The Farm Bill brought to light discussions that people were supposed to have about hemp for the longest time possible. Hemp has many uses, most of which people have been enjoying under the radar. Based on the expected number of uses to which hemp can be applied, it’s widely expected that the hemp market can grow to be worth more than $10 billion even before the year 2025.
Farmers are excited about the prospect, especially since the legalization of hemp puts them at an advantage. The hemp industry is in the infancy stage, but expectations and demands are already too high. Therefore, for the farmers, there’s already a market that needs an efficient supply chain. It’s a good position to be, at the foundation when an industry like the hemp industry is just getting started. It puts the farmers in a unique position where they have so much to look forward to. Most of the farmers are just enjoying their first harvest, and are excited about the prospects that lie ahead, especially looking for a processor for their harvest.
The Financial Outlay
Hemp came into consideration for most farmers as an alternative crop to the usual tobacco and cotton crops that they grow for the markets. As an alternative crop, there’s bound to be hesitation from the farmers. However, the financial outlook is impressive. According to most local farmers, the financial outlook is very good, and they are looking to add more space on their farms for subsequent hemp growth so that they can maximize their profit margins.
According to one of the representatives of the North American Industrial Hemp Council, farmers are ready to stake a claim on the market whose value is immense. To realize these benefits, the farmers must also be prepared to create, innovate and execute new plans on how to get a share of the profits. The good thing with the position for most farmers at the moment is that even though there’s not much acreage to work with at the moment, there’s a lot of room for growth.
If you’re planning to venture into hemp farming, the following are the three possibilities that you should consider:
- Growing Hemp for Fiber
Hemp farmers who grow the plant for fiber earn their profits on the tonnage. The statistics are great too because if you can plant 50 pounds on an acre, you can expect a yield of up to 200 crops per square meter, which you can then grow as fiber.
- Growing Hemp for Food Grain
Another option would be to grow hemp for food grain. For such farmers, most of the equipment they already have can be used for the growth process. However, one of the challenges they might experience is finding storage facilities.
- Growing Hemp for Oil
The other option would be to grow hemp for cannabidiol oil, CBD. CBD has many benefits which make it a versatile product. From nutritional value to health benefits, there’s so much value in hemp for farmers.
Given that the market is expected to maintain the current earning threshold, it’s wise for any farmer to consider growing hemp.