III. Industry Analysis
[Company Name] competes against large-scale hemp producers and companies in the US. Since the legalization of hemp, over 30 states have licensed hemp farms, nearly 17,000 state hemp licenses have been issued, and more than 500,000 acres of hemp have been licensed nationally. The US industrial hemp market was estimated at $1.9 billion and will grow at a CAGR of 21%.
The market is gaining high momentum as several application industries are adopting the use of hemp products owing to its benefits. Players involved in the market produce variable quantities and qualities of industrial hemp as well as variants, in terms of seed size and oil composition.