The United States imported $1.9 million worth of hemp textiles in 2017 and 312 tons of hemp yarn, valued at $2.7 million, according to data from the U.S. Department of Commerce’s Office of Textiles and Apparel. Retail sales of hemp textiles in 2016 were about $96.3 million, according to a report from the Hemp Industries Association.
Our biggest foreign competitors are China and India. Hemp textiles, both woven and non-woven, in the USA are produced by importing most of their textile-grade hemp fiber. China is the largest producer of hemp. Presently, an overwhelming share of China’s hemp market is dedicated to textile production, a history of which extends at least 5,000 years. Consequently, China enjoys a completely developed hemp-processing infrastructure along with cheap labor and lax environmental regulations.
‘Roth Capital Partners estimates the U.S. cannabis market at approximately $11 billion today and Fortune is predicting that it will double to roughly $23.4 billion by 2022! Based on the information at hand, a potential investment in Industrial Hemp is a way to be on the ground floor of a new and emerging industry and become involved without legal and political worry. The industrial hemp market is booming, and this rapid growth is projected to continue in the future. According to the cannabis research firm, Brightfield Group, the industrial hemp market was a $591 million industry in 2018 and is projected to explode to $1.65 billion by 2021!’ (source:lvginc.com/blog/blog1/investing-in-hem June 21, 2019p)
This emerging market presents significant economic and environmental benefits for investors, producers, and consumers. Although all investments contain risk, and you, as a potential investor should be aware of these risks, many individuals and companies are capitalizing on the legalization of hemp and the expected rapid growth of the hemp market. With revenues projected to hit $1.65 billion in 2021, investing in hemp is truly an investment in the future. (source:lvginc.com/blog/blog1/investing-in-hempJune 21, 2019)