The past few years have been instrumental for hemp. The crop is insanely versatile, said to have thousands of applications ranging from industrial ones, such as making bioplastic, fibers and construction materials to nutritional uses. Not to mention it has over a hundred cannabinoids which, according to the limited research we have, are extremely beneficial, especially medically.
It was illegal at the federal level to plant hemp for decades, but after the 2018 Farm Bill legalized cultivating industrial hemp, the industry blew up. As 2020 gets underway, a few industry players have given their predictions on what will unfold for hemp in the coming year.
Ted Haney, Executive Directorof the Canadian HempTrade Alliance, predicts increased hemp acreage in Canada, growing to 200,000. He adds that there will be an increased focus on whole plant utilization, instead of just the flower.
James McCoy, a Nevada based hemp farmer and retailer, says that this year, farmers grew more hemp than is needed. The consumer hemp market didn’t quite live up to the hype, and he thinks there’ll be a lot of really cheap hemp next year.
Ray Mazzie, Executive Director of the Tallahassee-based Hemp Industries Association of Florida, predicts that the hemp industry will undergo explosive growth in 2020 as the USDA and FDA takes comments, release and implement hemp regulations.
Jillian Hishaw, founding director of the Family Agriculture Resource Management Service (F.A.R.M.S), thinks that 2020 will bring more stabilization to hemp farmers as the next season begins. For many of them, hemp was an uncalculated gamble, and after the losses suffered by small hemp farmers, many will grow fewer acres. They will also seek out purchasing contracts with established companies before they start farming.
Scott Propheter, Vice President of Agronomy and Outreach at Criticality, also predicts an overall decline in planted acreage in 2020, mostly caused by the oversupply of hemp from 2019. Since the market will be flushed with hemp, prices might drop, prompting even more farmers to cut back on their investment in the crop.
Claire Crunk, the President of Southwest Hemp Fiber, says that the new year will bring tighter and higher standards for manufacturing practices in extraction as regulatory frameworks and consumer awareness improve. She says that there will be additional focus on hemp fiber, with continued innovation in fiber processing methodology and fiber product development.
Russ Cersosimo, co-founder Pittsburgh based Hemp Synergetics, sees many of the first wave hemp farmers bowing out this time around. He says those who jumped into the industry without any real experience in farming will be challenged to compete successfully in a regulated industry and changing landscape. With the second wave coming in 2020, the market will level out, leaving only the most qualified and advanced sellers serving the market with high-quality products consistently, he says.
Experts believe that sector players like Marijuana Company of America Inc. (OTCQB: MCOA) and SinglePoint Inc. (OTCQB: SING) may wholly agree with most of those predictions since events last year seem to have set the ground for the predictions above to come true.
About HempWire
HempWire (HW) is a dedicated information provider focused on (1) aggregating hemp-related news, (2) issuing HempNewsBreaks designed to update investors on the latest developments in the hemp market, (3) enhancing corporate news releases, (4) providing full-service distribution and social media offerings to public and private client-partners and (5) designing and implementing all-inclusive corporate communication solutions. HW is strategically positioned within the rapidly expanding hemp sector with a team of journalists working to help a growing roster of public and private companies reach a wide audience of investors, consumers and members of the media. We leverage a vast network of more than 5,000 key syndication outlets to deliver unparalleled visibility, recognition and content to the hemp industry. HempWire (HW) is where HEMP news, content and information converge.
To receive instant SMS alerts, text HEMPWIRE to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.hempwire.com
Please see full terms of use and disclaimers on the HempWire website applicable to all content provided by HW, wherever published or re-published: https://www.hempwire.com/Disclaimer
Do you have a questions or are you interested in working with HW? Ask our Editor
HempWire (HW)
Denver, Colorado
www.hempwire.com
303.498.7722 Office
[email protected]
HempWire is part of the InvestorBrandNetwork.
