คลังความรู้

The year 2020 was tumultuous in many aspects,

and the development of the nascent U.S.

hemp industry was not spared from disruptions.

In the second year of legal hemp production,

cannabidiol (CBD) entered the national conversation

with an unanticipated rise in popularity

and use. However, the subsequent amount of

hemp grown across the country – propelled by

overall sentiment and popularity – greatly surpassed

the industry’s capacity to process it,

leading to a drastic decrease in biomass prices,

leaving millions of pounds of hemp unsold while posing severe financial

challenges to extractors and farmers alike. Total licensed acreage surpassed

420,000 acres in 20201, although only an estimated 157,000

acres were actually planted during the year. CBD remained the dominant

product choice behind hemp cultivation, with 85% of total

U.S. hemp acreage dedicated to cannabinoid production in 2020.

Total consumer spending on CBD is estimated to have reached

$3.83 billion in 2020, and is projected to reach $6.26 billion by

2025, a 5-year combined annual growth rate (CAGR) of 12.16%