Starting 2022 Strong: Hemp Is Now Worth $824 Million
Since 2018, when hemp was finally legalized on a federal level, many Americans started their own cannabis venture, while thousands started growing hemp on their own.
Still, up to this point, we never had a concrete answer on how many hemp producers were there in the US or their specific demographics. Well, thanks to the first national hemp survey, now we do! Here are some of the results of the eye-opening survey:
- 54.2 thousand acres of all industrial hemp are grown in the open, and industrial hemp is valued at $824 million
- Floral hemp is valued at $623 million; its production was estimated at 19.7 million pounds
- Grain hemp is valued at $5.99 million; its production was estimated at 4.37 million pounds
- Fiber hemp is valued at $41.4 million; its production was estimated at 33.2 million pounds
- Seed hemp is valued at $41.5 million; its production was estimated at 1.86 million pounds
When it comes to the numbers by state, Colorado planted the most hemp in 2021 (10,100 acres to be exact), followed by Montana (7,900 acres), Oklahoma (2,800), Texas (2,800), Minnesota (2,650), and Utah (2,500).
When it comes to the demographics, 82% of growers are male, and 18% are female. Likewise, most of them are between 35 and 44 years of age (26%), followed by the 45–54 age group (25%), as well as 55–64-year olds (20%). At the same time, merely 1% and 3% were under 25 and over 75 years old.
As expected, 90% of growers are White, 6% are Hispanic, 6% are Black or African-American, and merely 1% are Asian and American-Indian/Alaska native.