Taken all together, the health of the U.S. cannabis industry is vibrant. In America, the cannabis industry is two-sided based on the U.S. legal distinctions between industrial hemp and marijuana. While there are undoubtedly obstacles both sides need to overcome to continue thriving, there is a lot to celebrate.
Despite a pandemic-induced global economic downturn, the commercial marijuana sector across the United States continues to post record cannabis sales. In addition, the industry has earned itself an essential designation. Something nobody could’ve predicted pre-COVID. In general, the North American cannabis market, which has grown consistently year-over-year, is projected to continue accelerating. While oversupply of hemp-derived CBD and lack of fiber and grain processors has hindered the U.S. hemp industry, we are seeing the market balance itself out and large investment flow into processing infrastructure necessary to achieve a whole-plant approach. This year the overall acreage of hemp cultivated in America decreased, a cause for concern for some. However, acreage dedicated for grain and fiber increased, indicating a shifting awareness that the hemp plant has much more to offer than a single cannabinoid. If you ask me, the future of the U.S. cannabis industry looks brighter than ever.