The Canadian Hemp Trade Alliance sums up the Canadian landscape really well and efficiently:
“Initially, the Canadian market focus was on the development of hemp varieties to fill demand from the fibre sector. Production spiked above 30,000 acres in response to pledged opportunities in the market, but processors failed to execute on their contracts and many growers were left with unsold grain and fibre. This was a rocky start for the resurgence of the hemp industry and it left many farmers with a bad experience and financial losses.
Since 2009, the focus of hemp production has been driven by the demand for its nutritious food value and processing. The climb in consumer demand has resulted in a more reliable growth trend and product uptake. There is now some balance between supply and demand in Canada with an exceptional outlook for the future and an exciting growth trend taking place.
Exports of processed hemp seed and by-products (oil and protein powder) have experienced the same strong growth trend over the past decade. The United States remains the largest single food market for Canadian industrial hemp production but processed products are being shipped to over thirty different countries worldwide.”
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The Fine Print
Spiro Sertsis, CPA, CMA
@SpiroSertsis