Industrial hemp is a promising industry and it may continue to be that way for several years to come, but why is it so promising?
In 2018, the Agricultural Act reclassified hemp from the category of banned substances to that of crops. This means that hemp was made legal at a federal level. Ever since then, the U.S. Department of Agriculture (USDA) has been busy creating frameworks that will allow farmers in various states to freely cultivate industrial hemp in the U.S.
Industrial hemp has many applications in that it can be used to manufacture fuel, fiber, clothing, cosmetics, and nutrition. Forbes has claimed that industrial hemp is a win for the economy and environment. We expect to see more nations legalizing industrial hemp and taking advantage of its aforementioned benefits very soon.
Industrial hemp’s being a relatively new industry means two things: There are more opportunities within the industry that require few technical skills, and the earlier you get involved the better because the industry is likely to get crowded and oversaturated in the future. This makes sense given that the industrial hemp industry has many facets to it. There is the cultivation, harvesting, marketing, and distribution of raw material, as well as product creation, delivery, and other auxiliary services.
How to Become An Industrial Hemp Farmer
Industrial hemp farming is not as streamlined as it should be. In other words, it cannot be compared to growing corn or soybeans as it has much more strict regulations surrounding it.
The U.S. Department of Agriculture oversees the cultivation of industrial hemp at a federal level. Each state has its own rules and regulations on industrial hemp cultivation as well. So far, 47 states have created rules to allow and regulate hemp cultivation.
To get into this industry as a farmer, you will require a license from the USDA. You will also require adequate knowledge of hemp farming and sufficient capital.
Currently, about 146,000 acres of farmland in the US is covered in industrial hemp. This is happening in 18 states, with Montana being the most hemp-friendly state for growers. Colorado follows closely behind.
How to Become An Industrial Hemp Broker
If you are limited by a lack of capital or hemp farming expertise, you can try being a hemp broker. All you will need is a good network of people in the industry, which includes farmers and companies that use industrial hemp as raw material for different products.
As a broker, you will need to ensure that all the industrial hemp that you handle meets a high threshold of quality and purity. You will need to be familiar with the FDA guidelines on industrial hemp as well as certifications of CGMP, or Current Good Manufacturing Practices.
How to Become An Industrial Hemp Blogger
This is one of the easiest ways to get into this lucrative industry, but it only works if you have good writing skills. Many people are looking for information on industrial hemp that is not readily available, which may work to your advantage.
You can publish industrial hemp-related information that people are looking for, and then monetize your industrial hemp blog. All you will need for this is a laptop, reliable internet, and a good brain. Soon enough you will have the dollars streaming in.
How to Profit From Industrial Hemp Seeds
Hemp seeds are popular because of their countless health benefits. If you are a health freak, this could be a hemp project that interests you.
Hemp seeds are rich in protein, essential vitamins, and amino acids. They can be crushed and added directly to smoothies and salads to improve their nutritive value. This is an example of a way you could package and promote health seeds to health-conscious individuals.
How to Become An Industrial Hemp Researcher
If you cannot farm or sell, you should at least be able to research. This is another lucrative field that could easily earn you significant sums of money.
Industrial hemp has many potential uses as both a food ingredient and a therapeutic agent. Due to the many years of hemp prohibition, there is sufficient research that has been done, and is being done, in this area. This creates the perfect opportunity for you to jump in as an industrial hemp researcher.