The Economics of Hemp
Dollars and Sense
In July 1998, the University of Kentucky released a study entitled the "Economic Impact of Industrial Hemp in Kentucky." The following excerpts come from the study's conclusion.
"The primary finding regarding economic feasibility was that industrial hemp appears to be a potentially profitable crop for farmers as well as a profitable input into a number of high value added products in the United States. Industrial hemp appears to be useful for higher value products in industries ranging from health supplements, nutraceuticals, food products, animal feed, and animal bedding to paper, carpets, and automobile parts.
"Products made with industrial hemp were expected to capture a share of the higher end of markets where consumers were willing to pay a higher price in order to receive a higher quality product, a product for some specialized use, or out of environmental concern. ... Given current technologies and uses for industrial hemp, sales of hemp products in these industries were estimated to support the cultivation of up to 82,000 acres of industrial hemp [in Kentucky].
"It is estimated that Kentucky could grow certified seed to supply up to 41,000 acres of industrial hemp planted for straw alone ... This production would have an economic impact of 69 full time jobs and $1,300,000 in worker earnings.
"Kentucky may also be able to capture one or several decorticating facilities and the attendant hemp acreage. .. If one decortication plant and one industrial hemp paper pulp plant were to locate in Kentucky, cultivation would rise to 27,600 acres ... [with] an economic impact of 771 jobs and $17,600,000 in worker earnings.
"Finally, it should be pointed out that the current role for industrial hemp in high value or specialty markets does not preclude its future use in bulk markets. ... Research is now underway on how to use industrial hemp in bulk plastics and cattle feed markets, to name some key areas."
The North American Industrial Hemp Council has developed a broad base of support in American agriculture. Bud Sholts, the current NAIHC chair, states. "Many large Fortune 500 companies have told us privately of their interest, but they fear getting involved in the "marijuana" issue.... I am confident that tens of millions of dollars will be spent on hemp research and product development and marketing -- just as soon as it is relegalized in the U.S."
For more information and research, visit http://naihc.org
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