“BOTTOM LINE - Fueled by growing demand for CBD as a health-enhancing ingredient in foods and beauty products, sales of the cannabis derivative could hit $24 billion in the U.S. by 2023.” - Bloomberg
“Global CBD Oil Market is expected to grow at a CAGR of 38.45% to reach USD 3782.32 Million till 2024. CBD oil is an extract of cannabis that acts as a natural pain reliever, has anti-inflammatory properties, and reduces epileptic seizures, etc. According to a survey by the National Center for Biotechnology Information (NCBI) conducted between 2017 to 2018, about 62% of the population used CBD-based products to treat various medical conditions.” - MarketResearchFuture.com
“With an ever increasing number of plastics being utilized in human lives and expanding weight being set on limits accessible for plastic wastes disposal, the need for biodegradable plastics and biodegradation of plastic wastes have gained increasing importance in the last few years.” - ES3 Web of Conferences
The quotes above make one thing very clear: Hemp is back as part of natural resources, and that resource is poised to dominate many parts of human life.
The lowly hemp plant, called “weed” for its ability to grow successfully almost everywhere, offers a huge number of possible uses.
Medicine - Hemp and its cousin, marijuana, have scarcely been explored by the medical community. As shown above, CBD oil is already a massive industry and is only going to grow. In states with medical marijuana, this plant is changing lives by being able to help people off of opioids to relieve their pain. According to proponents, it’s impossible to overdose on cannabis, which means it’s an excellent replacement for opioids in our medicine cabinets.
Fuel - Hemp can provide not only biodiesel and ethanol. Because the plants grow so quickly and they produce massive quantities of oil and cellulose, they can provide us with fuel on a massive scale. Hemp could easily replace corn for ethanol or biodiesel. With not a lot of effort, the entire fuel infrastructure could be replaced in a decade or two.
Fiber - Hemp provides a fiber that can be used for everything from paper to clothing. Similar to cotton, hemp is useful to create almost anything that cotton can. The difference is that hemp produces 220% more fiber per acre than cotton. It uses less water, needs fewer pesticides, and actually improves the soil, reducing the need for fertilizers.
Overall, hemp is one of the most useful plants in the world. Sadly, it has a reputation as simply being for getting high. Prior to being banned in the US, cannabis could be found in almost every over-the-counter pain remedy, cough syrup, and medicine.
The future of hemp is excellent. That will accelerate if the federal government legalizes or reschedules marijuana to a Schedule IV or V drug, where Xanax and Valium are, versus Schedule I where it is now with heroin and LSD.
The future of the hemp industry is bright because it’s a vital part of the green revolution. In 100 years, hemp could replace most of the products we currently rely on fossil fuels for. Of course, there’s a lot of resistance, but consumer demand will probably change that quickly.
What’s your perspective on hemp as a resource? Do you see it becoming a major force as many in the industry hope?