Hemp is used in textiles, plastics, livestock feed, and home cooking. Hemp is also a good source of omega-3 and omega-6, amino acids, and proteins. These are used extensively in the health supplement market. These nutrients help in insulin balance, cardiac function, mood stability, and skin and joint health, which is expected to complement industry growth.
The US has signed a new farm bill into law which has taken hemp off the Controlled Substances Act. Hemp is now a legal substance.
Various Uses for Components of Hemp
Cannabidiol (CBD) oil is a hemp extract will be the basis of a large market with the Farm Bill legalization. The hemp-derived CBD market was about $591 million in 2018 but is projected to grow 40 times larger to $22 billion by 2022 with the passage of the 2018 Farm Bill passes according to a 2018 Brightfield Group report.