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U.S. Cannabis Production Expected to Advance 23% Annually
USAgNet - 07/29/2019

The output of cannabis in the U.S., including licensed production of cannabis for marijuana and hemp, is forecast to see annual gains of over 23% in nominal terms through 2023, according to Cannabis: United States, a report recently released by Freedonia Focus Reports. Hemp is expected to account for over 90% of gains in total cannabis production, supported by the federal legalization of industrial hemp production through the 2018 Farm Bill.

Advances will also be bolstered by rapidly growing demand for products infused with cannabidiol (CBD), as well as by foreign trade action against US agricultural exports and low prices for farm products in the near term, which will cause many farmers to pivot toward the production of hemp.

U.S. demand for cannabis in all end uses is expected to grow 8.4% annually through 2023. Hemp demand is set to see expansive growth throughout the US, but legal marijuana will retain its dominant share of total cannabis demand. However, growth in supply has outpaced demand in some states, disrupting prices and the resultant demand in value terms.

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