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From 2018 through 2023, the hemp industry is projected to grow by $3.8 billion, with a key driver for this growth being hemp’s usefulness to the textiles industry—making hemp biomass more sought after than ever before.
The sales of hemp seed oil was somewhere around $4.6 billion in 2019. While this is certainly an impressive figure, sales are expected to skyrocket in the next few years, with projected sales in 2025 reaching $26.6 billion. That’s almost six times the amount of hemp seed oil sold in 2019.
Topics: Cannabis Industry, Spectrometer
Medical hemp usage is a trend that doesn’t seem to be going away. According to a Gallup poll, 14% of Americans say they use CBD and hemp products, with 40% using it for pain relief, 20% for anxiety, and 11% to aid in sleep.
Topics: Moisture Meter, Cannabis Industry
There’s no question that the cannabis industry is booming. A total of 33 states have made marijuana legal for medical purposes, and 20 states have legalized cannabis for recreational use in adults.
Topics: Moisture Meter, Cannabis Industry
