Bloomberg: Hemp A Billion Dollar Crop
The term "Billion Dollar Crop" was coined in a 1938 article in Popular Mechanics, which talked about the many emerging uses for industrial hemp. The article claimed 25,000 uses and included photos of some of them. The article was largely forgotten until it was discovered in the Library of Congress by Jack Herer, as he was writing the landmark text "The Emperor Wears No Clothes"
Unfortunately, the article was published just months after the "Marihuana Tax Act", went into effect. While the overt goal of this was to have a reason to arrest Mexicans and Blacks for Marijuana possession, it had another hidden motive. In terms of the manufacturing and production of American products, this is a textbook example of Federal Government Overreach hurting American jobs and prosperity.
But times are changing, and Bloomberg News has just revived this memorable trope with the headline, "Hemp Could Be a Billion-Dollar Business, Finance Guys Are Betting".