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Hemp is one of the cannabis types currently showing a major rise in their demand as the world is slowly recognizing the benefits of CBD products for their health in general. In 2018, FDA approved and licensed the CBD products to be sold in the USA except for the dietary CBD. But this year, various hemp farmers are ditching their lands and are not showing much interest in growing hemp. This change has come after seeing a significant reduction in the demand for CBD over a year. This sudden gap in the supply and demand of hemp has caused a major headache for US farmers.
What is hemp?
Hemp is a type of cannabis plant which is known to have lower THC concentrations. The hemp has 0.3 percent THC in it. THC is the compound in cannabis that is psychoactive and tends to provide a sense of high to the consumer. But, hemp does not have that compound. Instead, it is loaded with CBD. CBD is a cannabinoid that helps treat various health-related issues. This compound can become a part of the body’s endocannabinoid system. And can help in calming the person without making them high.
FDA has made the usage of CBD legal. It is because it does not make anyone high and also does not show any bad side effects. The CBD in the last few years has shown various positive side effects, which includes:
- Helps to better the skin and reduces acne and blemishes.
- CBD helps in making one relaxed and reduces signs of PTSD, depression, and anxiety.
- CBD helps treat pain and inflammation.
- CBD is also good for dogs as it can calm an anxious pet and help treat pain.
Lowered demand and excessive supply
Hemp has been a talk of the town for years now. Many have stated them to be highly beneficial and, some have gone against the said statement. When in 2018 the CBD got approval from the FDA, it was said to be one of the biggest news back then. Other than dietary supplements, CBD products were allowed to be sold in stores. It increased the demand and, thus, the supply needed to match.
But, as the demand rose, the agricultural supply rose last year. This caused huge amounts of hemp products to be stored in the warehouses. However, in 2020 the pandemic hit, and due to financial issues and many CBD companies still not being approved, it caused demand dearth. Also, there is a decrease in acreage for hemp by 30 percent and indoor by 60 percent. This has ended up causing a big amount of supply to be stored and no demand leading to a drop in price. All this has created the stage for the farmers to stop growing hemp.
Hemp is highly demanded and, one can learn more about strains from here https://www.washingtonian.com/2021/02/01/best-cbd-hemp-flower/. But as the demand dwindles, the farmers are not getting their share. Hoards of produce are still in the warehouse. As the economy is not as strong it should be, the trend is not going to be better shortly.