- The rankings reveal that the majority of hemp harvested is meant to be used in the creation of extracts.
- Nearly 500,000 acres amongst 29 states are used for hemp cultivation purposes.
The CBD industry is growing, and analysts rely on market data to make predictions and follow the progress. New Frontier Data is a leader in data, analytics, and business intelligence for the cannabis industry at a global scale.
Now, with Vote Hemp, the authority released their latest report on the US Hemp Market: 2019 State Rankings. This report was developed to examine the current state of hemp cultivation within the United States specifically. The CEO and founder of New Frontier Data, Giadha Aguirre de Carcer, commented:
“As states issue more license, consumer demand increases, and mass-market retailers such as CVS and Walgreens continue to expand their own product offerings, we expect the FDA may be forced to provide further regulatory clarifications sooner rather than later.”
Of the 29 states that reported their licensed hemp cultivation acreage, there is a total of nearly 500,000 acres presently. Last year, there was barely 100,000 acres covered. There’s still a lot of confusion and lack of clarity in hemp cultivation for the purpose of producing CBD, but the demand is clear.
Some of the key findings in the report include that:
- A minimum of 70% of the harvested hemp of 2019 is meant for the purpose of extract production.
- Colorado reports over 80,000 acres of land area for hemp cultivation, making them the leading state in this effort.
- For hemp expansion, Oregon, Kentucky, Tennessee, and Montana lead the states.
- Tennessee issued the most hemp licenses in 2019.
- California will likely be the top producer of hemp in conventional and organic production, due to the thousands of acres already in the ground this year.
The report can be downloaded and purchased from https://newfrontierdata.com/product/us-hemp-market-2019-states-ranking/.