Hemp has been used for industrial purposes since becoming legal for production in 2018. The market has grown alongside the cannabinoid industry, with farmers being highly optimistic about their yields right from the start, triggering massive plantings a year later.

Advocates had marketed hemp as a sort of miracle crop, with the movement gaining serious traction as an investment within the United States when cannabidiol (CBD) garnered a reputation for having medicinal benefits.

Industrial applications followed once the U.S. Department of Agriculture (USDA) approved the bill to officially legalize hemp as an agricultural commodity, removing the plant's stigmatized status.

However, seasoned farmers and venture capitalists have struggled with the saturated market and oversold expectations on both ends of the industry.