Hemp production for flower biomass is quickly becoming a commodity.
I visited a hemp grower in NY who is still holding onto last year’s harvest. They told me the most recent offer they received was $0.50 per pound of biomass.
It’s difficult to get excited about launching a hemp business these days.
The barrier to entry is relatively low for farmers interested in growing hemp, and each fall, there is a glut of product following the nationwide harvest.
These conditions have led to the commoditization of hemp in a very short time.
The widespread cultivation of hemp for its industrial uses (fiber and oils) is gaining traction but is still in the infancy stage.
Should growers give up growing hemp completely until this industrial market evolves? Not necessarily.
The other reason to grow hemp is to iron out the learning curve of outdoor cannabis cultivation.
Growing high-THC cannabis and low-THC cannabis (hemp) outdoors are almost identical. Plant spacing, nutritional requirements, pest control strategies, and harvesting techniques are very similar, if not exactly the same.
By growing hemp, farmers can prepare themselves to immediately seize the opportunity to cultivate a much more profitable crop once it is legalized; high-THC cannabis.
While other growers will wait and then struggle with the nuances of growing cannabis outdoors, hemp farmers will have an advantage that will allow them to rapidly enter the market.
States are slowly transitioning to regulated cannabis cultivation, and this process often starts with hemp.
Rather than wait on the sidelines for high-THC cannabis production to be fully legalized, farmers should seize this learning opportunity now to hone their cultivation skills and ready themselves for lucrative future cannabis markets.