Hemp is set to become a $32 billion industry by 2030. The hemp fiber and grain market are expected to grow exponentially in the next few years, with hemp-derived foods, textiles, paper, construction materials, and more becoming increasingly popular.
Hemp fiber and grain are expected to generate $32B impact by 2030. The hemp industry is growing rapidly, with the United States being the largest producer of hemp products in the world. Read more in detail here: hemp news 2021.
The National Hemp Association published an economic impact study titled “Building the Sustainable Hemp Industry in the United States” in response to a request from the White House Domestic Policy Office.
The study, which was delivered to the White House last week, lays out a plan to build a new sustainable economy based on hemp fiber and grain, with an estimated $32 billion in economic effect by 2030.
“Hemp has been missing from our landscape for more than 85 years prior to the passing of the 2018 Farm Bill, owing to government restriction and misunderstanding,” stated NHA Chair Geoff Whaling. “Because of this omission, this sustainable commodity has been denied access to the research, technology, incentives, and investment that have benefited America’s other commodities. We’ve got a lot of catching up to do.”
To put a human face on this business, highlight achievements, and show the broad spectrum of national interest in hemp by people seeking to develop the domestic hemp fiber and grain supply chain, the report was accompanied with a collection of video greetings to President Biden from NHA members. Morgan Elliott, Co-Founder & COO of IND HEMP, stated, “We call it the Goodness of Hemp.” In Fort Benton, Montana, the Elliott family has spent tens of millions of dollars to build the first commercially scalable hemp decortication and food/feed/oil processing complex. “Hemp need a supportive and progressive administration, as well as well-funded research, fair laws, and time to mature. Hemp has the potential to transform the country, if not the globe, with a little assistance and investment in the proper technology.”
Faye Coleman, an NHA Social Equity Member, wrote to the President about her work as Co-Founder and CEO of Pure Genesis, a company headquartered in New Jersey. In her statement, Coleman said, “Our goal is to educate our community on the benefits of hemp…working with HBCUs (Historical Black Colleges and Universities), Community Colleges, and Community Leaders to include an integrated curriculum on hemp.” “It is my responsibility and duty to seek inclusion within this wonderful industry,” Calvin Frye, the recently elected head of the Social Equity Committee, stated.
Messages from two CEOs were included in the package for the President. Michael Woods, CEO of Big Sun Holdings (a subsidiary of HN Inc., previously Hyundai BS&C) and Black Buffalo, a 3D printing construction business, believes that bringing a more sustainable cement “ink” alternative to market would need a continuous hemp supply chain. He said that Black Buffalo 3D intends to invest in material science to allow builders, developers, and contractors to utilize its 3D construction printers to produce infrastructure components on-demand, including the capacity to print vertical walls of cheap homes in less than 24 hours.
Another letter came from Steve Groff, a Pennsylvania farmer who has been researching hemp for over 30 years. Groff informed the President that he was “very excited to hear you talk about promoting cover crops in the State of the Union Address” while standing in his Lancaster County Hemp Maze. Groff no-tills his hemp field, which sequesters CO2 and generates “very nutrient rich soil that improves the ecosystem, lowers CO2, and produces nutritionally dense food, even better than organic methods!”
Hemp could become another rotational crop for farmers who currently rotate corn, soy, and wheat, according to the NHA economic impact report. With the right education, harvesting, and processing equipment, hemp could become another rotational crop for farmers who currently rotate corn, soy, and wheat. “Converting only 5% of those fields to incorporate a rotation of hemp in 10 years would translate into 10-12 million acres of hemp,” said Erica Stark, NHA Executive Director, who supervised the research. “Using today’s technology, processing that crop would need the construction of 525 decortication campuses throughout the nation, which, in the case of IND HEMP, will be life-changing for rural communities,” said Stark. “And that is without mentioning the beneficial impact that the cultivation of millions of acres would have on climate change mitigation and soil health. The final goods will be better, stronger, and more long-lasting.”
Mr. President, Hemp Can Help!” Whaling ended his remarks to the President by saying that with his Administration’s assistance, we can develop “America’s Next Natural Resource” and that “Mr. President, Hemp Can Help!”
Hemp Fiber and Grain is a company that has created an impact of $32 billion by 2030. The company plans to use hemp fiber to create new products such as textiles, paper, and food. Reference: hemp business magazine.
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