Interest in hemp cultivation in Oregon is on the rise as more farmers are looking to sell their hemp for CBD oil extraction.
There are those who foresee hemp becoming a more lucrative market than marijuana because, despite the marijuana industry in the U.S. being slated to hit $44 billion by 2020, demand for hemp continues to surge. In states from Kentucky to New York, farmers are turning to hemp as the next big cash crop. Oregon may be the most poignant example of this trend, as a record number of farmers in the state have turned to growing hemp for CBD extraction.
The newfound growth in Oregon hemp fields is tied to changes made to Oregon’s 2016-revised industrial hemp bill allowing larger hemp plots and greenhouse growing, which have attracted a unique set of farmers looking to cultivate hemp specifically for CBD hemp oil.
This quickly expanding market segment (9000 acres of hemp were planted nationwide this year, as opposed to half that total the year before) is positioned to help put hemp products back into the hands of 322 million Americans.
Before the recent changes to Oregon’s hemp bill, only 13 farmers, focusing mainly on growing hemp for seed and fiber, completed the licensing process. This year there are 77 authorized hemp farms in Oregon, covering 1200 acres. This increase in hemp farmers is estimated to be driven specifically by the desire to extract CBD oil from the hemp.
The CBD rush hasn’t been restricted to just Oregon growers. An estimated 60 percent of the acreage dedicated to hemp in Kentucky is headed to the CBD oil market, according to Brent Burchett, an official with the Kentucky Department of Agriculture.
The federal government doesn’t classify cannabis with less than 0.3% THC by weight as marijuana. Rather it considers these plants to be hemp, making their finished products legal to purchase in all 50 states. These products are also able to be shipped over state lines, unlike high-THC marijuana.
Sixteen states have passed CBD only medical marijuana laws that focus on high CBD products. However, despite these laws limiting CBD oil for serious or life threatening illnesses, CBD hemp oil products can be sold and used as a dietary supplement in all 50 states regardless of local laws.
Medical Marijuana, Inc. is a proven leader in the CBD hemp oil supplement industry. The first to sell these CBD hemp oil products to all 50 states, we carry CBD supplements in a range of application methods, such as topical salves, sublingual tinctures, and infused capsules, in our online store.
Although it is CBD hemp oil that is driving the push to grow hemp in Oregon and in other states across the country, the hemp plant can also be used for countless other products, from cooking oil and animal feed, to clothing, bioplastic, hempcrete, and fuel. This increasing market for hemp can go beyond helping the kickstart the economy: it has been demonstrated that planting hemp can help lower our carbon footprint.