With so many farmers rushing to get their hands on CBD gold, an adjustment in the market was bound to happen. Many farmers struggled to raise their crops this year, and the ones that did are having trouble selling the product.
The farmers that seem to be profiting the most are the ones that are taking it slow, and easing their way into the crop. They see the long term potential of the crop and are looking to transition into it slowly.
While 90% of growers were looking to harvest as much CBD as they could, the farmers who took a different route to farming this versatile plant fared better. The farmers who focused on grain and fiber may not have seen record profits, but with so much less competition, they were still able to turn a profit.
Fiber and grain farmers also have the advantage of being able to use more standard farm equipment to plant and harvest their crops. They were also less concerned with getting properly feminized seeds.
In Virginia, Glenn Rodes is an eighth-generation farmer. He generally makes his living raising turkeys and beef, as well as growing canola, soybeans, and corn. His experiments with hemp since 2016 look to now be yielding a profit.
“”For now it’s a very, very high risk, high reward on the CBD side,”” Rodes told the press. “”It would be lower risk, lower reward on the grain and fiber side. But we still think rewards nonetheless.””
This year he harvested 10 acres of grain hemp that was also harvested for fiber. He ended up with 35 bales of fiber and 3,000 pounds of seeds at harvest. He’s currently negotiating with a buyer for his crop.
While optimistic, he still sees hemp as a side hustle for now.
“”I’ve actually gotten that phone call from a dairy farmer wondering if he could save his farm,”” said Rodes. “”And I just had to say, well, it’s just too early. We don’t have the infrastructure. We don’t have the market right now.””