After A Tough 2019, Will 2020 Be The Year That Hemp Harvests Are High For The U.S.?
The 2018 Farm Bill was passed over a year ago and is seen as a milestone that started the first significant hemp cultivation in the US after the Second World War. Unfortunately, the hemp growers didn’t experience as good a harvest as they had expected due to a variety of reasons, such as bad seeds¸ poor weather, confusing regulations, and poor infrastructure, and less experience. With a rapidly rising market in 40 states, hemp was seen as the ideal way out for struggling farmers.
Indiana’s Purdue Hemp Project predicted that cultivating hemp could generate up to $300 more per acre compared to corn and soybeans. But overproduction ended up driving down prices that farmers could fetch for their hemp crop.
Overproduction leads to a steep decrease in the price with 65% of growers not being able to sell their harvest. State regulations have also been blamed. The random 0.3% THC limit that renders hemp “hemp” under federal law is especially challenging. According to the USDA, at least one in five hemp harvest will be destroyed for going beyond the THC limit.
The THC levels need to be kept low since cross-pollination from hemp fields could increase THC levels in the marijuana plants. Looking at the brighter side, it is an advantage that hemp grows 10 times more than fiber while using little to no herbicide and other chemicals.
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