The USDA is helping the cannabis industry mature with new weekly hemp report

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The government agency is producing a report that shows how the hemp market is changing

Hemp is undoubtedly a growing industry, and the U.S. Department of Agriculture (USDA) is well aware of it. As such, the agency yesterday unveiled plans to launch a weekly bulletin to provide “unbiased, timely and accurate data” on this ever-expanding market. The announcement was accompanied by the first edition of USDA’s Agricultural Marketing Service (AMS) National Hemp Report.

Through the recent report, the agency shared relevant information on weekly retail prices for hemp products, as well as import values and volumes of hemp commodities entering the U.S. for the week and year to date. The weekly report undoubtedly becomes very relevant to all those workers who have a strong relationship with the plant.

“USDA has recognized the hemp industry’s need for timely market information,” USDA Under Secretary for Marketing and Regulatory Programs Jenny Lester Moffitt said in a press release. “The National Hemp Report will equip stakeholders with weekly price and volume information to help guide smart business decisions.”

Although the USDA has been quite involved with the topic, this is the first time the agency has released a market report “dedicated exclusively to this new commodity group. The department made it clear that in the future more areas will be expanded to include additional market information pending continued industry engagement. This new report comes to join national reports that already exist for the honey and specialty crops industry and local reports that address commodities such as apples, nuts and cut flowers.