328% Increase in U.S. Hemp Cultivation Acreage
New Frontier Data Releases 2019 U.S. Hemp Study
New Frontier Data, the authority in data, analytics and business intelligence for the global cannabis industry, in collaboration with Vote Hemp, releases The U.S. Hemp Market: 2019 State Rankings. The report examines the current state of hemp cultivation in the United States. Findings include analysis of individual market’s licensee landscape as well as predictions on the future of competition in pricing.
“The 29 U.S. states reporting licensed hemp cultivation acreage total almost half a million acres in combined cultivation land area, which is a massive increase compared to 2018 figures of a total land area barely over 100,000 acres. While there continues to be uncertainty and a healthy amount of confusion around hemp cultivation for CBD production, it is clear that demand is nonetheless continuing to rise across the U.S.,” noted Giadha Aguirre de Carcer, New Frontier Data CEO and Founder. “As states issue more licenses, consumer demand increases, and mass-market retailers such as CVS and Walgreens continue to expand their own product offerings, we expect the FDA may be forced to provide further regulatory clarifications sooner rather than later.”
Among the key findings from the report:
- At least 70% of the 2019 U.S. hemp harvest is intended for extract production
- Colorado leads the nation in hemp cultivation and processing land area with over 80,000 acres reported
- Oregon, Kentucky, Tennessee and Montana lead in hemp program expansion efforts
- Tennessee leads in total hemp licenses issued in 2019
- California is poised to be the top-producing hemp state for both conventional and organic production as thousands of acres have already been planted this year
