The $820 Million U.S. Hemp Industry Is Going Mainstream in 2019

The U.S. hemp industry generated $820 million in sales in 2017 and is on the verge of skyrocketing.

By 2022, U.S. hemp-based product sales are expected to more than double to $1.9 billion.

U.S. hemp industry
That means you’re going to see the hemp industry go mainstream next year.

And to understand just how big this is going to be (and how big the profit opportunity will be), I spoke with four experts in the cannabis industry.

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Here’s Where the $820 Million Hemp Industry Is Headed

The first expert I spoke with about the budding hemp industry is Rick Weissman.

He’s the founder and president the High Falls family of companies. High Falls Extracts (HFEX) and High Falls Agriculture (HFAG) are licensed CBD hemp research partners with the New York State Department of Agriculture.

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And he told me the two biggest sectors to watch for 2019 in the hemp industry…

“There are two primary trends in the hempisphere which are going to continue to gather more steam in 2019. The first is the health and wellness movement, which will be spurred by the proliferation and adoption of hemp based CBD products, which are starting to go mainstream. Hemp-based CBD products will continue the trend to supplant synthetically derived pharmaceuticals. The second trend will be the revitalization of the agriculture/farming communities in states that have allowed their farmers to grow hemp. We are seeing this in pockets throughout rural New York, where there are hemp-growing farming operations, as well as in other hemp-friendly states. The passage of the Farm Bill of 2018 with the Hemp Amendment, which will completely make hemp federally legal, will open up banking to the hemp industry and allow farmers to get crop insurance, amongst a bevy of other federal benefits which will follow.”

The next expert I spoke with was Lex Pelger, the head of education and outreach at Bluebird Botanicals, one of the largest hemp extract manufacturers and retailers in the world.

He believes the passing of the 2018 Farm Bill will be monumental for the industry…

“The clear direction of hemp is onward and upward, faster and faster. If the 2018 Farm Bill passes as expected, it will be the rocket boosters that take this industry to the next level. The further protections laid out in the bill will encourage the major natural and specialty retailers to put hemp onto their shelves. The fast-growing popularity of CBD speaks for itself and makes it clear that the hemp revolution has only just begun.”

Our next expert believes there is only one thing holding back hemp.

Dylan Summers is the Director of Government Affairs at Lazarus Naturals, an industrial hemp company aiming to be the best and most accessible CBD company on the market.

“Considering direct-to-consumer e-commerce sales of hemp products keep climbing, major publications are reporting positively on hemp-derived CBD; podcasters and other influencers are promoting hemp product brands, and progressive hemp legislation is seeing bipartisan support at the highest levels of government. It is apparent that hemp has already landed in the mainstream. Frankly, the only thing holding hemp and hemp products back is the fact that it still resides in a legal gray area. But as hemp solidifies its place as a common agricultural commodity and is freed from the tethers of illicitness via the next iteration of the Agricultural Act, that will all change. With a new codified sense of legality, positive perception of the plant and its products should sustain growth in the hemp industry at least for the foreseeable future.”

Finally, the last expert I spoke with believes drinks and beauty products are the wave of the future for the hemp industry.

Bethany Gomez is the director of research for Brightfield Group, a cannabis-focused market research firm providing accurate and comprehensive consumer, brand, and market insights in the industry.

“Hemp-derived products are definitely heading mainstream, particularly hemp-derived CBD products, especially once hemp is legalized at the federal level with the 2018 Farm Bill. We expect the explosion of product innovation to continue, with a focus on CBD-based and hemp-seed-oil-based beauty products like topicals, skin care, and bath products. Sales of CBD beauty products are expected to reach $290 million in 2019. CBD drinks will become increasingly popular next year, though there are a lot of question marks on how the FDA will handle these products once legalization goes through and how quickly and widely these products can be commercialized.”

I’d like to thank our experts for sharing this exclusive insight with Money Morning readers.

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