Himachal Pradesh Cabinet Approves Hemp Pilot
The government in Himachal Pradesh, a state in India, has approved a pilot study to examine the potential benefits of permitting industrial hemp cultivation and the creation of related medical products and scientific research.
“The Himachal Pradesh cabinet has approved the report of a committee recommending the controlled cultivation of cannabis for industrial, scientific, and medicinal purposes, setting the stage for its legalisation in the state. The report, previously passed by the Himachal Vidhan Sabha, was prepared with inputs from opposition BJP members, horticulture experts, and scientists.” Indian Express stated in its local coverage.
“Controlled cannabis cultivation will be undertaken jointly by two agricultural universities—Chaudhary Sarwan Kumar Krishi Vishvavidyalaya, Palampur, and Dr YS Parmar University of Horticulture, Nauni, Solan. The Agriculture Department has been designated as the nodal body for the initiative.” the outlet also reported.
A recent market analysis by Knowledge Sourcing Intelligence estimates that the global industrial hemp market “is forecasted to grow at a CAGR of 17.75% between US$9.913 billion in 2025 to US$22.438 billion in 2030.”
A separate market analysis recently published by Markets and Markets predicts an even larger global industrial hemp market in the future, estimating that “the industrial hemp market is estimated at USD 11.03 billion in 2024 and is projected to reach USD 30.24 billion by 2029, at a CAGR of 22.4% from 2024 to 2029.”
The booming industrial hemp market is not limited to just industrial applications and medical products. According to analysts at Maximize Market Research, “the global hemp-infused beverage market is experiencing significant expansion, driven by increasing consumer awareness of hemp’s health benefits and a growing demand for functional, wellness-oriented drinks.”
“In 2023, the market was valued at USD 3.63 billion and is projected to grow at a compound annual growth rate (CAGR) of 28.9% from 2024 to 2030.” the analysts predict.
