Hemp Fiber Market Projected To Reach $43.75 Billion By 2027
PALM BEACH, Fla. — Hemp fiber is majorly used in the textile and paper & pulp industry, due to its long and robust fibers as compared to cotton. Furthermore, being a renewable source material, its application has been increasing in many diverse industries such as construction, animal bedding, furniture, agriculture, and automobile. Additionally, its usage to obtain biofuels and bioplastic has been expected to increase its demand in the coming years.
Rising awareness among the consumers about the benefits of industrial hemp, increasing legalization to cultivate industrial hemp in many countries, and rising application of industrial hemp in diverse industries such as textile, pharmaceutical, food, beverage, personal care, furniture, construction & material, and paper is expected to drive the market for industrial hemp.
Countries across the globe practice different levels of legalization for different types of hemp, the strict regulatory norms pertaining to the production and sales of industrial hemp across various states in the same country could be tedious for manufacturers and stakeholders to comply with.
A report from Verified Market Research said that Hemp Fiber Market, which was valued at USD 4.46 Billion in 2019, is projected to reach USD 43.75 Billion by 2027, growing at a CAGR of 33% from 2020 to 2027. Another report from Global Market Estimates agreed saying that the Hemp Fiber Market Will Grow With A High CAGR Value Through 2026. Active companies in the markets this week include: Generation Hemp, Inc. (OTCQB: GENH), Tilray, Inc. (NASDAQ: TLRY) (TSX: TLRY), Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED), Trulieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL).
The Verified Report added: “Additionally, the regulations associated with hemp containing Cannabidiol and tetrahydrocannabinol also remain highly varied from state to state, which further leads to complications associated with the trading of the commodity. The increasing legalization of the cultivation of hemp is prompting the manufacturers and research institutions to develop new products from industrial hemp. Biofuels is one such application, which is expected to have significant growth potential in the upcoming years. With the rise in the prices of oil, along with the growing concerns about global warming, biofuels have been gaining popularity.”
Generation Hemp, Inc. (OTCQB: GENH) BREAKING NEWS: GENERATION HEMP CHAIRMAN AND CEO TO SPEAK AT SOUTHERN HEMP EXPO COMPANY TARGETS GREEN POLICY Generation Hemp, Inc. (OTCQB: GENH), a Dallas/Fort Worth based midstream hemp company and its wholly-owned subsidiary, GENH Halcyon Acquisition, LLC (collectively the “Company”), today announced that its Chairman and CEO, Gary C. Evans, plans to speak at The Southern Hemp Expo located in Raleigh, NC on September 2, 2021 regarding the financial wellness for hemp companies. Also announced today is the Company’s plan to implement green policies wherever possible for its existing operations of drying, cleaning, stripping, and located in western Kentucky.
The Southern Hemp Expo is a respected industry event, founded by hemp industry pioneers and provides a platform of collaboration and networking for industry professionals, along with an educational outlet and marketplace for the public. Mr. Evans is slated to speak at 2:50 PM on the opening day of the show, next Thursday.
The Company’s recent decision to launch its animal bedding segments, Rowdy Rooster and Kentucky Gold, is, in part, a result of the company’s efforts to implement a “Green Policy” into its operations, wherever possible. The Company’s drying and processing facility operations created a byproduct of millions of pounds of hemp hurd, which is the woody stalk of the hemp plant. To avoid adding additional disposal or haul-away costs to farmers and other corporate clients and in an effort to create a zero waste, sustainable operation, the Company brought in specialized engineers to assess the byproduct and provide management the guidance on what additional steps and equipment would be required to make this byproduct into high quality hemp animal bedding. Now that the necessary equipment has been ordered, installed, and is operational, the facility is operating with zero waste and has taken the first step in the realization of the “Green Policy” goals.
Generation Hemp Chairman and CEO, Gary C. Evans commented, “When you are involved as a business owner in the hemp industry, you also become part of the hemp community. This community was pioneered by a group of passionate people who have fought over the years for the legalization and utilization of hemp in our everyday lives. At the core of the hemp community’s principles, is an environmental awareness that is acute, and the potential of hemp to have immeasurable positive impact on the environment is an element in hemp’s every use. As a former fossil fuels executive for over three decades, I want to leave an impact that I can be proud, regarding our goal to fix the environment in which we live and breathe. It’s incumbent upon hemp companies to make every effort we can to align with these principles. We, as a corporate citizen, will continue our efforts to make our operations sustainable and implement Green policies whenever and wherever that is possible.” Read this full release for Generation Hemp at: https://www.genhempinc.com/press-releases-2
Other cannabis-related developments from around the markets include:
Tilray, Inc. (NASDAQ: TLRY) (TSX: TLRY), a global pioneer in medical cannabis research, cultivation, and production, recently announced the launch of medical cannabis edibles in THC and CBD-rich varieties of chocolates and soft chew gummies. The new Tilray-branded medical cannabis edibles are now available for patients across Canada and add to the brand’s comprehensive offering of cannabis medicines, including whole flower, oils, vapes, and pre-rolls developed with patient health and wellbeing in mind.
Irwin D. Simon, Tilray’s Chairman and Chief Executive Officer, said, “Whether it’s pain management, anxiety treatment, or everything in between, patients are asking for more choices in the medical cannabis category, and Tilray remains committed to the innovations that improve patient wellbeing. As cannabis regulations evolve around the world, we look forward to offering our global patient community the highest-quality medicines they depend on for health, wellness and wellbeing.”
Aurora Germany GmbH, a subsidiary of Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, and Ethypharm, recently announced that they have successfully delivered their initial shipment of cannabis to the French medical cannabis pilot program, set to begin serving patients in the coming weeks. Aurora and Ethypharm were selected by the National Agency for the Safety of Medicines and Health Products (ANSM) to supply the entire medical cannabis dried flower range (three lots of the tender) to French patients during the pilot program.
“The first prescriptions of dried medical cannabis as part of the French pilot program are a significant step toward providing access to patients and will support the destigmatization of medical cannabis in France,” says Miguel Martin, Chief Executive Officer of Aurora Cannabis. “This accomplishment is another example of Aurora’s leadership in global cannabis, with a proven track record of supporting the advancement of international medical cannabis markets alongside government bodies. By demonstrating a deep commitment to compliance and focus on product quality, we won three of the nine available tenders. If successful, this pilot program could lead to one of the largest regulated medical cannabis markets in Europe.”
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) (TSX: WEED), a world-leading diversified cannabis, hemp, and cannabis device company, recently announced two new offerings with the launch of Tweed Quickies and Ace Valley Pinners. These products showcase the continued evolution of Canopy Growth’s pre-roll portfolio in line with consumer preference – providing Canadians with smaller joints in larger pack sizes of 8 or 10. In time for summer socializing, this is the perfect way to enjoy and share cannabis in a group setting, without having to pass a single joint around.
Canopy Growth recently commissioned a study by Dig Insights that found that traditional 0.5 gram joints are too big for many consumers to enjoy in one sitting and take too long to consume, in addition to concerns around sharing in current times. Canopy Growth leveraged this insight to develop its first two product lines – Tweed Quickies in 0.35 gram and Ace Valley Pinners in 0.3 gram offerings – with research indicating this was the optimal size for a quicker session that could be enjoyed on one’s own or within a group setting without the need to share.
Trulieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL), a leading and top-performing cannabis company based in the United States, recently announced the opening of a new dispensary in St. Augustine, Florida. The new, larger location replaces Trulieve’s previous store in St. Augustine to meet the increased demand of consumers in the area.
The new dispensary is conveniently located at 1650 US Hwy 1 S, Suite 101, St. Augustine, FL 32084 and began serving customers on Saturday, August 28th. With expanded square footage, additional parking, and more POS terminals, Trulieve’s investment in the new location reflects the Company’s commitment to ensuring medical cannabis patients in Florida can rely on Trulieve for an unparalleled retail experience in addition to safe, reliable access to the medications they rely on.
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