US Industrial Hemp Plunges from Last Year
“There were 28,300 acres of hemp grown in the open with 18,300 acres harvested by comparison and 2021 there were 54,100 acres of hemp grown in the open with 33,500 acres harvested so that's a decrease of 38% in planted acreage and a decrease of 36% in harvested acreage in 2022. The value of hemp production and open and under protection in the US totaled $238 million down 71% from 2021.”
While the report does not provide a reason for the abrupt industry drop off, Jonathan Miller, general counsel for the US Hemp Roundtable said in an email blast that the economic opportunity for us farmers continues to decline, with the chief culprit being the Food and Drug Administration's inaction on regulating hemp extracts such as CBD. In January, FDA said that after years of review, since hemp and its derivatives like CBD were legalized under the 2018 Farm Bill. It determined there is not a regulatory pathway in place to enact rules, allowing the hemp to be marketed as a food item or dietary supplement. The agency said congressional action is needed to develop CBD.