For the past few years, the hemp market has experienced record-breaking growth. Unfortunately, that trend went downhill in 2022, and hemp is potentially losing millions of dollars. A big part of the problem is the Food and Drug Administration’s inaction is costing the hemp market, including CBD products. The USDA National Hemp Report analyzed what has transpired, the causes of the loss, and what the future looks like.

Major Loss
According to the report (via Marijuana Moment), the hemp market was valued at $238 million, down a whopping 71% from the previous year. Additionally, farmers grew 28,314 acres, which was down nearly 50% from 2021. Virtually all types of hemp declined, showing how much the market had shrunk in such a short period. All the information gathered came from surveys the FDA sent out to hemp-growing farmers.

FDA Inaction
Most farmers blamed the shrinkage on the FDA’s inaction to regulate the CBD market. Since the agency hasn’t approved regulations to legally market products as dietary supplements or inside food products, farmers believe they have been caught “in a holding pattern.” Therefore, they weren’t able to profit fully by selling their crops.
While many wondered why the drop was so steep, one industry insider said it has been in the making for years. In fact, in January, the FDA said after years of review, it couldn’t see a clear pathway to enact rules to push regulation forward. As you can guess, plenty of people were unhappy with this decision not to take action.

Calls to Regulate
Due to years of FDA inaction, lawmakers, citizens, and stakeholders want to see more. They fear that by not doing anything, the agency isn’t enough to keep the market and consumers safe. These people think it would be in the best interest of everybody to step up to the plate and make meaningful changes. From there, trust would increase in the market, and sales would increase.

Only the Very Best with Green Leaf
With increased pressure for FDA regulation, we’ll keep an eye on what’s going on. However, you can always purchase premium CBD products from Green Leaf, where our mission is to provide customers with only the very best. Customers can choose from a variety of products containing CBD sourced from high-quality sources that undergoes rigorous testing. When you’re ready to take your CBD experience to the next level, check out Green Leaf to see what we’re all about.

Source:
https://www.marijuanamoment.net/usda-report-shows-major-decline-for-hemp-industry-in-2022-with-stakeholders-blaming-fda-inaction-on-cbd/