In a recent government meeting, officials discussed the potential of Hawaii's cannabinoid market, emphasizing the need to accurately represent its size and growth opportunities. Participants expressed concern that current figures, which suggest a market value of around $16 million, do not reflect the true potential of the industry, particularly in terms of export opportunities to the mainland U.S. and international markets.

One member highlighted that the local market is significantly underestimated, arguing that the potential for sales could reach upwards of $28 billion nationally, based on data from industry expert Bo Whitney. The discussion centered on the importance of using accurate and comprehensive market data to inform legislative decisions and support local farmers.

The group agreed to revise their summary to include a broader range of market potential, moving away from limiting figures that do not account for the expansive opportunities available. They decided to utilize Whitney's citation, which outlines a total addressable market of $28.4 billion for the cannabinoid segment, as a more representative figure.

After thorough deliberation, the members voted unanimously to adopt the amended summary, which will now include updated citations and a clearer acknowledgment of the market's potential. The meeting concluded with a focus on the next steps for further discussions regarding the fiber and building sectors of the hemp industry, indicating a commitment to advancing the state's agricultural interests in the cannabinoid market.