Hemp: The Multi-Billion Dollar Industry

Hemp: The Multi-Billion Dollar Industry

The industrial hemp industry has been evolving at a high-pace rate amid technological innovations. From the grower to the manufacturer, and from the growing facility to the end consumer, technology is transforming the industrial hemp industry in ways no one predicted.

According to Allied Market Research Reports, it’s the technological advancements in cultivation and machinery that can develop hemp plants more efficiently. It is projected that the industrial hemp market will reach $18.6 billion by 2027 — growing at a CAGR of 22.4 percent from 2021 to 2027.

The rise in usage of hemp seed and hemp seed oil in several food applications, increase in awareness regarding advantages of recreational hemp, and surge in demand for hemp-based beauty and personal care products drives the growth of the global industrial hemp market.

What is Industrial Hemp?

Industrial hemp is a close cousin of marijuana and they both share the name cannabis sativa. Cannabis sativa has been rediscovered as a high-value crop and is quickly becoming established in the US.

The various economic products of cannabis sativa are the basis for grouping hemp into four categories: fiber hemp, oilseed hemp, hemp products for medicinal markets, and hemp products for recreational markets. Fiber and oilseed/grain hemp are collectively known as industrial hemp.

There are three different oils from industrial hemp: cannabidiol (CBD) oil, essential oil, and seed fixed (fatty) oil. Cannabidiol oil is legal in many states and is being included in a wide variety of products, from gel caps to tinctures and facemasks.

Smilyn Hemp-Derived Products

Industrial hemp may only be grown in compliance with applicable state and federal law, including the 2014 and 2018 farm bills and the anticipated U.S. Department of Agriculture regulations.

Smilyn Wellness offers a portfolio of hemp-derived products that are trustworthy, tasty — and geared toward an active new-age lifestyle.

The leading health and wellness brand delivers highest-quality CBD, Delta 8, Delta 9, HHC, THC-O, THC-P, and Live Resin THC-O products, lab results, brand transparency — along with incredible consumer experiences, fast shipping, and extraordinary discounts.

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