Have you ever wondered about the applications and economics for industrial hemp? Here, Rob Kuvinka, manager of New Frontier Data, explores this further.
Used in Europe for more than 3,200 years, hemp today represents an annual market opportunity of $1 bn (~€692m) for the continent, and over $3.7 bn globally in 2018. Traditionally used for food and fibres, hemp is now used to make medicine – largely hemp-derived cannabidiol (CBD), industrial products, personal care products, and more. Understanding the opportunities for industrial hemp in Europe is critical as regulators and voters decide the plant’s future on the continent in coming years.