This article is all about the bigger picture concerning hemp oil and the emerging marketplace for hemp-based products in the US…
It’s about providing some perspective that could really cause your eyes to widen and your mind to expand (in good directions!) both as a consumer and as an entrepreneur. Let’s dive right into it:
The Rise of Hemp-Based Nutritional Products
Did you know that in 2011 only about 200,000 acres of land in the entire world were dedicated to official hemp production? Isn’t that nuts? Yes, that was WORLDWIDE folks…
In comparison to the over 300,000 acres devoted to flax in just North Dakota that same year. Or, how about the over 85 million acres reserved for corn production in the US? The demand for hemp and cannabis is about to skyrocket; the world is on the verge of a hemp renaissance, especially in America which has been oppressed under the disastrous “War on Drugs” for far too long.
Here’s a tasty little snipped from the Agricultural Marketing Resource Center which was last updated in 2012 by Malinda Geisier:
“Currently, the Controlled Substance Act makes it illegal to raise industrial hemp (Cannabis sativa) commercially without a permit from the Drug Enforcement Agency (DEA). However, numerous state and national initiatives are working to return industrial hemp production to the United States, where it once was a major crop. Food and fiber uses for industrial hemp are growing rapidly and have increased over 300 percent, to an estimated 25,000 products, in the past few years. Much of that growth is coming from the increased sales of hemp food products.”
Strange it hasn’t been updated since then, because the last 3 years have been incredible! Let’s look at something a bit more recent. The Hemp Industries Association (HIA), “estimates the total retail value of hemp products sold in the U.S. in 2013 to be at least $581 million.”
That’s half a billion in America (the sleeping consumer giant), but here’s the question: do you think that medicinal marijuana and industrial hemp are going to become more or less legal and available from now (late 2014) through to 2020? Try and picture the American landscape at that time. I know, it’s no simple task.
But, it’s safe to assume that a) far more states will have followed Washington and Colorado’s examples in terms of THC-cannabis and b) the industrial and private production of hemp for a large variety of reasons will be off the charts. Why?
The ‘Truth’ about Hemp Oil
The current oppressive system in America isn’t sustainable and it’s breaking. Here’s a quote from Bloomberg in their article from June of 2013 entitled, Washington Races Colorado for Billions in Pot-Tax Revenue:
“In Washington and Colorado, legalization of marijuana may draw as much as $2.1 billion in revenue for the states from new taxes in five years.”
The “Green Rush” is on folks. Like Donkey Kong.
It’s on in the virtual realm where tens of thousands of new hemp-based products will emerge over the next couple years.
And, it’s on in the agricultural world. Over the next 5 years many more states will have legalized medicinal and recreational marijuana along with hemp production and then there will be no stopping it.
As such, all the versatility of hemp and cannabis plants will be exploited to the tenth-power and this includes hemp oil, hemp seed oil and hemp fiber. What do you think? Is hemp going to be the miracle crop of the 21st century? Do you think that hemp going mainstream in America is just a temporary fad or the beginning of a tremendous trend? Let’s hear your take and thanks for reading!