Hemp & CBD Industry Factbook.”
In its five-year outlook, the latest volume anticipates even more growth.
“The hemp industry had an economic impact of $4 billion to $4.8 billion in the United States in 2020 and up to $15.8 billion in 2025,” according to Kristen Nichols, editor of the Factbook.
The book is put out by the Hemp Industry Daily, and is meant to help guide the hundreds of thousands of people clamoring to get into this burgeoning industry.
The U.S. hemp industry only first gained traction after the 2018 Farm Bill removed the plant from the Controlled Substances Act. Since then, the retail value of hemp products have soared.
Even remote sectors of the hemp industry, like cosmetic and personal care, are expected to greatly contribute to the industry’s economic growth, according to another study published by Grand View Research.
This is because demand for hemp-infused products has been on the rise since people have learned of their benefits, which include acting as an anti-inflammatory and having anti-aging properties.
Projections provided by this year’s “Hemp & CBD Industry Factbook” appear to be lower compared to previous years. In 2019, the hemp industry was projected to reach $26.6 billion in 2025. The hemp industry is projected to reach $15.8 billion in 2025.