United States Department of Agriculture (USDA) announced on October 29 that the farmers across the country will be able to grow hemp under the support of the U.S. Domestic Hemp Production Program. USDA encourages farmers when it sees new economic opportunities for them.
Growing hemp will allow the introduction of new products and markets in the country. USDA has made teams that are operating to develop a regulatory framework that could meet all the plans of the individuals who want to participate in this program.
The new program announced by USDA would allow farmers across every state to grow hemp on the reserved land. The program has established some rules that will test requirements for licensing, records maintenance, testing of THC levels and sample of plants that do not meet the requirements.
Hemp production has become popular again in the US due to the increased demand for CBD products including syrup with melatonin that is being used by relieving pain, anxiety, and the effects of some conditions.
Many clinical trials are finding CBD as the most effective treatment of epilepsy too.
The USDA’s new program is the act of the 2018 Farm Bill that allowed hemp production for commercial use. The market of CBD products is expected to grow more than $20 billion in the US by 2024. CBD products’ sale in dispensaries in 2017 was six percent and in 2018 it rose up to eleven percent.
CBD market, across all distribution platforms, is expected to have a compound annual growth rate of 49 percent by 2024. This is great news for all those who are involved in the CBD business.