Worldwide Hemp Market
Even though hemp, marijuana’s THC-light cousin, has no narcotic properties, and is often referred to as a wonder crop because of its many uses, it is still illegal to grow in the United States according to federal law. Funny thing, hemp products, which include everything from food, to skin care items, to clothing, to textiles, to biofuels and building materials, are perfectly legal as import items. Canada is one of the largest hemp suppliers to the U.S.. In fact it is reported to be a more profitable crop for them than wheat, with a production yield of up to $1000 per acre. However, times might be changing for hemp in the U.S.. Hemp was made legal last November in Colorado when voters there passed that state’s Agricultural Hemp Initiative 64, which allows legal cultivation. Colorado farmers, such as Ryan Loflin who planted the first legal U.S. industrial hemp crop in over sixty years this month, will have to keep their harvested crop inside Colorado for now, because of a federal ban on interstate transportation of the crop. But, who knows, perhaps all U.S. farmers’ will soon be able to cash in on the lucrative worldwide hemp market.