How Much U.S. Farmland Should Be Dedicated to Hemp Crops?
mg Magazine Retail
According to the Journal of the American Medical Association, Google searches for CBD and hemp have risen steadily since 2014. The growing public interest, coupled with the passage of the 2018 farm bill, led to an agricultural boom in hemp farming across the United States in 2019 resulting in a massive glut and crashing prices. Subsequently, U.S. acreage dedicated to hemp crops in 2020 fell by nearly 60 percent.
Operating under the assumption an average bottle of CBD contains 1,500mg, some industry leaders believe even fewer acres will be needed to meet 2021 production needs.
“If we go with 1,500mg per tincture, it means we would only need less than 3,000 acres for the entire CBD market in the U.S. That’s shocking,” said Julie Lerner, chief executive officer at PanXchange, a provider of benchmark pricing for the U.S. hemp industry.