The National Industrial Hemp Council announced last week it had received $200,000 in funds from the USDA’s Market Access Program. Those funds will support export market development for industrial hemp.
“We are grateful for the USDA confidence and the recognition of NIHC as the industry leader in industrial hemp trade and marketing,” says Kevin Latner, Senior Vice President for Trade and Marketing. “Today’s announcement makes NIHC a trusted partner to USDA for hemp fiber, feed, food, and CBD companies looking to break down trade barriers in markets overseas.”
Latner is the one responsible for implementing the market development program. NIHC programs will focus on Europe and China and include market research, trade policy, and trade facilitation.
The global industrial hemp and products market was worth $11.1 billion in retail sales in 2019. With an annual growth rate of 52 percent, driven by continued strength in textiles, food and industrial uses, and hemp-derived CBD, the global market is forecast to be worth $89 billion by 2025.
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