USA: CBD industry to generate $23 billion by 2023

The legalization of hemp in the United States, driven by the Farm Bill of 2018, has largely contributed to the explosion of the CBD in the United States. According to a recent study by Brightfield Group, sales of CBD products derived from hemp could reach $23 billion by 2023.

The report Hemp Cultivation Landscape estimates that hemp growers could earn 40000$ of income per acre (0.4 hectare) once the market has fully matured.

Today in the United States, only 4 states continue to ban hemp cultivation. The hemp boom has led to a significant increase in the area under cultivation. to quadruple between 2018 and 2019.

The study estimates that 87% of the area cultivated with hemp should be directed towards CBD extraction, with the remainder going to classic industrial uses for hemp. This percentage is expected to fall to 82% by 2023 as the industry consolidates. Analysts predict that hemp cultivation will increase by 75% over the next four years, for a total of 2.7 million acres (1 million hectares) of hemp by 2023.

Colorado is currently the leading state in terms of the amount of hemp grown, with 42,500 acres this year (17,000 hectares), the equivalent of industrial hemp cultivation in France. Oregon and Montana are almost tied for second place, with 29,859 and 29,400 acres respectively. Next come Tennessee (20,000 acres), Arizona (18,000 acres) and Michigan (16,122 acres), which are becoming major hemp producers.

The report notes that many farmers choose cloned plants over seed, mainly to ensure that only female plants are produced. CBD levels are highest in unpollinated female plants, and cross-pollination from male plants can reduce total CBD yields. This has led to a shortage of certified feminized hemp seeds and clones, increasing the risks for farmers of growing crops with low CBD levels.