Did you ever imagine that hemp—or cannabis—would ever be considered a cash crop? Anyone who knows the history of cannabis wouldn’t be surprised. For centuries, cannabis has been used as a cash crop all over the world. It is almost funny that people today are just starting to recognize everything hemp truly has to offer—not including marijuana’s ‘recreational’ purposes. Here are three reasons why hemp may just become America’s newest cash crop.
Current Market Potential
Given hemp’s many uses and its potential as an eco-friendly alternative to other types of plants, cannabis’ market potential is only projected to increase. In fact, according to recent data, the hemp market is estimated to expand by as much as 34% within the next couple of years. This means that hemp’s current market of USD 4.6 billion is projected to reach 26.6 billion. Crazy, right? And people have barely begun to scratch the surface in regard to cannabis’ true market potential and utilization.
America’s Growing Potential
Hemp, extracted from the cannabis sativa plant, has the potential to be America’s newest cash crop, especially given its sustainability and growth potential. In fact, if you thought corn was easy to grow and very utilizable, hemp may be giving it a run for its money.
Hemp not only grows better than corn, but it also requires smaller amounts of water, fertilizer, and even pesticides. Furthermore, while corn has thousands of uses, from diapers to shampoo, cannabis has tens of thousands of uses, from gasoline to soaps to clothes. No wonder why farmers have their eye on this cash crop. Already, we have several serious hemp growing states that could potentially ramp up production.
As previously stated, hemp has thousands and thousands of uses, as well as many more potential uses. Its uses not only include everyday things like fuel and paper, but hemp also contains many medicinal properties. For example, hemp is a great natural relaxant and anti-depressant. Furthermore, many people are finding relief from pain by taking hemp or CBD. Who knows—hemp may even be the answer to chronic illnesses such as heart disease and cancer.
While most Americans today are more familiar with the recreational uses of marijuana, there are so many more benefits that cannabis offers—benefits that do not include intoxication. In reality, it is understandable why farmers and investors have developed a sudden, growing interest in the plant. America has only scratched the surface of hemp’s potential.
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