ECONOMIC IMPACTS OF THE HEMP INDUSTRY: OPPORTUNITIES FOR RURAL DEVELOPMENT

the project goal is to improve well-being, resilience and sustainability of rural communities by estimating and identifying economic opportunities within hemp based industries. objectives are to:1. characterize the opportunities of hemp by building a hemp industry sector and estimating economic impact and linkages to other sectors using input/output models in four states; and2. develop and deliver extension programming that provides informed economic information to foster the potential of hemp to revitalize rural economies.the need for the project is urgent. there are no official estimates of hemp's economic potential in the rural economy, nor information about which hemp industries are viable/sustainable. yet, the number of hemp acres planted increased by 3,000% in the past 3 years and investment in manufacturing is rising steeply. there is no official hemp sector in the north american industry classification system used by federal agencies to characterize businesses in the economy. the assembled team and study states of colorado, kentucky, north carolina and vermont are national leaders in hemp production/consumption research, and commercialization using hemp baled fiber, stalk, flower and seed for human and animal consumption.this project will use a mixed methods (expanded literature review, formative, secondary, and primary data collection, and development of a hemp sector for modeling, analysis and evaluation of selected market scenarios using implan). it will report the economic impact of a hemp sector through academic and other venues. and, it will develop and deliver extension and other resources with key takeaways and identified best practices.