The Second Green Gold Rush
While the cannabis industry is getting most of the flashy headlines there is another business ripe with opportunities -the industrial hemp market. As a cannabis entrepreneur and medical patient, I’m always on the lookout for new and exciting ventures. Here are two articles highlighting what’s to come in this new and exciting industry.
The first article, titled “The Hemp Boom is Coming” written by Marijuanastocks.com describes a bright future for the industry. The article begins by pointing out the crucial differences between hemp and cannabis. “Hemp contains a very small amount (less than 1%) of tetrahydrocannabinol (THC), the primary psychoactive ingredient in marijuana.” In other words, smoking hemp will not get you high. The article goes on to describe the variety of products that can be created using hemp. These include clothing, biofuels, construction materials, and paper products. The author projects that industrial hemp could be a 26 billion dollar industry by 2026.
The second article written by Olivia Bailey of WCYB News paints an equally optimistic picture. In Wise County Virginia, researchers are looking at hemp as a potential cash crop to revitalize the local economy. Hemp would provide a replacement for jobs lost from the decline of coal and tobacco in the reign. Legislatively things have also begun to change. Virginia passed a bill in 2015 allowing universities to finally look into the benefits of the plant. According to university biology teacher Ryan Huish, "There is a big potential for it to boost the economy in the area, so we're trying to find out which types, which cultivars are going to grow well here."
The US is about to embark on an industrial hemp renaissance that will be worth billions in the coming decade.
Here are three things you can do to capitalize on this new and exciting market:
1. Watch Cannabis Legalization- Hemp's relation to cannabis is what has kept it illegal. Now that marijuana reform is moving forward hemp is following suit.
2. Remember Climate Change- Hemp cultivation on a large scale replenishes the soil and is a great source for biofuels and organic building materials. Both of these are economically viable tools to combat climate change. Very few other products exist in the market similar to this.
3. Don’t get discouraged- Bringing a new agricultural product to market takes time. There will inevitably be short-term setbacks. Keep focused on the long term.
The Industrial Hemp market is an exciting, new industry and should be on the radar for any cannabis entrepreneur.