Industrial hemp is a major industry around the world, thanks to an increasing number of governments modernizing their policies to permit industrial hemp production, processing, and commerce. The hemp plant is being used in more ways now than ever before.

One of the most insightful moments for me at the recent International Cannabis Business Conference in Berlin occurred during leading international cannabis economist Beau Whitney’s presentation. Mr. Whitney, founder of Whitney Economics, provided a keynote address at the event in which he examined a multitude of important industry data points.

As part of his presentation, Beau Whitney compared the market potential of industrial hemp to the market potential for the medical and adult-use cannabis consumables sectors. Industrial hemp has historically been, and continues to be, an important source of material for several large industries.

Mr. Whitney projected that the value of the global industrial hemp industry could be $456.2 billion. By comparison, Beau Whitney’s estimate for the potential global medical and adult-use cannabis market is roughly $237.8 billion.

Italy has long been home to a strong hemp community. However, hemp producers and other members of the emerging industry have faced an uncertain industry landscape in recent years due to various political factors. A group of Italian farmers is pushing back on the nation’s anti-hemp policies.

“One of Italy’s main agricultural associations has asked the government to clarify the legality of industrial hemp activities – the latest move in a growing pushback against a national ban on hemp flowers.” reported Hemp Today in its original coverage.

““We demand rapid clarity; otherwise, we risk undermining entrepreneurs’ efforts and creating a divide with the rest of Europe,” said Nicolò Panciera di Zoppola Gambara, president of Confagricoltura.” said Nicolò Panciera di Zoppola Gambara, president of Confagricoltura, according to Hemp Today. “Each time we’ve asked, we’ve been reassured that the government does not intend to criminalize hemp cultivation or the agro-industrial supply chain.”

Italy’s government previously adopted a Security Decree that classified hemp flowers and many cannabinoids derived from hemp flowers as narcotics. The measure’s adoption thrust the entire Italian hemp industry into legal chaos and placed the nation’s industrial hemp policies in direct conflict with European Union policies.