The 2023 National Hemp Report was released Wednesday April 17 by the USDA’s National Agricultural Statistics Service (NASS).  The report estimates industrial hemp production value at $291 million, a 22 percent increase over 2022.

Floral hemp production increased 18% over 2022, from 6.78 million lbs. to 8.03 million lbs. Total area for floral production increased by 4% in 2023.  Fastmarkets believes that THCA flower markets helped to drive production increases last year and expects marginal increases again in 2024 based on current demand.

Click here to learn more and sign up for a free 7-day trial!