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How Many Hemp Businesses Are Located In Louisiana?

The 2018 Farm Bill drastically changed the hemp industry in the United States. The 2018 measure legalized hemp production nationwide, and that, in turn, resulted in the creation of countless hemp-derived consumable products. Products containing CBD and ‘alternative cannabinoids’ such as delta-8 are now commonly found in many states, including Louisiana.

According to original reporting by the Louisiana Illuminator, the state is currently home to an estimated 2,000 hemp businesses, although that could be changing soon with the passage of House Bill 952 which restricts (but doesn’t outright ban) hemp-based businesses.

Recreational hemp edibles will now be capped in Louisiana at a threshold of 5mg of THC per unit, down from the previous 8mg threshold. Another major component of the legislation is a ban on selling such products at establishments that also sell fuel.

“The proposal will lower the potency of liquid THC tinctures from 80 milligrams to 30 milligrams, and it will limit THC beverages to a single 5 milligram serving per can or bottle.” Louisiana Illuminator also stated in its original coverage.

Louisiana is home to a limited medical cannabis program. According to a recent study by financial lender Lending Tree, Louisiana collected $993,000 in medical cannabis tax revenue in 2023, a 61.2% increase from 2022 when the state collected an estimated $616,000 from medical cannabis sales taxes.

Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.

Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:

  • 2024: $31.4 billion (9.1% growth from 2023)
  • 2025: $35.2 billion (12.1% growth from 2024)
  • 2030: $67.2 billion
  • 2035: $87.0 billion

The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to a newly released analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.

“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.

The United States adult-use cannabis industry has generated over $20 billion in total tax revenue since the first legal recreational cannabis purchase was made in Colorado on January 1st, 2014 according to a new report by the Marijuana Policy Project.

“Through the first quarter of 2024, states have reported a combined total of more than $20 billion in tax revenue from legal, adult-use cannabis sales. In 2023 alone, legalization states generated more than $4 billion in cannabis tax revenue from adult-use sales, which is the most revenue generated by cannabis sales in a single year.” the Marijuana Policy project stated in a press release.