Texas Cannabusinesses Surpass $8B in Revenue, New Economic Report Says
State Hemp Employers Support More Than 50,000 Jobs
AUSTIN, Texas, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The hemp industry is a major economic driver for the state of Texas, helping to greatly expand its agriculture, retail and manufacturing sectors according to a new economic report released today.
The Whitney Economics report, titled, “Hemp Derived Cannabinoids in the Lone Star State: An Economic Impact Analysis of Cannabinoid Retail in Texas,” estimates that cannabusinesses last year generated more than $8 billion in revenue and employed more than 50,000 workers. In addition, hemp-derived cannabinoid product manufacturers and extractors have invested more than $1 billion in infrastructure to establish and expand operations throughout Texas.
“It is vital that Texas continues to support the hemp industry, which has become a key component of the state’s overall economy,” said Cynthia Cabrera, chair of the cannabinoids council of the Hemp Industries Association and chief strategy officer at Austin-based Hometown Hero CBD. “The results of this study demonstrate the positive economic and social impact of hemp in Texas, and that its small businesses and farmers need to be protected to continue to thrive, providing jobs and tax revenue.”
Other revealing findings of the study:
Between $19.1 and $22.4 billion in economic activity is generated by the local hemp-derived cannabinoid retail, manufacturing and wholesale sectors.
The industry pays upwards of $1.6 billion in annual worker wages.
The hemp sector has created or expanded more than 5,000 businesses in the state.
“This landmark study affirms the true value the hemp industry provides our state, from creating jobs and supporting livable wages to fostering business expansion and product innovation,” said Ilissa Nolan, executive director of the Texas Hemp Coalition, a nonprofit dedicated to hemp advocacy and education.
From relaxing to relieving pain, a growing number of adults using hemp-based cannabis products say it helps them with their everyday lives. An increasing number of veterans are also relying on CBD and hemp-derived cannabinoids as an alternative to opioids and other pharmaceuticals, as well as to manage PTSD and other challenges.
“Since the passage of the Agricultural Improvement Act of 2018, better known as the Farm Bill, demand for hemp-derived cannabinoids has boomed in Texas and across the country,” said J.D. McCormick, chair of the American Healthy Alternatives Association. “We continue to fight at the national and state levels to ensure that these products are easily available to adult consumers as alternatives to pharmaceuticals, alcohol and to improve their overall wellbeing.”
The study, a first of its kind in the Texas market, was commissioned by Hometown Hero CBD.
Methodology
The data was gathered through a targeted survey of hemp operators, including retailers, manufacturers and distributors, as well as smoke and vape shops, gas stations and CBD stores. Whitney Economics conducted the 16-question survey during a six-week period in the second quarter of 2023. The survey was sent to over 2,560 (approximately 52.7%) of the estimated 5,033 hemp, CBD and cannabinoid retailers, manufacturers and distributors in Texas.
About Hometown Hero
Hometown Hero CBD, headquartered in Austin, Texas, manufactures and distributes hemp-derived Delta-9 THC, Delta-8 THC, HHC and CBDA + CBGA products. Founded in 2015 by Lukas Gilkey and Lewis Hamer, the company donates a portion of all proceeds to various charities and organizations that support veterans. For more information, visit HometownHeroCBD.com or follow the brand on Facebook, Twitter, and Instagram @HometownHeroATX.
Media Contact:
George Medici
PondelWilkinson
310.279.5968
gmedici@pondel.com
