The issue of how to make money as a farmer of any kind is a tough nut to crack in the current economic climate following the arrival of COVID-19. Across the U.S., farmers and agricultural specialists are looking to move into the areas of agricultural growth that can be seen in almost every region with hemp harvesting allowing farmers to bring in large amounts of money. There are different ways to make money from hemp farming, including:
- Grains
- Fiber
- CBD extracts
What is Hemp?
Hemp is a member of the cannabis family that was banned for sale or growing in 1927 by the U.S. Federal Government. The 2018 Farm Bill was the first step towards allowing the legal growth of hemp across the nation because of the low levels of the psychoactive ingredient in cannabis, THC. Hemp has been legally grown in many areas of the world for decades where it is used for the creation of textiles and as grains for food production. The Guardian reports the moral battles fought in Congress about the development of the hemp market in the U.S. had become moot following the details of China heading a $580 million hemp market safely operating completely legally across the nation.
Why Choose to Grow Hemp?
This is one of the biggest questions facing farmers across the 36 states where the cultivation of hemp has already been approved. Growing hemp has become one of the most popular options for farmers who are seeing the vast profits available per acre when this cannabis strain is planted.
Modern Farmer reports the development of the hemp market is popular because of the low to zero levels of THC found in the majority of clones grown across the U.S. Hemp is now seen as a sustainable crop that requires far less water, pesticides, and fertilizer than the majority of traditional crops grown around the nation. By lowering the number of chemicals and water needed to grow this strain of cannabis before hemp harvesting takes place, a farmer has the chance to keep their overheads low and maximize their profits.
Making Money from Hemp
Before you decide to become a hemp farmer, you should check into the requirements and licenses needing to be found to work legally in this sector. Entrepreneur reveals the 2018 bill signed into law by President Trump included certain stipulations regarding the licenses and fees that must be paid to work in the hemp industry legally. When you are considering entering the hemp market, you should take the time to work with a lawyer to completely understand the licenses you have received and the kind of plants you are permitted to grow,
Once you are legally allowed to grow hemp, you will want to make some decisions about the kind of products you want your hemp to be used to create. Whether you are growing your hemp for use in food products, cosmetics, clothing, or CBD oil will be determined by the contract you obtain with a processing company or seller of products. Once you know what kind of products you are working towards, you will want to find hemp plants that are capable of meeting the demands of your contracts.
If you want to maximize your profits, make sure you are looking for the largest area of land possible to complete the development of your hemp crop. The golden rule for most hemp growers is 50 acres of these grains are the best option for getting into profit and staying there.
Stay up to Date With the Latest Techniques
The latest techniques for developing a profitable hemp crop are difficult to know because of the lack of research that has been put into practice over the last few years. The success of the hemp crop you grow and the money you make off your development of the grains is based on your ability to grow a plentiful crop of grains with new information always available for your to educate yourself about.
Expand your Social Media Presence
One of the ways a hemp farmer can make money is to look for new contacts in the hemp harvesting, processing, and delivery sectors. Social media platforms are growing for the hemp industry that can be important in making new contacts and growing competition for your hemp agricultural business.