Industrial hemp production in the United States is expected to grow by 1.2 million acres by 2020, according to a report from the Institute for Responsible Technology (IRT).
The number of acres is expected in line with the previous estimate, but with a more optimistic projection for the 2020 crop.
Industrial hemp is a form of marijuana that has a high THC content, a potent chemical that has the potential to be used as a therapeutic, and it has a wide variety of uses.IRT CEO David Kocieniewski, the author of the report, said that in addition to increasing production and growing hemp in other states, the industry has become more competitive.
He also said that industrial hemp could be used to produce more than 10 million metric tons of ethanol, which is currently used to make ethanol, and could be a significant source of carbon dioxide emissions.IRTA’s report noted that industrial Hemp production has been expanding rapidly in the past few years, and has become a critical part of the economy.
Kocienski told The Huffington Polling that the U.S. hemp industry could reach $10 billion in 2020, up from $3.4 billion in the current year.
He added that a number of other countries are considering legalizing industrial hemp production.
“The United States can no longer ignore the fact that the American industry can no more continue to grow and expand its market share than it can ignore the growing threat of climate change,” Kocienga said in a statement.
“Industrial hemp has long been a powerful symbol of America’s economic and political strength, and we hope that with the federal government’s support and action, the nation can once again become the hemp superpower it once was.”IRT President Matt Houghton told HuffPost that the industry should be considered a commodity, not a crop.
“Industrial Hemp is a plant that is in many ways the epitome of the American Dream.
We are so fortunate to have an economy that supports it, and that will continue to be the case, regardless of what the federal Government chooses to do,” he said.
Houghton noted that the report found that industrial cannabis production was growing at a rapid pace.
“The United Nations estimates that between now and 2021, we will see a 5 percent increase in global hemp production and a 30 percent increase worldwide in hemp seed and hemp oil production,” he told HuffPost.
“Hemp is a product that has been around for a long time and has been used in the American economy for decades.
The United States and Canada have been the only two countries to grow hemp, so it’s only a matter of time until it’s available in the U, U.K., or any other country that wants to export to.”
Houghson added that industrial production could create a new industry for the U of A. “It could provide jobs and opportunities for young people who want to learn and work in a growing industry,” he explained.
“We are working hard to get that going, and with the right support, this could be the start of something very big.”