The Hemp Industries Association (HIA) is a non-profit that monitors the performance of the hemp industry. There are farmers all over America who have licensed hemp fields, and these farmers sell to manufacturers who make hemp-based products. The HIA has finished estimating the total product sales for hemp products in the States, and the figures are growing steadily.
Retail sales of food and body care products made from hemp were estimated at around $200 million for the 2014 fiscal year. These sales do not include the total value of the hemp that was sold to make those products. The total retail cost of all the hemp products and raw materials that were sold in 2014 is about $620 million.
Sales have been growing over the years, and 2014 is no different. Sales at traditional retailers were up 26.8% while sales at natural retailers were up 16.3%. The increase in sales is due in part to the legalization and licensing of more hemp fields in America.
Over 1800 new acres of hemp in Kentucky, Colorado and Vermont were licensed in 2014, and their production added to these overall sales. Some of these hemp farms produce raw materials, but others are have integrated retail sales into the business plan. This increases the overall sales in the industry, and more people are exposed to hemp-based products as a result.
Many farmers who wanted to plant hemp crops in 2014 were not able to obtain seeds, and these farmers may be able to plant these crops in 2015. The numbers are steadily rising, and more farmers are converting parts of their land to hemp plots. 125 acres were planted anew in the 2014 year, and that number is expected to rise.
The Industrial Hemp Farming Act was introduced in the House and Senate in 2014, and the bill hopes to lift all the restrictions that are currently on hemp seeds, cultivation and sales. This will open up many more opportunities for farmers who want to grow hemp, and a massive jump in sales could be seen if the bill is passed. This would add 29 states to the list of 21 that allow hemp to be grown in their borders, and the hemp industry could take off with the help of this bill.
h/t: The Weedblog