According to an analysis by the Boulder-based Hemp Business Journal, sales of hemp products will reach $500 million nationwide in 2015. That is 25% more than it was in 2014 when the United States accumulated approximately $400 million worth of such hemp-based products imported into the United States. That will likely change since hemp farming is now legal after being prohibited for 77 years. Three states have had a great majority of contribution in hemp production during 2015: Colorado (2,000 acres), Tennesee (1,000 acres), and Kentucky (922 acres).
At the moment, there is no system to track what hemp is being grown for at the moment, but in Colorado, the plants are typically for CBD, a non-psychoactive chemical compound, according to the publisher of the Hemp Business Journal. “That’s the real story — the CBD market,” he stated. Sales of products infused with CBD are usually for pain relief and may reach up to $85 million in 2015.
“A couple of years ago, there was no CBD market,” Murphy added. “(Look) how fast that emerged in a year or two.”
Much more data on CBD sales is soon to come, but one can deduce that since 51% of hemp is coming from Colorado, it is clear that, as Murphy said, “Colorado is really driving that.”
Some farmers have guessed that the growth has been even more rapid than what others are predicting. For instance, industry insiders believe the CBD market is closer to $300 million nationally, according to Alexis Korybut, president of Boulder-based CBDRx.
“And that’s probably conservative,” he said, noting that the number was based on observation and stories rather than a real number. Either way, he still believes that the market is very undervalued.