Applications for state licenses to grow hemp have increased twentyfold since 2015, according to the Associated Press.
Hemp is a type of cannabis plant, but it does not induce a high. It is extremely versatile and has over 25,000 possible applications. Traditionally, industries use hemp to make textiles, ropes, and paper. However, its latest claim to fame is its compound called cannabidiol (CBD).
Since CBD is a hemp derivative, it is non-psychoactive and non-addictive too. It is soaring in popularity for its pain-relieving and anxiety-busting powers. Users even say that CBD products can help reduce the symptoms of serious conditions like cancer, diabetes, and epilepsy. Clinical trials to prove the efficacy of CBD are underway.
Can the gold-colored oil literally prove to be a golden opportunity for hemp growers? The Associated Press reports that farmers can make more than $100,000 an acre growing hemp plants to produce it. The distillate can also be converted into a crystallized form or powder.
Of all its benefits, analysts expect CBD to gain the most traction in the pharmaceutical industry. As mentioned before, users of cannabidiol say that it can help reduce the symptoms of hard-to-treat diseases. A US Food and Drug Administration (FDA) advisory committee recently recommended approval for a CBD drug to treat a rare form of epilepsy in the United States.
Moreover, the onset of CBD oil can resolve the opioid crisis in America. Currently, doctors prescribe opioids for pain management, but opioids come with side effects. They can be addictive, and their overuse can lead to death. CBD products have potential to replace opiates to reduce the symptoms of pain, and they have fewer side effects.
Other than that, CBD is popping up in everyday items like skin-care products, lemonades, coffee, and chocolates. According to The Hemp Business Journal, the CBD market will grow to $2.1 billion in consumer sales by 2020. They expect $450 million of these sales to come from hemp-based sources.