Hemp offers a sustainability and durability that its competitors do not. This, in addition to hemp's low-cost and low-input farming, keeps the economic burden of hemp farming and hemp products noticeably lower than its substitutes.
Here are just a few economic benefits that hemp introduces:
1. Hemp clothing is more durable and more cost efficient than cotton clothing!
Hemp fiber is 10x stronger than cotton, so, therefore, lasts much longer. Also, growing cotton requires pesticide use, so substituting hemp for cotton would greatly reduce the economic and environmental impact of pesticides.
2. Hemp is a cheaper alternative for construction!
Hemp-based material that can be used to replace wood has much lower manufacturing costs. Additionally, the hemp material is stronger, lighter, and more durable than wood.
3. Hemp is an excellent source of protein and offers other health benefits at a lower cost than its substitutes.
Hemp oil produced protein is a great substitute for soy products. It is less expensive to extract protein from hemp than it is to extract protein from soybeans, and the oil can be used to make a number of foods and products. Hemp oils actually offer more protein than soy - and also include a high percentage of essential fatty acids and a very low percentage of saturated fats.
4. Hemp, unlike its substitutes, can be grown in diverse locations with few resources.
Hemp can be grown in any state in the US. Also, the plant grows very densely, so farmers are able to produce more hemp per acre of farmland. Because of this dense growth, there is less space for weeds to sprout up, reducing the time and effort that farmers spend to eliminate weeds.
5. Hemp farming is great for water conservation, allowing farmers to spend less money on irrigation.
Compared to cotton, the hemp plant's water usage is drastically better. It can take over 5,000 gallons to produce only 2.2 pounds of cotton, whereas it takes less than 700 gallons to produce 2.2 pounds of hemp. This quality also contributes to the hemp plant’s ability to grow in a diverse array of climates.
6. Hemp farming is a great opportunity for small farmers to benefit economically.
Thomas Massie, a Kentucky house representative, praises the economic benefits of hemp farming for local family farms. In 2013, he urged farmers to move away from tobacco farming to hemp farming, stating "industrial hemp will give small farmers another opportunity to succeed." Hemp farming is an excellent option for states whose economies are dependent upon agriculture and are moving away from tobacco farming.
7. The market for CBD, an oil extracted from the hemp plant, is set for remarkable growth, so hemp farming will yield even more profits in coming years.
According to MarketWatch, the CBD market is projected to grow to $2.1 billion by 2020 (from $202 million in 2017). CBD oil has therapeutic and health benefits for both humans and animals, alleviating aches and pains from conditions like arthritis. Fortunately, hemp plants grow and regenerate quickly enough to keep up with a growing industry demand.
8. Hemp produces sustainable and low-cost fuel.
This can be offered as a replacement for non-renewable energy sources and benefit us both economically and environmentally.
9. Hemp-based paper is another product that is superior to its substitutes both in cost and environmental efficiency.
Hemp paper is brighter, more durable, and longer lasting, which allows consumers to purchase it less often. Additionally, because hemp paper is so naturally bright, it does not require bleaching, which releases harmful toxins into the environment. Hemp paper can be recycled and reused up to 8 times, which far exceeds tree-based paper's 3 recycle uses.
10. On a global stage, hemp can help impoverished communities both nutritionally and economically.
Hemp is affordable, healthy, and sustainable. Not only would hemp farming allow communities to become well-fed and healthier, but it would also introduce more jobs and increase economic viability.