In the United States, Native American tribes live under sovereignty to the federal government, leaving community regulations up to tribal leadership.
The passage of the 2018 Farm Bill gave the United States’ 573 tribal nations the same rights to regulate hemp as it did the 50 states. Since its passage, scores of tribes have joined states in submitting hemp production plans to the United States Department of Agriculture.
The legalization of hemp provides many tribes with the belief that the plant could provide a needed jolt to the local economy and job market.
The world’s industrial hemp market size is forecasted to reach $15.26 billion by 2027 , with a 15.8% CAGR during the period, according to a February 2020 data report from Grand View Research. Hemp Could Boost Native American Economy, Land
Several tribes have already received approval from the USDA to move forward with their hemp production plans. Benzinga’s #1 Breakout Stock Every Month
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