Freedonia In The News
Article Title: Study: U.S. farmers expand hemp acreage
Publication: Refrigerated & Frozen Foods, 7/11/2019
Freedonia Study: Cannabis Growing Market (3749)
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U.S. farmers are quickly expanding hemp acreage to take advantage of the booming demand for CBD compounds used in the food and beverage industry.
In states where marijuana prices have plunged due to a flood of new entrants and oversupply issues, a significant number of outdoor marijuana growers are switching to hemp production.
Consequently, the majority of additional cannabis capacity in the near term will be dedicated to hemp production. The study, “Cannabis Growing Market,” produced by The Freedonia Group, Cleveland, Ohio, discusses the regulatory environment, production of marijuana and hemp, demand for consumables and growing equipment and trends by state.
“Demand for equipment used in cannabis growing applications is expected to reach $2.7 billion in 2019 and expand 10% annually to $3.9 billion by 2023,” says Carolyn Zulandt, analyst.
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