When hemp became legal under the 2018 Farm Bill, there was a lot of buzz in farm country about what that would look like as an everyday crop, and who would grow it. It’s not just farmers that are curious about the newly legal commodity, many in the Ag banking sector are watching hemp very closely.
Tony Hotchkiss is on the American Bankers Association Ag and Rural Bankers Committee. He’s said he’s concerned some growers will hear about potentially high returns and quickly get swept up in the excitement.
“I’m excited that hemp is a potential for the industry, but I think people need to slowdown and make sure they do their homework because if they don’t especially on the producer side, they might get caught in trying something where they could lose a lot of money, they might make a lot of money, I’m not suggesting either way, but it’s just something they need to be cautiously optimistic about and approach slowly.”
For growers looking to add hemp, The National Industrial Hemp Council recommends:
- Start small, maybe less than an acre
- Make sure you have a buyer, and a contract
- Marketing and branding is always important
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