U.S. Hemp Revenue To Grow 27% Annually, Hit $2.6 Billion By 2022

Cannabis isn’t the only fast-growing “green” industry in town

The cannabis industry is blossoming before our eyes. After spending many decades as a taboo and illicit substance, cannabis is now perfectly legal for adult consumption in Canada (as of October 17, 2018). Though supply shortages and regulatory red tape have slowed weed’s launch out of the gate, estimates suggest that Canadian cannabis could net close to $6 billion in annual revenue by 2022.

The marijuana movement is also picking up significant momentum in the United States. At year’s end, 33 states had given the green light to medical marijuana, with another 10 allowing adult consumption. With 2 out of 3 Americans in favor of legalization, according to a Gallup survey this past October, it would be prudent to expect additional state-level expansions to follow in the United States.

However, it’s not just the legal marijuana industry that’s suddenly thriving. Following the passage of the Farm Bill in the U.S. this past December, which legalized hemp and hemp-based cannabidiol (CBD) products, hemp is all the rage.

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