The hemp market has been on the rise for the past two years, and many farmers have been hoping to capitalize on its potential. Hemp is a versatile crop that can be used for a variety of purposes, including the production of CBD, a powerful medicinal substance. However, the process of growing hemp is not without its challenges, and it can be difficult to make a profit. In order to produce CBD, farmers must carefully control the environment in which they grow hemp.
This is because male hemp plants are worthless to those looking to capitalize on the CBD market. Additionally, many of the machines and methods used for other crops are not suitable for hemp, resulting in lower yields. Wholesale buyers of hemp are starting to take advantage of the benefits of CBD, but this does not necessarily mean that farmers will be able to make a lot of money. In fact, some farmers may find themselves in a difficult situation if they are unable to secure buyers before planting their crop.
In May, about one-third of the state's 445 producers had exclusive storage licenses, according to Sean Southard, a spokesman for the Kentucky Department of Agriculture. Regulations for growing hemp in the United States can be found on the hemp production website of the Agricultural Marketing Service. The area planted for industrial hemp grown outdoors for all uses in the United States totaled 54,152 acres in 2019. Hemp is likely to remain a specialized crop rather than competing with major commodities such as corn and soybeans. Overall, it can be difficult for farmers to make money from growing hemp due to the challenges involved in producing CBD and securing buyers.
However, with careful planning and research, it is possible to make a profit from this versatile crop.
