Regen NC Hemp Market Research

  • Hemp Market Projections
    • Hemp is projected to grow 18.3% each year (“The Hemp Industry is Growing like a Weed,” Cornell Daily Sun)
    • Graph projecting the growth of the industry from 2019-2027:

Acres licensed for hemp production in 2017 vs 2018 graph (“Chart: America’s hemp acres hit almost 80,000 in 2018; Montana new leader among states,” the Hemp Industry Daily)

 

    • Five new states are growing hemp in 2018: Illinois, Massachusetts, South Carolina, Oklahoma, and Wisconsin
    • Montana is an emerging state, going from 542 acres in 2017 to 22,000 in 2018.
    • Hemp-derived CBD sales are projected to rise to between $6.1 billion and $7.5 billion by 2023
    • Hemp-Derived CBD products are growing faster than Marijuana-Derived CBD products (“CBD industry to grow to $2 Billion by 2022,” New Frontier Data)
    • 78,176 acres grown in 2018, compared to 25,713 in 2017 (Vote Hemp Crop Report 2018)
      • Out of the 78,176 acres, 10,090,188 square feet of greenhouse or indoor cultivation are included.
        • 231.64 acres of greenhouse/indoor cultivation. 
          • Only 0.3% of hemp is grown indoors/in greenhouses. 
    • 45 states enacted hemp bills
    • Hemp legal to grow in 24 states by the end of 2018 (“Hemp Report: Top 10 States”, Hemp Industry Daily)
    • 2018 10 hemp states:  Colorado, Kentucky, Oregon, North Dakota, Minnesota, New York, North Carolina, Tennessee, Vermont, Nevada
      • New and emerging markets: Arkansas, California, Pennsylvania, South Carolina, Virginia, Washington State, Wisconsin
    • Farmers are switching to hemp.
      • Blue Forest Farms used to grow kale, squash, and pumpkins but has switched to hemp
      • Revenue ratio: $35-40 per pound of hemp biomass vs $1 per pound of kale.
      • Currently 150 acres and expanding to 1,000 producing acres (“These hemp farmers are making a killing on the CBD industry,” CNN)

 

    • 45 states enacted hemp bills
    • Hemp legal to grow in 24 states by the end of 2018 (“Hemp Report: Top 10 States”, Hemp Industry Daily)
    • 2018 10 hemp states:  Colorado, Kentucky, Oregon, North Dakota, Minnesota, New York, North Carolina, Tennessee, Vermont, Nevada
      • New and emerging markets: Arkansas, California, Pennsylvania, South Carolina, Virginia, Washington State, Wisconsin
    • Farmers are switching to hemp.
      • Blue Forest Farms used to grow kale, squash, and pumpkins but has switched to hemp
      • Revenue ratio: $35-40 per pound of hemp biomass vs $1 per pound of kale.
      • Currently 150 acres and expanding to 1,000 producing acres (“These hemp farmers are making a killing on the CBD industry,” CNN)