Even without robust federal regulations, the U.S. hemp industry in 2022 was larger than all state marijuana markets, and it roughly equaled sales for craft beer nationally, according to a new report. The report says that the industry saw about $28.4 billion in sales of those products last year.
Currently, the total demand for hemp-derived cannabinoids is valued in excess of $28 billion and supports the employment of 328,000 workers, who earn $13 billion in wages. Overall, the total economic impact of the hemp-derived cannabinoid industry on the U.S. economy is in excess of $79 billion.
Notably, the hemp-based cannabinoid market also handily competes with the far more established craft beer industry. The national total for craft beer sales was $28.4 billion in 2022, the same amount as hemp-derived cannabis products, according to the American Beer Association.
The survey was based on data from a “statistically viable sample” of more than 800 operators in 45 states.
