The main reason why the industrial hemp market is not growing as quickly as it could is due to the law and stigma surrounding hemp. It takes time to create the necessary infrastructure for hemp production, and many farmers have lost money due to failed crops and falling prices. The industry is rebalancing and farmers are restoring their expectations, but it could be years before the US hemp market matures and stabilizes. Hemp can be converted into a wide variety of products, from ropes to floorboards, granola and dog treats.
The FDA has stifled the industry by not allowing the sale of CBD as a food product or dietary supplement, and policy makers in some states have tried to help farmers find new markets for hemp. There are now hundreds of thousands of pounds of hemp packed in barns that can't be sold at a fair price, and many hemp producers won't make much money. The interior space licensed for hemp production has grown, but it's still not enough. Delta-8 THC products are showing up in stores, but California lawmakers are considering a bill that would tighten the definition of “industrial hemp” by requiring that hemp extracts on store shelves have a THC concentration of no higher than 0.3%.
Researchers are just beginning to develop seeds that offer a consistent harvest, and processing facilities are scarce. State policy makers are trying to help more industrial hemp products catch on, but farmers are no longer as enthusiastic about hemp as before.