Hemp Products Market $620M in 2014, Industry Group Says

According to a study by the Hemp Industries Association, the 2014 market for hemp products sold in the U.S. had a total retail value of $620 million.

That number includes food and body care products, valued at $200 million, along with other popular items such as non-dairy milk, shelled seed, soaps and lotions, the trade association said.

Further, the $620 million is likely on the lower end of the actual value. The figures were derived from retailers, but don’t include outlets which did not provide data to the association. Retailers who did not participate included Whole Foods Market and Costco.

The biggest growth in hemp-related sales came at conventional retailers, where sales jumped by 27%. Sales at natural retailers grew by 16%, according to the HIA.

Hemp production is legal in fewer states than medical marijuana production and sales. Only 21 state are allowed to grow hemp under Section 7606 of the Farm Bill, the association said.

Missouri was the latest state to award hemp-growing licenses as part of a new law that allows epileptics to use processed non-psychoactive hemp oil to help control their seizures. No other medical ailments aside from epilepsy qualify patients for the hemp-based CBD oils in Missouri, so the business opportunities in the state remain extremely low.

2 comments on “Hemp Products Market $620M in 2014, Industry Group Says
  1. mark on

    Can a Florida resident sell cbd oil as a dietary supplement in Florida? Via a store to serve walk in public.
    I’m finding conflicting info to this an would greatly appreciate the correct answer. These products are available online an state legal in all fifty states an list disclaimers like this one.

    Non-psychoactive hemp is not included in Schedule I of the Controlled Substances Act. Hemp is legal to import, sell, and consume in the United States. Our hemp products are considered food or dietary supplements, and our CBD is a natural constituent of the hemp plant / hemp stem & stalk oil and is not synthetic or artificial; therefore, our naturally-derived, industrial hemp-based CBD is exempt from Schedule I just as any other constituent of non-psychoactive industrial hemp is. The United States Court of Appeals for the Ninth Circuit in Hemp Industries Assn., v. Drug Enforcement Admin., 357 F.3d 1012 (9th Cir. 2004), recognized that “non-psychoactive hemp [that] is derived from the ‘mature stalks’ or is ‘oil and cake made from the seeds’ of the Cannabis plant, …fits within the plainly stated exception to the CSA definition of marijuana.” Id. at 1017. As such, the court determined that the government (i.e. DEA) has no authority under current law to completely b!
    an “THC that is found within the parts of Cannabis plants that are excluded from the CSA’s definition of ‘marijuana’ or that is not synthetic.” Id. at 1018.

    Industrial hemp is legal to import under the Controlled Substances Act (CSA). Since 1937, the federal statute controlling marijuana has excluded the stalk, fiber, oil and sterilized seed of the plant Cannabis sativa L., commonly known as hemp, from the definition of marijuana. 21 U.S.C. § 802(16), and again in reference to 2-6-04 Ninth Circuit Court of Appeals ruling.

    Reply
  2. Mount Zion collective on

    mark

    Read http://mmjbusinessdaily.com/fda-warnings-could-signal-start-of-heavier-scrutiny-on-cannabis-industry/

    Doesn’t sound them fancy arguments you got are going to work, if you plan on just rolling the dice and seeing what happens I probably would try to keep a low profile, especially if you have little scientific testing or evidence of your product…not to mention proper documentation of source of product at the farm and in its processing, storage etc.

    Reply

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