The expanding hemp industry in the U.S. has Hemp in the News this week. As the number of hemp farmers grows, the profitability is dropping.
Hemp has the potential to be a very fruitful crop, if all goes as planned. In 2018, one acre of hemp was worth $70,000. This year, however, farmers have been battling mold and other issues, and with so many more farmers there is a shortage of drying and processing facilities. To add to that, the increase in product has resulted in a drop in price to less than $30,000 an acre.
The “gold rush” of hemp is changing quickly. Many people jumped in to the hemp farming industry without doing their homework, and now the market is flooding.
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