The hemp industry has been on the rise since 2018, with its national legalization taking effect in the same year. Of course, hemp-derived products have also been helpful, especially CBD Canada, often used to ease people’s anxiety and arthritis.
In fact, the use of CBD oil in Canada has also led many experts to predict that many territories in Canada will jump and invest in the hemp industry. This process will, in turn, lead to higher demand for hemp from farmers, researchers, marketing experts, and many more.
However, the hemp industry has also led to plenty of positive changes in agriculture and the economy. What were these changes? Continue reading to learn more.
Decades-long laws are being changed due to the high demand for hemp.
Legislators passed the 2018 Farm Bill through Congress and was a significant sign that the hemp industry would change for the better. Through this bill, legislators removed restrictions on hemp products, allowing them to be sold all over the country.
Moreover, because of this, the Marijuana Tax Act of 1937 was changed by legislators since Congress had categorized hemp the same as marijuana.
With the bill’s passage, the buying and selling of hemp products have boosted the economy and intensified agricultural practices, especially those related to hemp.
Huge bets are being placed on the hemp industry by farmers.
After Congress passed the 2018 Farm Bill, many farmers chose to switch to the hemp industry by placing huge hemp bets. In fact, in 2018, more than seventy-eight thousand hectares of land were used to grow hemp by farmers.
In addition, in 2019, more than five hundred thousand hectares of land were also used to plant hemp, increasing more than 455% from 2018. This is notable since very few industries are capable of such growth. Therefore, it’s an indication that many farmers are genuinely trying to invest in the hemp industry.
However, to meet the growing demand for hemp, not only farmers are needed but also other small business owners who can aid in the launching of hemp products.
New careers are being created through the hemp industry.
Research conducted in 2019 showed that the hemp industry would grow to almost $2.2billion come 2022. Because of this, through the hemp industry, many jobs have been created that enabled people to make a living.
In fact, the hemp industry has created and boosted jobs in sections like sales and marketing. Moreover, more and more people are advertising hemp products such as CBD oils to make more sales, allowing them to generate more income.
Aside from this, other jobs such as researchers have also been created by the industry’s sudden popularity.
After all, hemp is also being researched to identify essential components that can ease problems in the human body, such as insomnia.
Moreover, it’s also important to note that projections foresee that job generation from the hemp industry will exceed ones from the cannabis industry in a few years.
Overall, the hemp industry has been critical in growing the economy and agricultural sectors. Because of this, the hemp industry needs to be protected so that people can continue to benefit from its growth.