The industry has been bedeviled by inconsistent regulations since the 2018 Farm Bill authorized widespread hemp cultivation but left most regulations up to state and local governments. The Food and Drug Administration, meanwhile, has not resolved questions about cannabidiol regulation, deterring many from investing in hemp, Abbott reports. The pandemic, too, has hurt the burgeoning industry just as it has hurt other agricultural sectors and the U.S. economy overall.
Hemp entrepreneur Morris Beegle said the industry has a "bright future," but must overcome obstacles to expand beyond the CBD market and into more whole-plant cultivation for things such as fiber, Abbott reports. "Hemp can also be used in textiles, biocomposites, fuel, and livestock rations, though those uses, which generate lower revenue for hemp biomass, have drawn less attention."