New industries are forming in Canada, with estimates forecasting potential profits of $1 billion or more. This information comes after Health Canada, with the association of the Canadian Hemp Trade Alliance, had issued 819 licenses to grow the product. It’s estimated that upwards of 450 thousand acres of the hemp stock could be produced for industrial sales in Canada.

Revised regulations have prompted the interest of numerous businesses, with new processing facilities being manufactured coast to coast. The Canadian Liberal Government hopes that this market will hold higher valuations than grain or wheat. However, the challenges of growing this market will be significantly difficult for the Canadian Hemp Trade Alliance. Estimated projections anticipated that additional acreage would need to be required, with the recent popularity increase in CBD Oil.

The task to calculate the required acreage for future development has been challenging for Health Canada and the CHTA. Though numerous licenses have been provided, the rate of production hasn’t been released as public information. Last year this marketspace earned only $138 million, which is considerably lower than the anticipated $1 billion by 2025. However, this was from a significant lack of infrastructure in terms of the manufacturing facility and available seeds. New exporting seeds from South Korea are anticipated in 2020, with all facilities having been completed. Subsequently, profits for 2020 will be considerably higher than in 2019.

The Hemp Industry in Canada is still locating its market space, with the hope being that they’ll be more organized in the coming years. This will come with the assistance of the Standard Council in Canada. They’ll assist with quality control, which ensures the safety of consumers and increases supportive research. Subsequently, the potential for market development is growing as projected rates — critical moments of market development where when the storing and harvesting capabilities nationwide became enhanced.

Health Canada

Health Canada has been adamant that its new tracking systems and licensing protocols will assist them with the monitoring of industry-wide activities. With the development of the hemp market drastically increasing, the need for enhanced product quality control is growing as well. Those 819 growers found disobeying the legislation enacted will lose their licenses on all classes of product. This includes edibles, marijuana, extracts, and hemp. However, cultivators are required to provide bi-weekly reporters on their business activities. Health Canada confirmed that they hadn’t found any notable signs of illegal distribution of lack of quality control. It appears that the hemp market is flourishing in the best way possible.