First USDA hemp survey sets benchmark
The USDA has released its first initial survey of industrial hemp production since a domestic hemp production program was established in the 2018 Farm Bill.
The total value of industrial hemp was estimated at $824 million in 2021 with the largest portion used for fiber, followed by floral production for products like CBD oil. Floral production generated the largest value.
More than 54,000 acres were planted in the open last year with more than 33,000 acres harvested.
Hemp grown under cover was estimated at 15.6 million square feet.
The market analytic company Hemp Benchmarks says harvest was down significantly because of drought in the west, a depressed market, and supply chain issues in 2021.