The hemp industry seems to make a mark in the near future. If there’s anyone making full use of the plant, it is surely the Americans!
According to Globenewswire, The market for industrial hemp was worth over US$ 4.5 billion in 2021 and is anticipated to reach US$ 17.24 billion by 2030.
It is true that the new legislation has fundamentally changed how hemp policy is seen in the United States. In the 18th and 19th centuries, hemp cultivation was permitted in the United States. The plant was then prohibited in the 20th century but was later legalised in the 21st century.
The year 2019 saw the United States overtake China and Canada as the third-largest hemp producer in the world.
However, as a matter of fact, hemp had been cultivated in North America since before colonisation and remained a “staple crop” until World War II.
Let alone hemp, current President Joe Biden pardoned thousands of individuals convicted of possessing marijuana! The allowance of hemp is no big deal for Americans.
In all this, it seems India as a country has a long way to go before we completely make use of the wonder plant!
Although we might have chances of getting inspired by them instead!
The Plant In Itself
Above all, the fact that even though it’s made from cannabis plants (from the same species), you can’t get high on hemp.
All along, one thing that the plant has certainly proved is its versatility. Hemp appears to have as many nutritional advantages as there are non-edible uses for it. Humankind has been inventing uses for hemp from seed to stalk for thousands of years.
Hemp is the industrial variation of the cannabis plant family, which is typically grown for its seeds, stalks, fibre, and leaves. The psychotropic variety of the cannabis plant family is best recognised.
The US History
Hemp at one time used to be one of the most significant crops in the US. But things significantly changed after 1937. In that year, the Federal Government passed the Marijuana Act, outlawing both marijuana and industrial hemp growth.
Cannabis was categorised as a Schedule 1 substance under the Controlled Substances Act back in 1970, meaning it had a high potential for abuse and was fully off-limits for medical usage.
Cannabis was subject to state-level limitations for both recreational and medical uses, and these regulations frequently contrasted with federal law.
The situation started to take a turn once the 2014 U.S. Farm Bill was passed by the president of the United States back then.
The reason and time when the value of industrial hemp as a potential cash crop was finally acknowledged.
Reason for this sudden change? Was that it would benefit the nation and generate enormous profits for both the agricultural and industrial sectors. Industrial hemp was finally being grown in many US states but on a small and experimental basis.
In the 2018 Farm Bill, things were altered significantly more under former President Donald Trump. In 2018, the Federal Government passed the Hemp Farming Act, removing industrial hemp from the list of Schedule 1 controlled substances.
Since they are now treated the same as other agricultural crops, American farmers are permitted to grow cannabis or hemp!
How Do Countries Benefit From The Legalization Of The Plant?
The first states to make the legalisation of marijuana a priority have already begun to see its economic advantages. Overall, legalising hemp/ medical cannabis might boost state economies significantly predicting bring-in resources for the federal and state governments.
Some benefits are as mentioned below:
- Income And Job Opportunities
- Impact On Tax Revenue
- Investment Opportunities For The Country
- Benefit to the public health
Should India be following the same path? Will India be able to reap the benefits of this wonder plant?