Colorado State Senator Don Coram said, “Validating a law passed by the State of Colorado to insure farmers engaged in hemp production is vital to the growth of this burgeoning industry. Hemp could very well be the cash crop that allows farmers to be profitable and continue the family farm to the next generation. Colorado has been at the pinnacle of leading the nation in the effort to establish hemp production. Any effort to assist farmers by addressing the water issue is vital to our success.”
Hemp Farmers and Experts Praise Farm Bill
Feature News Stories
The Industrial Hemp Farming Act exempts industrial hemp from the Controlled Substance Act’s definition of marijuana, creates a new category for hemp research at universities and state departments of agriculture, and allows for further commercialization of industrial hemp crops.
“I am honored to sponsor the Industrial Hemp Farming Act because I know firsthand the economic viability of industrial hemp. Hemp has created new opportunities for family farmers and good paying jobs for American workers, especially in Kentucky,” said Rep. Comer who led the successful industrial hemp efforts in Kentucky as the Kentucky Commissioner of Agriculture.
Multiple companies within the cannabis space are reporting record high revenues as the industry continues to rapidly evolve and CBD-based products are in hot demand with consumers. The Dept. of Justice’s view of cannabis and legal marijuana operations appears to have had little effect on expanding growth in the market.
Matt Karnes of Greenwave Advisors, stated according to a Forbes report, “In terms of the CBD market size, I estimate an almost $3 billion market by 2021. Right now, there are 15 states that allow CBD only – this is in addition to the 28 states plus DC that have legalized medical marijuana.”
More and more states continue to put legalization on ballots across the U.S. and into growing areas of Canada. The industry has gained a lot of momentum this year with a projected value of $50 billion by 2026. Lines of consumers in many states where legal marijuana and CBD products are approved under local legalization, are at times waiting to purchase a product that retailers can barely keep on the shelves as demand continues to grow at very impressive rates.
Revenues continue to climb for the Legal Marijuana and Cannabis industry along with the CBD-based Product Market beginning to become the leading segment in the industry. Industry sales are surging, consumer demand remains strong and by 2020, legal industry sales are expected to surpass $22 billion and possibly reach twice that amount.
Cannabinoid biotech and pharmaceutical companies are working to get CBD drugs passed by the FDA to treat serious conditions including epilepsy and MS as well as many other conditions.