American hemp farmers have the best chance of success when they focus on producing value added goods.
The high demand for hemp biomass arises out of the consumer demand for cannabidiol – or CBD. CBD is one of the main components in hemp. According to Motley Fool, consumers spent nearly $5 billion in 2019 on CBD products. These products included everything from creams, lotions and salves to gummy bears, bath bombs, tinctures and teas.
On average, it costs farmers around $15,000 to $18,000 per acre just for seeds. In addition, there are also expenses related to labor, cultivation and harvesting. To be able to create a profit, farmers will need to have a good marketing strategy, particularly if they wish to break into the CBD marketplace.
Terpenes: Why They Are So Important
Hemp includes terpenes, natural compounds found in different crops which give a plant its own distinctive odor and taste. It is the terpenes in hops that offer craft beer citrusy or fruit-like tastes.
Anyone farming hemp for CBD products needs to take a clear eyed look at terpenes. If you’re interested in creating a smokable or edible item, you need to be aware of which terpenes appear in the raw material.
As farmers gain more knowledge about terpenes and dial in on creating particular flavors or scents, we forecast the sector will gradually look like the present craft beer sector with various strains producing a variety of marketable attributes. Farmers create these distinctive traits with their own hemp through sharing data with other farmers and trial and error.
As of now, there are not any industrial pesticide or herbicide products available on the marketplace which were approved to be used in growing hemp crops. This leaves growers employing natural pest controls such as aphid-eating ladybugs or essential oils such as rosemary.
You’re already looking at a plant you need to grow organically. Why not go extra organic (or even veganic) since there aren’t any legal, chemical methods to take care of it.
The bottom line: hemp farmers need to get creative with their crops.
Think about making a salve or some gummies. Private Label with a solid company like Fresh Bros. Have fun with it!