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.
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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.
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