This article focuses primarily on Kentucky, but regulations regarding hemp have affected it all over the country.
The CBD oil is a highly sought after health product, and of course hemp has many other uses, but people worry about it's future.
It either has a very bright future or a complicated one.
I know there are about 40 or so suppliers in North Dakota and one or two companies that extract the oil and are on the manufacturing end.
It is easy to grow, potentially very profitable relative to the space it requires to grow it, requires very little of the farmer in the way of water and care as compared to other crops. Anyone getting in on it now is going to be a pioneer in what might become a giant industry in the near future.
"Some of these uncertainties have been addressed by the enactment of the 2018 farm bill, which included language to remove industrial hemp from the controlled substance list, enables hemp farmers to be eligible for federal crop insurance, and allows hemp researchers to apply for competitive federal grants. Despite legislative approval and expanding product sales, regulatory risks still prevail which complicates the long-term outlook
In reality, the “economics” of hemp is complex. Economists are challenged in evaluating this crop’s economic potential given an alleged 50,000+ uses for this crop from different parts of the plant, various production methods, an unpredictable policy and regulatory environment, and at least in the short-run, limited market and farm-level data.
This article will provide some general “macro” economic issues related to the crop. We will present some farm-level budget and financial analyses in next month’s issue to assist farmers in making production and investment decisions related to this crop."
Some interesting info on growers in Canada here: