As federal lawmakers consider the future of industrial hemp as a legitimate crop, a growing number of farmers are already planting hemp in anticipation of its full federal legalization as part of the 2018 Farm Bill.
More than 25,000 acres of hemp was reportedly harvested in the U.S. last year, or more than double the amount produced in 2016 – due in part to a federal measure that allows hemp to be grown for pilot and academic programs.
The rapidly-growing medical and health products market for cannabidiol (CBD) produced from hemp has helped to prompt this dramatic expansion.
According to MerryJane.com, some hemp cultivators are reporting revenue of around $90,000 per acre, compared to the $600 per acre a farmer might make from an acre of alfalfa.
