RE:RE:RE:RE:Tilray Brands - American Cannabis Update Nov 2, 2023
Sales Of Hemp-Derived Cannabinoids Like
CBD Outpace Legal Marijuana And Are On Par
With Craft Beer, Report Finds
The research firm Whitney Economics published the report last week, offering a comprehensive assessment of the hemp industry that’s evolved since the crop was federally legalized under the 2018 Farm Bill.
While there’s been frustration within the hemp market as businesses grapple with regulatory challenges, primarily related to cannabinoid products like CBD, the report says that the industry saw about $28.4 billion in sales of those products last year.
Even without robust federal regulations, the U.S. hemp industry in 2022 was larger than all state marijuana markets, and it roughly equaled sales for craft beer nationally, according to a new report.
The research firm Whitney Economics published the report last week, offering a comprehensive assessment of the hemp industry that’s evolved since the crop was federally legalized under the 2018 Farm Bill.
While there’s been frustration within the hemp market as businesses grapple with regulatory challenges, primarily related to cannabinoid products like CBD, the report says that the industry saw about $28.4 billion in sales of those products last year.A New Poll Finds That Floridians Want Legal Marijuana
“For context, hemp-derived cannabinoid sales nationally were greater than total legal sales of medical and adult-use cannabis in 2022,” it says. With most states having already legalized marijuana in some form, that may come as a surprise.
Notably, the hemp-based cannabinoid market also handily competes with the far more established craft beer industry. The national total for craft beer sales was $28.4 billion in 2022, the same amount as hemp-derived cannabis products, according to the American Beer Association.
“Currently, the total demand for hemp-derived cannabinoids is valued in excess of $28 billion and supports the employment of 328,000 workers, who earn $13 billion in wages. Overall, the total economic impact of the hemp-derived cannabinoid industry on the U.S. economy is in excess of $79 billion,” Whitney Economics says. “While they may seem large, these estimates are actually conservative, because they do not account for demand and employment from gas stations, grocery stores and convenience stores.”
https://www.marijuanamoment.net/sales-of-hemp-derived-cannabinoids-like-cbd-outpace-legal-marijuana-and-are-on-par-with-craft-beer-report-finds/#:~:text=Even%20without%20robust%20federal%20regulations,according%20to%20a%20new%20report.
Business Operations Expert, Economist
Whitney Economics just published the 2023 U.S. National Hemp-Derived Cannabinoid report. The first of its kind report covers the total market for hemp-derived cannabinoids by state and includes economic impact data such as job creation, wages, taxes and the impacts that state-based policies are having on the economic potential in their state. The total demand for hemp-derived cannabinoids in the U.S. in $28.4 billion, which is larger than the total legal sales of adult-use and medical cannabis in 2022.