Economic Survey Says Hemp Has Potential to Be Third-Largest U.S. Crop
Whitney Economics has released “The Field of Dreams: An Economic Survey of the United States Hemp Cultivation Industry,” a cultivation and processing report. The survey concludes that hemp has the potential to become the third-largest agricultural crop in the United States by revenue, second only to corn and soy. According to the report, the total value of the hemp biomass is an estimated $11.3 billion or roughly 6% of the total value of the entire U.S. cash crops. However, the report also reveals that 65% of farmers who responded to the national survey did not have a buyer, and that there is one processor for every four growers. This means the average land area per processor is 138 acres, signifying a major constraint in the hemp supply chain. The full results of the survey are available online.