US hemp production grows 40% in 2024, reaching $445M in value
U.S.hemp production surged in 2024, according to a recent report released by the U.S.
Department of Agriculture’s National Agricultural Statistics Service (NASS).The annual value of U.S.
industrial hemp production grew to $445 million in 2024, representing a 40% increase from the previous year. ADVERTISEMENT The growth was driven by a substantial increase in acreage planted, particularly for floral hemp, which saw a 159% jump in production compared to 2023.
The rebound – which is examined in the upcoming MJBiz Factbook second-quarter update – signals a dynamic shift following recent years of volatility for the nascent industry.The U.S.
hemp sector continues to realign after initial turbulence following legalization in 2018, marked first by a rush of new entrants, overproduction and falling prices.But hemp demand has been increasing.
A boom in hemp-derived THC drinks has expanded nationwide in states such as Texas, which are without regulated access to traditional marijuana products.And that’s leading major players in the marijuana industry to enter the THC-infused beverage market.
ADVERTISEMENT Outdoor production sparks gains The sizable increase in floral hemp production outdoors – the NASS report calls it “open field” growing – suggests renewed confidence in cannabidiol (CBD) and other high-value extracts, including hemp-derived THC, which often operates outside the laws of regulated marijuana markets.Hemp planted outdoors for all purposes reached 45,294 acres in the United States in 2024, up 64% from the previous year.
The value of outdoor hemp production rose 46% year-over-year to $417 million, representing the sector’s clearest growth.More information about the MJBiz Factbook Q1 Update is available here.(Image by MJBizDaily/Emerald)Harvested acreage for all outdoor purposes grew to 32,694 acres, up 55% over 2023.
Notably, floral hemp prod...