A&M researchers working to identify hemp suitable for Texas climate Scripps National After bursting onto the farming scene around the country several years ago, hemp production declined. Thatâs expected to change, with the U.S. market for hemp projected to triple from $5.6 billion a year now, to $17.4 billion by 2027. and last updated 2021-07-16 16:44:45-04 COLLEGE STATION, TX â The industrial hemp industry of Texas is facing challenges as hemp growing in the state enters its third year of legality. Since hemp growing was legalized in 2019, hemp growers have had ambiguous instructions. And with an oversupply of hemp in the market, the value of hemp is being brought down.